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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.

Renault’s electric cars ‘will cost the same as its diesels’

By Richard Yarrow Motor Industry 28 April 2009 12:10 Three electric vehicles (EVs) in development by Renault will cost the same as the equivalent diesels in Britain, the company has confirmed to CAR Online. Battery-powered electric Renaults are expected to cost from around £15,000 when they arrive in the next couple of years. The announcement takes into account the UK Government’s £5000 EV incentive scheme announced earlier this month.

West Hollywood hires a robo-valet

West Hollywood, Calif.--where the valet guy can be just as much of a power broker as some big-shot producer--is going high-tech with its new parking garage. The Southern California city has enlisted Israeli company Unitronics to build a 200-car garage on Santa Monica Boulevard that will automatically park and retrieve cars. Think RoboValet.