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Porsche says Panamera avoids gas-guzzler tax

Few expenses were spared in conceiving the Porsche Panamera, but consumers will avoid at least one cost of ownership: the ignominious gas-guzzler tax. Porsche has announced ratings for the 2010 sedan; it will get a combined figure of 18 mpg or 19 mpg from the EPA, depending on the model. This means Porsche’s four-door foray will avoid a fairly substantial cost of ownership--a tax of up to $7,700 is levied on the most prolific guzzlers.

Koenigsegg One:1 – 1400 hp & 280mph

Koenigsegg One:1 (pictured) 1400 hp & 280mph In a wide ranging interview – in which Bloomberg compare Christian to a benevolent Bond villain – Christian reveals that plans for the One: 1 have moved on in the last year, and what he has in store is impressive indeed. The Koenigsegg One:1 will come with 1,400 horses – more than we imagined – and it will indeed boast one hp for every one kilogram. But that weight is a weight including all fluids and even the driver.

News watch December 2010: today's auto 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-hourFriday 31 December 2010• A judge in Manhattan has dismissed two lawsuits from hedge funds claiming for $2bn losses when it bought VW shares in 2008. Elliott Associates LP, Black Diamond Offshore and 39 other funds filed a complaint, claiming Porsche misled short-sellers who hadn't realised that Porsche had cornered the market in VW shares (Automotive News)Thursday 30 December 2010• Volvo plans to hire an extra 200 staff as it claims demand for its cars is rising.