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Hummer sale agreed

GM has a Memorandum of Understanding in place to sell Hummer to a 'Mystery' buyer GM are reporting that they have reached a ‘Memorandum of Understanding’  with an unnamed buyer to take Hummer of their hands later in the year. MOUs are not the strongest tool in the arsenal when a sale is being arranged, which tends to indicate that either the buyer likes the idea but won’t commit yet, or they are still in ‘Fund-Raising’ mode. So who are the likely buyers?

Aspid Cars teases sports car to join open-wheeler

Spanish automaker Aspid Cars informed us last Tuesday that it will be unveiling a sports car to complement its open-wheel track car. The company didn't tell us much aside from saying that the car will be bigger than its first car, that it will be extremely lightweight and that it will offer multiple powertrain options, including a V8 and a KERS-like hybrid system. The company also made sure to note that its name is no longer IFR Aspid.

Chrysler posts $370 million net loss on costs tied to repaid loans

Chrysler Group LLC, after recording its first post-bankruptcy profit three months ago, posted a net loss of $370 million in the second quarter due to costs tied to the repayment of government bailout loans. Chrysler incurred a charge of $551 million in paying back the U.S. Department of Treasury and the Canadian loans that kept the automaker afloat in 2009.