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Swedish court rejects Saab creditor-protection plea; Saab will appeal

A Swedish court on Thursday rejected an application by ailing carmaker Saab for protection from creditors to give it breathing space to solve a cash crisis and get funds from Chinese investors. The Vanersborg district court in western Sweden said in a statement on its Web site that there was no reason to believe a new creditor protection process, known as a reconstruction, would work. Saab said in a statement that it is disappointed with the ruling and will appeal the decision.

Toyota ME.WE concept

Toyota and leading European industrial designer Jean-Marie Massaud have developed a new electric car concept, dubbed the ME.WE. Developed at Toyota's ED2, Massaud and Toyota wanted the ME.WE – named after personal wellbeing and that of others – to be adaptable to suit a range of lifestyles while being high quality. It also had to "propose an alternative synthesis based on personal choices about vehicle architecture, lower running costs and the way the vehicle will be used".

F1 Budget Cap row over

MAx Mosley announces the budget cap row is over between the FIA and FOTA - and he's resigning. After a meeting today in Paris, the FIA has announced that it has reached agreement with FOTA to scrap the budget cap it was insisting on implementing from 2010. Quelle surprise!