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News watch August 2010: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.

Ford Focus RS will hit 164mph

The 2009 Ford Focus RS - Good for 164mph [ad#ad-1] Ford in Austria has finally let loose some concrete information on the much anticipated 2009 Ford Focus RS, which looks set to be one barn-stormer of a car. With almost 300bhp, a 0-60 time in the high 5 seconds and a top speed of 164mph, the Focus RS looks an enticing package for the boy racers. Austrian prices are quoted at €39,000, which at today’s rotten rates equates to about £32.5k.

Porsche 918 Spyder crashes in Germany

Porsche is in hot water with German authorities following an accident involving a prototype version of the gasoline-electric hybrid-powered 918 Spyder on a public road last month, according to reports in the German media. The accident, which took place between the towns of Bietigheim-Bissingen and Ludwigsburg (close to Porsche's research-and-development center), saw the 875-hp 918 Spyder spin out of control and collide with a guard rail. Parts of the new $845,000 Porsche flagship are said to have broken loose in the collision before being collected by an oncoming car.