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News watch December 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourFriday 31 December 2010• A judge in Manhattan has dismissed two lawsuits from hedge funds claiming for $2bn losses when it bought VW shares in 2008. Elliott Associates LP, Black Diamond Offshore and 39 other funds filed a complaint, claiming Porsche misled short-sellers who hadn't realised that Porsche had cornered the market in VW shares (Automotive News)Thursday 30 December 2010• Volvo plans to hire an extra 200 staff as it claims demand for its cars is rising.

2013 Lexus GS 350 to start at $47,775

The 2013 Lexus GS sedan, which will arrive in dealerships in early February, will carry a price of $47,775, including an $875 destination charge. The GS 350 has a redesigned chassis and a wider stance than previous models. The width adds more interior space for driver and passenger comfort.

Big news on GM's big SUVs

Good news and bad news for General Motors' large cash cows, the full-sized SUVs. The bad news: The massive sport-ute market has shrunk roughly in half to around 300,000 a year. The good news for GM: This drove some competitors either out of market or into the near-niche category, leaving the new-for-2015 Chevrolet Tahoe and Suburban, the GMC Yukon and Denali, and Cadillac Escalade with a big share of this very profitable segment.