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Saab sale to NEVS delayed

The sale of what’s left of Saab to National Electric Vehicle Sweden (NEVS) has been delayed over funding and rights to the Saab name. We all thought, finally, that the end of the Saab saga had come when National Electric Vehicle Sweden was successful in gaining approval from the Saab administrators to acquire what was left of Saab after GM and Spyker failed to agree the sale of Saab as a going concern. The sad fact is that NEVS aren’t planning to carry on the proud tradition of Saab, with its innovative and quirky cars so loved by design professionals, but plan to put the Saab badge on a range of new electric cars.

New Hyundai Test Centre at the Nurburgring revealed

Hyundai’s new test centre at the Nurburgring If anyone had said, just a few years ago, that Hyundai would develop a test centre at the Nurburgring to help shake-down their cars, they’d have been laughed at. But Hyundai – and Kia – have come so far in recent years that it makes absolute sense for them to develop a full-time testing facility at the Nurburgring to test their cars for the road, along with just about every other car maker of note. James May may object to the Nurburgring factor in the suspension set-ups of many road cars (and we do have some sympathy for his point of view), but the sometimes extreme nature of the Nurburgring’s surfaces – and its endless twists and turns, uphill and down – do offer car makers an easily accessible place to test cars in the (almost) real world.

News watch August 2010: today's 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-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.