It was only a few months ago when we reported that the Koenigsegg Agera R had set record breaking times in acceleration runs from 0-200 mph and 0-300 km/h (0-186 mph).

Now these figures have been verified by the Guinness Book of World Records, and it has named the Agera R as the fastest accelerating production car in the world.

The famous record keeping organization reported that the Agera R went from 0-300 km/h in just 14.53 seconds. The 0-300-0 km/h run took just 21.19 seconds to compete, which is another record. The stop from 300-0 km/h took a very devilish 6.66 seconds, proving this car could truly be the son of Satan.

It also went on to claim the 0-200-o mph record with a time of just 24.96 seconds. The test runs were performed at the Angeholm Airfied in Sweden by Koenigsegg’s test driver Robert Serwanski at the wheel.

To fully enjoy these performance numbers, watch the video below:

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After much back and forth over the past months between Swedish Automaker Saab and Chinese suitors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., it seems like funding for Saab is very much back. The Chinese companies have both agreed to buy the Swedish automaker, providing the company with some much needed short and long term liquidity.

The details of Pang Da and Youngman’s agreement are an initial commitment of EUR 50 million to fund Saab Automobile while in reorganization. Next, the Chinese investors will then provide at least another EUR 600 million in funding to restart production and to settle the company’s debts and liabilities, allowing the company to concentrate on matters moving forward.

However, the condition that broke the agreement in the past may cause an interference again. This deal can only become a reality if the Chinese government chooses to give its seal of approval.

According to Saab’s restructuring plan, production will resume in Sweden and Mexico while considerations for assembly in China will be addressed as well. Immediate targets for Saab include the introduction of the 9-4X crossover and the 9-5 SportrCombi wagon. Saab aims to sell up to 55,000 vehicles for the year 2012. In 2010, Saab only managed to move 32,000 vehicles.

Pang Da and Youngman are optimistic that Saab has what it takes to become a profitable company. While 2012 will be a transitional year of reconstruction, the Chinese hope that Saab profitability will return for 2014.

Volvo Cars plan to discontinue production of the Volvo C70 convertible at the Pininfarina Sverige AB plant of Uddevalla, Sweden, by 2013. Established as a joint venture between Italian design house Pininfarina and the Swedish Automaker since 2005, the plant is responsible of building only the C70 model and employs 600 workers for the task.

Volvo CEO Stephan Jacoby explained that while the plant produces high quality vehicles, it isn’t cost effective at current levels of production. “A Car manufacturer of Volvo’s size cannot, from a financial standpoint, justify a plant that manufactures one single model in the low volumes we have today… The production capacity in Uddevalla is only utilized to 65%.”

According to Volvo, the 600 workers of the Uddevalla plant will be moved to other facilities after its closure. However, there has been no word on the C70′s fate. Once the Uddevalla plant is closed, Pininfarina and Volvo will end their joint venture, shifting plant ownership solely to Volvo.

GALLERY: Volvo C70

Saab‘s museum collection of historically significant vehicles was seized by Swedish authorities from the company’s museum. The Swedish Enforcement Office took possession of  the museum and other contents, including 13 exhibits, 22 engines and six workshop tools.

Saab is said to owe parts suppliers more than $31 million in overdue payments, and the Swedish government is moving to seize Saab’s assets. Saab was said to have been readying to sell off its museum collection, but was granted protection from creditors, enabling them to hold off attempts to seize assets.

[Source: Left Lane News]

There was a time, some 35-odd years ago, when the only engines found under the hood of a Volvo were four-cylinder units. Some were naturally aspirated, and some were boosted via a turbo-charger.

However, due to the demands and pressures from customers and share holders, Volvo started producing five-cylinder, six-cylinder engines. They even got Yamaha to design and build them a V8.

But that is all about to change for its future. According to industry sources, Volvo will not be employing any engine larger than a four-cylinder by 2020. Volvo is looking to develop a line of three-cylinder and four-cylinder motors. To get extra power, they will be turbo-charged, and diesels are also on the menu card.

