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Toyota ME.WE concept

Toyota and leading European industrial designer Jean-Marie Massaud have developed a new electric car concept, dubbed the ME.WE. Developed at Toyota's ED2, Massaud and Toyota wanted the ME.WE – named after personal wellbeing and that of others – to be adaptable to suit a range of lifestyles while being high quality. It also had to "propose an alternative synthesis based on personal choices about vehicle architecture, lower running costs and the way the vehicle will be used".

General Motors to shut down Saab

General Motors has announced that it will be closing the Saab brand after the company was unable to strike a deal with Spyker Cars. This follows from last month's withdrawal of would-be suitor Koenigsegg, leaving Spyker the sole contender in the acquisition of the ailing Swedish brand. According to Nick Reilly, GM's European president, the company has decided to cut its losses: "Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time.

2012 Hyundai Veloster stickers at $18,060

Hyundai has set the base price of the 2012 Veloster with six-speed manual transmission at $18,060, including destination. The three-door Veloster will also be available with six-speed EcoShift dual-clutch transmission for $19,310. Hyundai says it means for the front-wheel-drive car to appeal to the same group of buyers as the Mini Cooper, the Volkswagen Beetle and the Scion tC.