Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

Car-buying confidence hits new high

THE NUMBER of people who believe they will buy a new car in the next three years has jumped to 71%, according to the latest AA Car Purchase Index; up from 55% last year. Of the 19,786 survey respondents who said they were going to buy a new car, 42% said they would choose a petrol engine, with 38% saying definitely diesel. A further 13% don’t know what fuel type they will opt for, but 7% will choose some kind of hybrid and 1% will go fully electric – a total of exactly 100 respondents.

Holden restores its futuristic 1969 Hurricane concept car

Holden, General Motors' Australian subsidiary, has resurrected its first-ever concept car: the 1969 Hurricane, packed with then-futuristic technology, some of which wouldn't make its way into production cars for more than a decade. When it was first revealed, the mid-engine, rear-wheel-drive, two-seat sports car showcased in-your-dreams innovations such as a rearview camera, a magnet-based navigation system, automatic air conditioning, electronic displays and a station-seeking radio. Holden designers started restoring the Hurricane concept--code-named RD 001--in 2006, using as many of the original parts as possible.