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Saab sold to Spyker

General Motors' Saab division won't end up on the postbankruptcy scrap heap with Pontiac and Saturn. Just as Saab's death appeared imminent, the Swedish automaker was scooped up on Tuesday by Dutch supercar-maker Spyker Cars in a $74 million deal that has been in works for months. The deal is expected to close on Feb.

News watch June 2010: today's auto 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-hour Wednesday 30 June 2010• Tesla shares have rocketed 40% on their first day of trading; the company went public this week with the first IPO of an American car company since Ford in the 1950s (BBC News)• GM may sell off its interests in finance arm GMAC and parts supplier Delphi as it seeks to write down its debts (Financial Times)• A Federal judge has approved the $20m sale of a former GM plant in Wilmington to Fisker Automotive; Fisker hopes to build 100,000 cars a year once production hits a peak after launch in 2012. It is using a $529m government loan to fund its launch (Detroit News)Tuesday 29 June 2010• UK business secretary Vince Cable has warned that the car industry is no longer in an emergency – and cannot expect direct government support.

Scion considers moving upscale

Toyota's struggling Scion brand may move upscale to challenge entry-level luxury models coming from European automakers. The new lower-luxury niche includes Mini, the front-wheel-drive Mercedes-Benz CLA arriving this fall and Audi's compact A3 sedan shown last week on the eve of the New York auto show. Scion has gone after young entry-level buyers since its inception 10 years ago but has lost its early momentum.