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News watch August 2010: today's 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-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.

BMW i8 EV sold out until 2015

BMW i8 EV sold out until 2015 BMW’s i3 city car EV is now starting to hit the road, and the next instalment for BMW’s EV outing is the i8 Supercar, revealed at the Frankfurt Motor Show in September. Sales for the i3 have started very strongly, and it looks as though the i8 has an even stronger start with BMW confirming the whole of the first year’s run if the i8 are already spoken for. That’s despite the BMW i8 starting at almost £100k in the UK, but the i8 does have a lot going for it.

Michelin Challenge Design announces 2009 jury

Michelin Challenge Design, one of the world's top design competitions, has announced its panel of judges for 2009. The distinguished group of automotive design leaders will meet in July at Art Center College of Design in Pasadena, California, to select the vehicle designs and concepts for special exhibition at the 2009 North American International Auto Show (NAIAS) in Detroit next January. This year marks the eighth year for the international competition.