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Saab says three new models are in the works

Saab says a new financial deal with Chinese companies Pang Da and Zhejiang Youngman Lotus gives it the cash to plan three new models. Saab's plan calls for: -- The 9-1, an entry-level car that has been known as the 9-2 until now. -- The 9-6 and the 9-7, which Saab says will be prestige vehicles.

2013 VW Beetle Convertible: Price from £18,150

After a reveal in October, the New Volkswagen Beetle Convertible has debuted at the Los Angeles Auto Show and will cost from £18,150 in the UK. In fact, not only does the Beetle refuse to go away, it’s selling better than the ‘old’ Beetle ever did, with 230,000 Beetles built since the Beetle was revived eight years ago, only 100,000 fewer than the old Beetle sold in its 31 year history. And the new VW Beetle promises to be more appealing than the first iterations of VW’s revival of the Beetle, with their strapline for the latest model setting out its intentions clearly: ‘Less Flower – More Power’.

Obama calls for shared sacrifice in auto bailout

President-elect Barack Obama says he wants to keep tough conditions on automakers that get federal loans. The companies must develop sustainable business models because it would be unacceptable "to keep them on their lifeline through taxpayer dollars in perpetuity," Obama told The Washington Post. Obama said industry restructuring will require "everybody, from labor to management to creditors to shareholders, giving something up." His comments contradict suggestions that the new administration will relax federal loan agreements reached last month with General Motors and Chrysler LLC, possibly with softer demands on the UAW.