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News watch November 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-hour Tuesday 29 November 2011• Saab's UK division today filed for administration as it waits for funding from its would-be Chinese investors (Automotive News Europe) • In a statement, Saab GB said: 'Saab Great Britain Ltd filed for administration with the High Court in London... The  board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until the required funding for the company has been secured'• Frantic negotiations continue between Saab owner Swedish Automobile and its Chinese suitors, Youngman and Pang Da, which signed an MOU to buy Saab for €100 million.

Lotus to unveil new clothing line

Lotus will launch its Lotus Originals brand of outerwear, knitwear and leather goods on Feb. 23 during London's fashion week, the automaker said on Monday. The new line will include cashmere sweaters and hand-stitched leather jackets inspired by 1970s driver suits.

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?