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Drayson breaks electric land speed record - Video

The Drayson Racing Technologies Lola B12/69 EV electric race car hit a top speed of 204.2 mph at a racetrack at RAF Elvington in Yorkshire, England, smashing the previous record of 175 mph set by Battery Box General Electric in 1974. Fittingly, Lord Paul Drayson was behind the wheel. In order to qualify for the attempt at the electric land speed record, the vehicle had to weigh less than 2,204 pounds (1,000 kg) without the driver.

Year-end discounts on 2012 models

Dealerships are working to get rid of the remaining 2012 models as the year comes to an end, so there are plenty of incentives on 2012 cars, pickups and SUVs. Here are our picks for the best deals: Chrysler 300 Chrysler is offering up to $5,500 cash back to buyers of select 2012 Chrysler 300 models. The most steeply discounted models include both the rear-wheel and all-wheel-drive versions of the 300C, 300C Luxury Series and 300S V8, as well as the 300S Mopar 12 rear-wheel-drive model.

U.S. equity firm to invest $70 million in Saab

Race-car fan and private-equity executive Alex Mascioli is pumping $70 million into Saab as the Swedish automaker works to stay afloat. Mascioli's firm, North Street Capitol, is buying $10 million in shares of Swedish Automobile, which owns Saab, and is also giving the company a $60 million loan to pay for the carmaker's reorganization. U.S.-based North Street Capital struck a deal in September to buy the Spyker sports-car business from Swedish Automobile for $44 million.