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Volkswagen creates R division for sporty cars

Volkswagen is officially creating a company to develop sporty cars; it will be called Volkswagen R GmbH. This may sound familiar--VW already calls some of its specialty cars Rs--and now it's bundling sales and development all into one unit. VW has the Scirocco R and the Golf R for cars, as well as the dynamic R Line of design trims.

Audi unveils fuel sipping A3 1.6 TDI ultra

Audi has just revealed a new version of its popular A3 hatchback, this one aimed straight at fuel economy figures that'll put hybrids to shame. The new A3 1.6 TDI ultra uses just 3.2 liters of diesel per 100 kilometers as the Europeans like to put it, or 73.5 miles per U.S. gallon.

Saab gets latest lifeline via $5 million infusion from Chinese company

Saab has been on the edge of collapse since a cash shortage early this year forced it to halt production. Now Automotive News reports that a last-minute payment from China's Zhejiang Youngman Lotus Automobile has given the Swedish carmaker yet another shot. Youngman wants to get a stake in Saab and has taken the first step by giving the company $5 million to cover tax expenses, with another $26.43 million forthcoming for unpaid salaries and $13.18 million more before the end of December.