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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.
Mercedes CLS Shooting Brake leaks ahead of Goodwood Festival of Speed debut
Fri, 29 Jun 2012First photo of the production Mercedes CLS Shooting Brake ahead of its debut at this weekend’s Goodwood Festival of Speed. Update: As expected, the Mercedes CLS Shooting Brake has now been officially revealed, together with a raft of photos. The extraordinarily good looking Mercedes CLS Shooting Brake – the CLS Estate – has been running around motore shows as a concept for what seems like years.
European brands eye U.S. market for new small luxury cars
Mon, 16 May 2011As head of Mercedes-Benz USA in the late 1990s, Mike Jackson was determined to keep the ungainly, expensive A-class small car out of the United States. "The original A-class, you would say, 'Oh, my God. I will never be able to sell that to anybody.