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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.

Ssangyong KEV2

Continuing Ssangyong's revival is another new car from the Korean company, the KEV2. Unveiled at the Seoul Motor Show, the KEV2 is an electric version of the company's outgoing Korando model. However, in the pursuit of diversifying the aesthetic between drivetrains, the KEV2 features a new DRG that sees the conventional grille lost and more aggressive, taught LED headlights replace the existing lamps.

Audi R8 range to grow – and improve

The Audi R8 Spyder V8 - just part of a bigger and improved Audi R8 range Only last week we reported on the likelihood that there will soon be a V8 version of the Audi R8 Spyder. Which makes a whole lot of sense for Audi. Now they’ve mopped up the early buyers on the R8 V10 it really is time to give a more ‘affordable’ option, if any car approaching £100k can ever be considered ‘affordable’.