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Spyker signs deal with China's Hawtai Motor to raise funds for Saab

Saab owner Spyker Cars on Tuesday said it has signed an agreement with China's Hawtai Motor Group to form joint ventures for manufacturing, technology and distribution. The agreement will also provide $222 million (150 million euros) funding for Saab, which has been forced to halt production because it cannot pay suppliers' bills. Victor Muller, Spyker CEO and Saab chairman, said the partnership will allow Saab to enter the Chinese car market with a strong Chinese manufacturer.

Bentley’s biofuel Continental at Geneva 2009

Bentley's biofuel Continental GT By Tim Pollard First Official Pictures 28 January 2009 00:01 Can Bentleys ever be green? Bentley today released this single photo of a biofuel-powered new model that is designed to convince us that Crewe’s cars can survive in these carbon-crunched times. Very few details have been released – not even a name for this shadow-shrouded first image – but the car appears to be based on the Continental family, judging by that familiar snout.

General Motors to shut down Saab

General Motors has announced that it will be closing the Saab brand after the company was unable to strike a deal with Spyker Cars. This follows from last month's withdrawal of would-be suitor Koenigsegg, leaving Spyker the sole contender in the acquisition of the ailing Swedish brand. According to Nick Reilly, GM's European president, the company has decided to cut its losses: "Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time.