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Saab says it will restart production after securing short-term loan

Saab aims to restart production within a week after its owner, Spyker Cars, secured a 30 million euro ($44.7 million) short-term loan to help ease its cash crunch. Spyker said it will borrow the money from Gemini Investment Fund in a convertible loan agreement with a 6-month maturity. The interest rate of the loan is 7 percent a year and the conversion price is 4.88 euros per share.

DVLA clamps down on illegal foreign cars

Getty Images A DVLA clampdown on illegal foreign-registered cars is proving to be a success, with 237 vehicles targeted over the last two months. Cars can legally be used on British roads with foreign plates for a maximum of six months before they need to display a UK registration. Drivers who fail to do this will face a fine based on the cost of road tax for the period beyond this time.

GM cancels Opel Vauxhall sale to Magna

By Tim Pollard Motor Industry 03 November 2009 22:59 General Motors tonight surprised the world by pulling its proposed sale of its European division – Opel and Vauxhall – to Magna. In a dramatic U-turn, Detroit said 'an improving business environment for GM over the past few months' had made it reappraise its spin-off plans.The 11th hour switch means that GM will still retain full ownership of Opel and Vauxhall, which will now 'be restructured in earnest'. Canadian parts giant Magna had won the race to buy a controlling stake in GM Europe, as a newly relaunched Detroit sought to shore up its finances.