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News watch October 2011: today's auto 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-hourMonday 31 October 2011• The two companies planning to buy Saab - China's Youngman and Pang Da - have agreed to pay a €50 million bridging loan, court documents show. And they are pledging €610m in long-term funding from 2012, according to ANE (Automotive News Europe)  • Martin Winterkorn, the CEO of the Volkswagen group, says he is pleased with the performance of Seat and Skoda.

Renault Laguna

Renault has released photos of the all-new upper-medium segment Laguna five-door hatchback and estate that will compete with the Ford Mondeo, Peugeot 407 and Volkswagen Passat in European markets. The new Laguna is a conservative evolution of the themes introduced in 2000 with the second generation Laguna: the hatchback moving further towards a sedan-like profile, while the estate model has a more sporting character from its steeply raked wraparound rear screen and horizontal lamps. The Laguna's most notable design features include the angular front and rear lamp design, and a distinctive plunging shoulder line, which is echoed in the sweeping IP form.

McLaren F1 241mph record video

McLaren F1 prototype XP5 hits 240 mph The last few weeks have been a bit of a McLaren F1 festival on Cars UK. But then it is 20 years since the team that created the McLaren F1 was first brought together, as yesterday’s F1 photos and info from McLaren were keen to tell us. All that needs to be written about the McLaren F1 already has been, but one thing we haven’t really covered in any detail before is the F1′s top speed record of 240.1mph, which stood as the world record top speed for a production car until the Bugatti Veyron stole that crown.