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Saab files for bankruptcy

Struggling Swedish manufacturer, Saab, has finally filed for bankruptcy. What may well prove to be the closing chapter in this ongoing saga could see the iconic brand laid to rest following months of uncertainty. A statement by parent company, Swedish Automobile NV (Swan) announced that: ‘After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded.

First Chinese MGs built

By Jack Carfrae Motor Industry 27 March 2007 02:17 Today is an historic day for Nanjing Automotive as the first MG built outside Longbridge will leave the production line at Nanjing’s factory in China. Around 1000 visitors are gathering at the plant to join in with the celebrations, where the new, Chinese-built MGs will be on display (above). The first cars off the production lines are the MG TF and the MG 7, which Brits will remember as the MG ZT.

Aston Martin sells 38% stake to Italians to raise cash

Aston Martin today announced a deal with Italian private equity fund Investindustrial, securing a £150m investment to own a 37.5% stake in the business. Aston Martin hopes this should secure the long-term future of the beloved but hitherto financially wobbly sports car maker. Together with the new owners, it announced a £500m investment in future product.