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Saab on brink of closing after GM rejects rescue plan

Saab Automobile filed for bankruptcy on Monday and is on the brink of shutting for good after former owner General Motors rejected a rescue plan. The move sets the scene for the end of Saab's struggle to survive after months of hastily drawn-up deals for a company that hasn't made a vehicle in months. The latest plan involved Chinese automaker Zhejiang Youngman Lotus Automobile, but this was vetoed by GM, still a key Saab supplier, over the weekend "After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded," Saab's Dutch owner, Swedish Automobile, said in a statement.

'Grid Autosport' shows off touring discipline

"Grid Autosport" is coming to PS3, Xbox 360 and PC on June 24. The third installment of the Grid series will be heavily based on real motorsports, as opposed to the fictional World Series of Racing in the last episode. Gamemaker Codemasters release a new trailer on Tuesday.

Monash University Degree Show 2007

Ka Tam EC.25 CityRapid Ka Tam's EC.25 (Electric Cruiser 2025) 'CityRapid' is a project which targets the transportation atmosphere in 2025, providing an alternative solution for commuting within a city. The project is a proposal for a new dimension of personal mobility vehicle, which is a mutation of a scooter, motorcycle and human transporter. Aiming at early adopters, the experimental leading group of society, it is equipped with advanced technologies, materials and manufacturing techniques.