Breaking News: Wagoner to Lead Chinese Company in Oldsmobile Revival

News reports are coming in from around China that GM's former CEO Rick Wagoner has accepted an offer from domestic automaker CLN Auto Company Inc. to take the reins of the Oldsmobile brand, the rights of which CLN Auto purchased from General Motors a few weeks ago. Details are still shady, but it looks like GM is so desperate for cash that it decided to sell the historic nameplate to the Chinese automaker. Unfortunately for Oldsmobile fans in North America and Europe, CLN Auto secured the use of the name solely for the domestic market.

Contrary to the U.S., just like Buick, Oldsmobile has a strong allure to Chinese buyers. The country's last emperor was a large fan of Oldsmobile owning more than a dozen cars. "They adore the image of American vehicles," said China Auto Resources CEO, Jiang Li, in a report. "They just can't seem to get enough of them, so it makes a lot of sense," he added. We'll have more on this developing story later on in the day.