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Saab secures more funds as it seeks to avert collapse

Saab parent Swedish Automobiles has found another financial lifeline in China as the struggling carmaker faces possible legal action from unions over unpaid wages. In a statement this morning, Swedish Automobiles announced that an un-named Chinese firm has placed an order for 582 Saab vehicles, valued at 13 million Euro (£11.5m) with full pre-payment 'expected to be made this week'.  Saab plans to use the funds to pay wages and begin partial payments to component suppliers in order to restart production. Saab's financial crisis: the current situation.

Video: Toyota teases Furia concept

Toyota has released a teaser a teaser video to promote its new Furia concept, set to be unveiled at the 2013 North American International Auto Show in Detroit next month. From what we can tell, the orange sedan concept features some carbon fiber accents – check out the rear lip spoiler – and there appears to be the standard next-generation lights we see on every concept. The world debut of the Furia Concept will be broadcast live online via Livestream on 14 January.

Remember this day in GM history: The next century of automotive success starts now

President Obama's administration made history today with what some see as nothing short of government meddling in the affairs of big business. What I see is something else: I see the administration showing that it is serious and raising the level of concern from yellow to orange. Now there is a firm deadline and a message to bondholders, United Auto Worker union members and the American public: Do not be surprised if in the next 30 days--or even sooner-General Motors files for a controlled bankruptcy.