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Daimler agrees to unload remaining Chrysler stake

Daimler AG announced today that it has reached an agreement to unload its remaining 19.9 percent stake in Chrysler LLC. "Daimler's remaining 19.9 percent shareholding in Chrysler will be redeemed, and Daimler will forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statement," Daimler said in a prepared statement. All told, Daimler will write off $700 million as a result of the deal, according to the statement.

Spyker warns that Saab's future is 'uncertain' without fresh funds

Spyker Cars NV, the Dutch parent of Saab, said the Swedish automaker's financial situation is worsening and warned that Saab's future is at risk without additional financing. In its annual report released today, Spyker said the company's "continuity" could become uncertain unless it secures extra funds to finance ongoing operations and the execution of its business plan. Earlier this week, Saab was forced to shut down production for short intervals after key suppliers halted parts deliveries for non-payment.

MINI confirms details of engines for new 2014 Cooper and Cooper S

MINI MINI has confirmed a slew of technical details for the next-generation MINI family, the first of which will be shown later in autumn 2013. A mix of three- and four-cylinder engines will be available in the new MINI, all sporting the latest tech to keep the brand's fun quotient up and fuel consumption and emissions down. So turbocharging is common across the range, and petrol engines employ direct fuel injection for precise metering of unleaded.