This new engine line is dubbed VEA for Volvo Environmental Architecture. The idea is to reduce green-house emissions via smaller, lighter engines.

These new engines will start appearing by 2013 in a Volvo model near you.

[Source: Automotive News]

It was just yesterday when we reported that Saab was seeking government protection against bankruptcy, but now it seems like this step has failed.

A Swedish court has rejected a protection and voluntary reorganization plan, citing that it does not believe any steps the automaker makes will help it to recover.

Saab is “disappointed” with the ruling and is filing an appeal to overturn this decision. If the appeal is rejected also, this would very well be the end for Saab as an auto manufacturer. This would certainly be a very sad end for what was once a thriving company credited for making cars like the 900 Turbo (pictured).

Can a Volvo transport truck beat a Ferrari in a drag race? Not unbelievable enough for you? Then let’s make the Volvo a hybrid too.

OK, so this Volvo isn’t exactly capable of hauling any loads down the Motorväg, but it still makes for an exciting comparo… or at least it did until we found out the Ferrari was “just” a 360. (Yea, we’re snobs).

Either way, Swedish racing legend Boije Ovebrink felt up to the challenge, lining up his hybrid Volvo truck, named ‘Mean Green’ against a Ferrari at the annual Trucking Festival in Mantorp, Sweden. Who won? Was it even close?

GALLERY: Mean Green Drag Races a Ferrari

Watch the video after the jump:

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Debt ridden Saab is to apply for court protection from its creditors in a bid to stave off bankruptcy get again. For months, the automaker has struggled to raise finances to pay off suppliers, and as a result, has halted production. Saab was rescued from bankruptcy last year by Dutch owner, Swedish Automobile (formerly Spyker), as former owner General Motors prepared to shut the company down

Saab has declined to comment on the issue but, spokeswoman Gunilla Gustavs said that the company is continuing to work on raising the necessary funds. The Swedish automaker’s most recent statement said, ” Saab Automobile AB is now working on other options to secure bridge funding which would allow us to stabilize  operations, finalize negotiations with suppliers on payment and delivery terms and restart production”.

If Saab obtains a court creditor protection order, it would place the company into a process of corporate restructuring. Under this process, which Saab entered in 2009 after GM made clear its intention to cease funding the company and exited later that year, the company is granted temporary protection from creditors while an administrator and management seeks to restructure the company into a viable business.

[Source: Automotive News]

Sweden’s debt agency is claiming they have successfully investigated a handful of Saab bank accounts with some success. On Friday, the agency uncovered $796,291 which is enough to cover debts owed to the first four companies waiting for payment.

The debt agency has contacted other banks holding Saab accounts in order to understand exactly where the Swedish automaker stands. The money found only covers a quarter or major debt owed to other companies, with the total amount owed, being much higher. The agency has stated that 23 claims have been posted against Saab, with a total value of nearly $8,000,000. The debt agency is still investigating accounts, but Saab may either be forced to pay off its loans or be pushed toward the court to claim bankruptcy.

[Source: The Wall Street Journal]

Sweden’s regulators started the collection process against Saab Automobile after the struggling automaker failed to meet a Tuesday deadline to pay two suppliers.

”We’ve just begun by looking at what kind of bank accounts they have and what kind of collateral there might be” in the process that started Wednesday, Tommy Barkman, a case worker at the state agency, explained in a telephone interview with Automotive News.

Saab was to pay Kongsberg Automotive, a Norwegian manufacturer of car-seat parts. The Swedish automaker was also supposed to pay Infotive AB, a Gothenburg, Sweden-based consulting firm, a combined sum of $633,000 to avoid proceedings. The majority of that amount is owed to Kongsberg, Hans Ryberg, a division chief at the enforcement agency, said on Tuesday. Another $792,200 is owed to more suppliers in a weeks time. Over one-hundred debt claims have been filed against Saab with the collection agency.

Production came to a stand still in late March when the automaker could not afford to continue production, and the Trollhattan factory in Sweden has not been operational since early June. Usually the collection agency takes one to three months to complete the collection process, but this can be avoided in Saab pays off the debts owed.

[Source: Automotive News]