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Saab seeks court protection from creditors

Saab is filing for protection from creditors from a Swedish district court, the automaker's owner, Swedish Automobile, said Wednesday. Saab is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da and Zhejiang Youngman, Swedish Automobile said in a statement. Victor Muller, CEO of both Saab and Swedish Automobile, said in a statement: "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." Muller remains optimistic about Saab's future.

Watch the Official Cars 2 trailer, version 3

Disney Pixar has given us a third sneak-peek at the upcoming Cars 2 movie. Lighting McQueen, Tow Mater, Sally and the gang this time battle spies, international conspiracies and a host of new bad guys as they hit the circuit. Cars 2 will open June 24, 2011, and AutoWeek will be bringing you all the latest from the Disney Pixar crew leading up to the release.

How Porsche will be integrated into VW

By Georg Kacher Motor Industry 20 November 2009 12:32 Although Porsche won't be a fully integrated member of the Volkswagen group before mid-2011, the sports car maker can even at this early point in the merger no longer make independent strategic decisions. After all, Martin Winterkorn has effectively been appointed head of the Porsche SE Holding which in turn employs the Porsche AG chairman Michael Macht.  With a takeover as costly and complicated to fund as this one – all in all, VW will have to fork out a staggering €16 billion to absorb the latest family member – it is only logical that the new owner wants to get the restructuring process going asap. Overnight, Porsche has become easily VW's most expensive brand.How VW will integrate PorscheTo protect and eventually enhance its value, the powers in Wolfsburg will leave no stone unturned to rearrange the product portfolio, to streamline R&D, to shake up purchasing and production, and to ensure a variety of synergies which are estimated to range from €500m to €750m per year.