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News watch October 2011: 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-hourMonday 31 October 2011• The two companies planning to buy Saab - China's Youngman and Pang Da - have agreed to pay a €50 million bridging loan, court documents show. And they are pledging €610m in long-term funding from 2012, according to ANE (Automotive News Europe)  • Martin Winterkorn, the CEO of the Volkswagen group, says he is pleased with the performance of Seat and Skoda.

RM adds 1957 Ferrari 625 TRC Spider to Monaco sale +video

1957 Ferrari 625 TRC Spider RM Auctions has added a rare 1957 Ferrari 625 TRC Spider to its list of desirable Ferraris offered at May’s Monaco auction. RM Auction’s Monaco sale takes place the same weekend as the Monaco Grand Prix in May, and we’re starting to wonder which will be the biggest attraction after RM revealed a new addition to their list of ultra rare and desirable Ferraris up for auction at their event. The 1957 Ferrari 625 TRC Spider – chassis #0680 MDTR – is the rarest of all TRs made and is one of just two factory-built TRCs.

Spyker warns that Saab's future is 'uncertain' without fresh funds

Spyker Cars NV, the Dutch parent of Saab, said the Swedish automaker's financial situation is worsening and warned that Saab's future is at risk without additional financing. In its annual report released today, Spyker said the company's "continuity" could become uncertain unless it secures extra funds to finance ongoing operations and the execution of its business plan. Earlier this week, Saab was forced to shut down production for short intervals after key suppliers halted parts deliveries for non-payment.