SAAB filed for bankruptcy yesterday, giving up a desperate struggle to stay in business after previous owner General Motors blocked takeover attempts by Chinese investors.

Car-maker Saab has filed for bankruptcy, according to a Swedish court.

A small, privately owned Chinese carmaker has saved Sweden’s Saab Automobile from imminent collapse through an agreement to provide €150m in funds for the ailing brand.

Formula 1 tycoon Bernie Ecclestone is part of a bid to take over struggling Swedish car maker Saab, it emerged today.

Spyker’s first full season in Formula One will be powered by Ferrari engines, the team have announced.