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Qoros GQ3 (2013) first official pictures

New Chinese manufacturer Qoros has shown its new Focus and Golf rival - the GQ3 - ahead of its planned debut at the 2013 Geneva motor show. The first in a string of models planned for launch in China and Europe, the Qoros GQ3 is at first glance a reasonably accomplished design which should be able to compete for showroom appeal with the likes of Skoda and the Korean budget brands. Of course, what has held back Chinese car brands in the past is quality: we can't tell from these first official photos whether Qoros has cracked that or not.

Saab ends deal with Chinese investors

Saab owner Swedish Automobile scrapped a $340 million investment deal with Chinese automotive companies Zhejiang Youngman Lotus and Pang Da after they proposed a buyout, straying from the original deal. Youngman and Pang Da signed a nonbinding agreement in July to take a combined 53.9 percent stake in Swedish Automobile. The Chinese companies say circumstances have changed since that time, so the deal should too.

Ford posts $3 billion quarterly profit

Ford Motor Co. earned $3 billion in the fourth quarter, helped by a large gain from one-time tax items, and its full-year profit rose as U.S. sales and market share increased.