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New BMW M3 and M4 revealed for 2014

This is it, folks – this is your early petrolheaded Christmas present: BMW has released full details of the new BMW M3 Saloon and M4 Coupe. And we do mean full details. Output of 431 turbocharged horsepower is the headline, but really it’s the extent of the engineering overhaul carried out by BMW’s M division that really stuns the senses here.

U.S. equity firm to invest $70 million in Saab

Race-car fan and private-equity executive Alex Mascioli is pumping $70 million into Saab as the Swedish automaker works to stay afloat. Mascioli's firm, North Street Capitol, is buying $10 million in shares of Swedish Automobile, which owns Saab, and is also giving the company a $60 million loan to pay for the carmaker's reorganization. U.S.-based North Street Capital struck a deal in September to buy the Spyker sports-car business from Swedish Automobile for $44 million.

Fourth annual World Automotive Design Competition winners announced

The fourth annual World Automotive Design Competition was hosted by the Canadian International Auto Show in Toronto, Ontario, on February 17. Students were asked to design a world car that has universal appeal. Christophe Charbault, a design student from the Ecole de design at the Universite de Montreal, won the first prize of US $10,000.