It is a sad day for Saab, the company had to sell off its company completely over to China’s Pang Da and Youngman companies. Swedish Automobile N.V. and two Chinese automakers Youngman and Pang Da have signed a memorandum of understanding (MOU) for the purchase of Saab and Saab Great Britain for just €100 million, which is approximately about $140 million US.

The National Highway Traffic Safety Administration (NHTSA) has denied Pagani’s request for an exemption to an advanced airbag system on new vehicles. The guidelines for advanced air bags was established by NHTSA in 2000, which all automakers had to comply with the regulations, but a few low-volume manufacturers like Tesla and Lamborghini were given exemptions.

This comes as a bad news to those who are planning to purchase an electric car in California. Due to the budget crisis, California is closing its $5,000 rebate program. But there is a bit of a good news, the California Air Resources Board (CARB) is still issuing the $2,500 rebate to the 500 owners of electric cars who are on the waiting list.

General Motors has just hit a milestone, which it now the first automaker to sell more than 2 million cars in China in just one year. Sales of GM cars had increased roughly about 35 percent during the first 10 months of the year.

Panasonic announced on Wednesday that it has invested $30 million in Tesla Motors to explore future marketing and sales opportunies for the vehicle battery packs. The investment provides Panasonic a 2 percent share in Tesla Motors.