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U.S. equity firm to invest $70 million in Saab

Race-car fan and private-equity executive Alex Mascioli is pumping $70 million into Saab as the Swedish automaker works to stay afloat. Mascioli's firm, North Street Capitol, is buying $10 million in shares of Swedish Automobile, which owns Saab, and is also giving the company a $60 million loan to pay for the carmaker's reorganization. U.S.-based North Street Capital struck a deal in September to buy the Spyker sports-car business from Swedish Automobile for $44 million.

Ford recalls more than 26,000 trucks for faulty switch

Ford Motor Co. is recalling about 26,700 copies of the F-series truck, Excursion SUV and Ranger pickup for a potentially faulty switch that could cause turn signals, taillights and brake lights to malfunction. According to the National Highway Traffic Safety Administration, affected vehicles include certain 2002-2007 F-250, F-350, F-450 and F-550 trucks and Excursion SUVs.

Toyota sets electric car record at Nurburgring with TMG EV P001

Toyota TMG EV P001 - new EV lap record at the Nurburgring Every car maker wants a lap record at the Nurburgring, and Toyota is no different. What is different this time is that Toyota has taken a non-production car with an electric motor – the Toyota TMG EV P001 – to crack the record for an EV. Nurburgring regular Jochen Krumbach took the Toyota Motorsport EV P001 round the 20.8km Nürburgring Nordschleife circuit in a blistering 7m 47.794s, annihilating the previous record of 9m 1.388s.