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House narrowly passes scaled-back 'cash-for-clunkers' bill

The U.S. House on Tuesday narrowly passed a scaled-back version of a bill that would give consumers cash vouchers of between $3,500 and $4,500 if they trade in their cars for newer, more fuel-efficient vehicles. The $1 billion cash-for-guzzlers proposal, modeled after successful programs in Germany and other European countries, is part of a $106 billion supplemental spending measure designed mostly to fund the wars in Iraq and Afghanistan.

Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

Karmann-Ghia launches contest for Brazilian design students

Karmann-Ghia has launched a competition for Brazilian students to design a modern interpretation of its classic Volkswagen Karmann-Ghia Coupé. Students will be competing for a top prize of R$100,000 (US$49,750) with the possibility that the winning design will be developed into a prototype. The student awarded second place will earn themselves R$60,000 (US$29,800) while the third placed entry is worth R$14,884 (US$7,350).