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Daimler and BYD name new brand Denza

Mercedes-Benz sources in Germany have confirmed Chinese media reports suggesting that parent company Daimler and Chinese carmaker BYD's new joint venture brand will be called Denza. Created as a Chinese-market-only brand, Denza is planned to support a range of "affordable" electric-powered vehicles, the first of which is set to be unveiled at the Beijing motor show next month. Based on the underpinnings of the first-generation Mercedes-Benz B-class--a car originally designed to accept batteries within its flat floor structure--the first Denza model was developed in China by a team of engineers from both Daimler and BYD Auto.

Toyota increases U.S. prices an average of 1.7 percent on most models

Toyota Motor Sales U.S.A. Inc., coping with a rising yen and an earthquake-shattered supply chain, announced price increases today that average 1.7 percent for many 2011 Toyota, Scion and Lexus models. The increases range from $65 for the small imported Scion xD, to $900 for two of its larger vehicles, the Toyota Land Cruiser and Sequoia SUVs, as well as several Lexus models.

Spyker signs deal with China's Hawtai Motor to raise funds for Saab

Saab owner Spyker Cars on Tuesday said it has signed an agreement with China's Hawtai Motor Group to form joint ventures for manufacturing, technology and distribution. The agreement will also provide $222 million (150 million euros) funding for Saab, which has been forced to halt production because it cannot pay suppliers' bills. Victor Muller, Spyker CEO and Saab chairman, said the partnership will allow Saab to enter the Chinese car market with a strong Chinese manufacturer.