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General Motors to shut down Saab

General Motors has announced that it will be closing the Saab brand after the company was unable to strike a deal with Spyker Cars. This follows from last month's withdrawal of would-be suitor Koenigsegg, leaving Spyker the sole contender in the acquisition of the ailing Swedish brand. According to Nick Reilly, GM's European president, the company has decided to cut its losses: "Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time.

Lexus LF-LC hybrid sports coupe unveiled at 2012 Detroit show

After a series of leaks and early teasers, the wraps have finally come off the new Lexus LF-LC hybrid sports car concept here in Detroit. It's a glamorous 2+2, showing how Toyota's Calty design studio in California imagines a new sports car for the brand. However, all the indications at the 2012 NAIAS show are that it's more an ideas car - and a hint of future styling trends - more than a model bound for a Lexus showroom near you.

Who's Where: Ralph Gilles to become Vice President of Design at Chrysler

The retirement of seasoned Chrysler designer Trevor Creed has opened the doors for Ralph Gilles, who has been appointed Vice President of Design starting September 1 this year. In his new position, Gilles will be responsible for all activities of Chrysler's Product Design Office and will report to Frank O. Klegon, Executive Vice President of Product Development.