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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.

Toyota, Lexus cars recalled to fix brake leak

Toyota is recalling more than 1.5 million cars around the globe for brake and fuel-pump problems. This now brings Toyota's recall tally to more than 14 million vehicles around the world in the last year, many for unintended-acceleration issues. So what does this mean for you?

Renault to preview future design strategy with Ross Lovegrove

Renault will unveil a new concept car that will underline its future design direction at next month's Triennale of Milan. The carmaker, which has released a set of teaser images, has worked alongside designer Ross Lovegrove's Lovegrove Studio to explore fresh design languages. Lovegrove is known for his organically inspired designs and this concept will continue that theme, examining nature and its systems to raise "awareness and understanding of those phenomena and their current impact".