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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.

Volvo is working on cordless charging for electric cars

Imagine not having to actually exit and plug in your electric car (assuming you have an electric car to plug in), and instead just parking it over a special parking spot. That's the promise of a new technology that Volvo is working on, and if taken to the mass market once made commercially viable, it means electric cars will be able to recharge just by sitting over a charger built into the parking spot's surface. That would certainly eliminate the need for those bulky upright chargers that are spreading around the country.

Seat Ibiza (2008): first official pictures

By Tim Pollard First Official Pictures 02 April 2008 13:06 Seat's new Ibiza - unveiled today - spearheads a new model offensive from the Spanish company. The Barcelonan bosses hope that more and improved models will transform the brand from a bit-part player within the VW empire to a major manufacturer producing nearly a million cars a year.The new Ibiza certainly looks the part. These first pictures confirm that it will become one of the sleekest superminis around, as hinted at in the Bocanegra concept at last month's Geneva motor show.