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Saab unable to pay wages as financing crisis deepens

Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.'  While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.

Jaguar XFR-S: Official

The barn-storming Jaguar XFR-S – Jaguar’s most powerful saloon car ever – has bowed in at LA. Full details and lots more photos of the new XFR-S. Following on from the XKR-S – and arriving in the same French Blue – the Jaguar XFR-S gets a 40 horse jump over the XFR – and an extra 41lb/ft of torque too – to offer a potentially BMW M5 competing 550HP and 502lb/ft of torque, enough to hit 62mph in 4.6 seconds and on to 186mph (not quite up with the M5, but getting there).

Porsche Cayman (2013) first official photos of 981

One of our favourite Porsches on sale is being replaced – and this is it: the new 2013 Porsche Cayman. Essentially a tin-top coupe Boxster, the new 981-series Cayman was unveiled today in the fitting location of Los Angeles. It's the Mk2 Cayman, after 2005's original first spawned a Boxster coupe for the sub-911 masses.