Mitsubishi closes California design studio

Mitsubishi Motors Corp. closed its design studio in Cypress, CA last Thursday – just one month shy of its 25th anniversary. A result of the recent downturn in the global economy, the closure of the facility will eliminate 33 design positions as part of a personnel cull that has seen 60 people within the automaker's US operations lose their jobs.

Bankruptcy looms for cash-starved Saab

The future is growing dim for Saab. Reports from Europe say the Swedish courts might soon declare Saab bankrupt--possibly as soon as Wednesday--because the company is out of cash. Saab recently won court protection from its creditors while it waited for funds.

Lotus V8: the new engine plan in full

Lotus has confirmed details for its new inhouse V8 engine family, which will make its first road car appearance in the 2013 Esprit. Responding to feedback which said the 'New Era' plan to launch five new models was weakened by its reliance on Toyota engines, the new management team decided last Christmas to design and develop its own engine. 'The feedback from customers was "how can you justify a £100,000 car with a Toyota engine?",' said chief executive Dany Bahar.