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Koenigsegg teases Agera One:1 hypercar with 1,340hp

Koenigsegg has released the first official image of its new Agera One:1 hypercar, set to make its world debut at the 2014 Geneva Motor Show next month. Based on the Swedish firm’s Agera R model, the One:1 concept produces a whopping 1,340hp and weighs 1,340kg, meaning the car has a power-to-weight ratio of 1,000hp per tonne. That’s a lot.

MG exploring sports car concepts, eyeing US return

MG Motor, now part of China's SAIC along with Rover Group successor Roewe, is considering a sports car in addition to long-term plans for a return to the U.S. market, according to Edmunds. The company is in the early stages of exploratory work on a sports car following the opening of a new design studio in Shanghai, a sports car that is expected to mirror the classic MGB mold, if it is determined that today's MG could in fact field a worthy competitor to the Miata.

Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.