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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab'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.
New Fiat Uno launches – in Brazil
Wed, 05 May 2010The new Fiat Uno Way - from Fiat in Brazil The Fiat Uno was a mainstay of the Fiat range for most of the ’80s and ’90s. It offered cheap and cheerful – but not exactly reliable – motoring for a whole generation. It finally ended production after 6 million were produced and it was replaced in the Fiat line-up by the Punto.
Aston Martin DP-100 Vision Gran Turismo Concept revealed – Goodwood debut today
Fri, 27 Jun 2014The Aston Martin DP-100 Vision Gran Turismo Concept As design technology has evolved, it’s become properly practical for car makers to indulge their design flair in cars that will only ever really exist in the virtual world. And the latest creation comes from Aston Martin with the reveal today of the Aston Martin DP-100 Vision Gran Turismo Concept. Developed in just six months by Aston Martin’s Design Team, the DP-100 Vision Gran Turismo boasts an 800bhp twin-turbo V12, is mid-engined (a first for Aston Martin) and, if it were real, would offer blistering performance.