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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.

Subaru FT-86 – Turbo and 4WD

Rendered speculation on the Subaru FT-86 Toyota brought the FT-86 – a 2 door coupe concept that may well see the return of the Celica name – to the Tokyo Motor Show this month. Designed to be an affordable coupe – and designed in collaboration with Subaru – it looks a promising new car. But we’ve seen no real detail on the other part of the equation – the Subaru FT-86 (know internally as the 216A).

Audi confirms 2016 Q1 compact SUV

Audi Audi has confirmed it will begin production of a premium compact crossover Q1 model in 2016 to rival the MINI Countryman and Nissan Juke. The Q1 will be Audi’s entry-level off-roader, sitting below the current Q3, Q5 and Q7 SUVs. On Bing: see pictures of the Audi Q1Find out how much a used Audi Q3 costs on Auto Trader In confirming the Q1, Audi chief executive officer Rupert Stadler highlighted, "the Q1 is a key component of our [Audi’s] growth strategy." The German manufacturer’s A1 supermini has proved a success following its introduction back in 2010, and now the four-ringed firm wants a slice of the market in the compact off-road sector.