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'Project paradise' up for grabs

IT COULD be project paradise for keen car owners this month, when a series of fabulous cars in need of restoration go under the hammer. The Anglia Car Auctions Classic event will take in project cars from across the decades, with one amazing lot more than 100 years old. There are sought-after Alfa Romeos, including a 1978 Alfasud that was raced by former British Touring Car champion Steve Soper and a 1988 Spider, the latter of which has an estimate of just £500.

Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED

Saab: China to invest $7.5 billion Update: We have now been told by Saab that Pang Da and Youngman are to provide €50 million immediately and €600 million for short to medium finance. Funding for the revised business plan and provide long-term financial stability the new Chinese owners have also budgeted funding for the planned expansion of Saab Automobile’s portfolio and additional operations to be set up in China There will be a reduction of 500 in the employee numbers. Sales targets for 2012 of 35-55,000 cars and 2013 of 75-85,00 and long-term of 200,000 cars a year Interestingly, Saab says that ‘Saab Automobile has not received the funds from Pang Da and Youngman that have been committed for today.’ Oh, well. Although the deal which will see Saab sold to China’s Youngman and Pang Da is still subject to a raft of approvals – Swedish Debt Office, EIB, GM, Chinese Government… – it seems the Chinese have big plans to invest up to $7.5 billion in Saab in the coming years.

IAT Crosswind II concept (w/ Gallery)

The Crosswind II concept was one of three very competently resolved full-size models displayed on IAT's large stand at the Beijing motor show. A development of the Cross-Coupé model seen two years ago in Beijing. It's a simple concept: the top half is coupé, the lower half has a tough offroader aesthetic,  and it's powered by a 150kW electric motor.