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GM agrees to sell Saab to supercar company Koenigsegg

General Motors confirmed Tuesday morning that it has a tentative agreement to sell Saab to a group led by Swedish supercar maker Koenigsegg Automotive. The deal would close by the end of the third quarter and put Saab in the hands of an upstart, boutique car company known for producing eye-catching cars with gaudy horsepower ratings and even gaudier price tags. The agreement includes $600 million in financing from the European Investment Bank.

Jaguar & Land Rover to share more platforms. But you already knew that.

As Jaguar and Land Rover expand their model range and move to aluminium construction, they plan to share more platforms. Jaguar has been using an aluminium platform for the XJ for some time – long before the latest XJ came along. The aluminium platform the XJ uses is just the start for Jaguar Land Rover, as we reported back in 2009, and it seems that JLR are planning to use the move to aluminium underpinnings to cut their platforms to just two or three.

GM posts $6 billion loss, burns $10.2 billion in cash as sales fall

General Motors, facing a June 1 U.S. restructuring deadline to avoid bankruptcy, posted a $6 billion net loss in the first quarter and burned through $10.2 billion in cash as global auto sales plunged. GM had $11.6 in cash reserves on March 31, down from $14.2 billion at the end of the fourth quarter.