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Swedish court rejects Saab creditor-protection plea; Saab will appeal

A Swedish court on Thursday rejected an application by ailing carmaker Saab for protection from creditors to give it breathing space to solve a cash crisis and get funds from Chinese investors. The Vanersborg district court in western Sweden said in a statement on its Web site that there was no reason to believe a new creditor protection process, known as a reconstruction, would work. Saab said in a statement that it is disappointed with the ruling and will appeal the decision.

Porsche to add 1,000 employees

To keep pace with its planned model expansion and sales targets, Porsche AG will add more than 1,000 employees by 2015, Automotive News Europe has learned from Volkswagen Group sources. About 500 jobs will be added for production of Porsche's new compact SUV, codenamed the Cajun, which will go on sale in 2013 in Europe and in North America about six months later. Porsche's supervisory board will make a decision on the production location of the Cajun in mid-March.

Hiriko folding car: The solution to urban car sharing? [w/video]

The Hiriko Driving Mobility Group has moved into the manufacturing trial of its two-seater electric microcar, which it hopes will offer a new car-sharing program that will transform the way we travel around our cities. The ‘first-mile' problem – moving between the commuter's home and mass transit hubs – and the ‘last-mile' problem – from mass transit to the workplace – has increased dramatically over the past few decades as more of us live in urban environments. 10 years ago researchers at the Michigan Institute of Technology (M.I.T.) decided to explore alternatives to shuttle buses and other ideas that failed to tackle the problem.