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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.

2011 Mazda2 gets Activematic & Mazda2 Tamura

Mazda2 Activematic It took Mazda an awfully long time to introduce the 2011 Mazda2 Facelift. In fact the very same Mazda2 nose was already running off the production lines in Thailand in October 2009, so it seems most peculiar that the facelifted cars are only just starting to arrive in UK showrooms. Still, it’s not the end of the world and the 2011 Mazda2 does offer a decent-looking car with a practical choice of engines and trim.

UK Car Sales up again in November (2012)

The Society of Motor Manufacturers and Traders has revealed that new car sales grew again in the UK in November – up by 11.3 per cent. At some point, new car sales in the UK must surely start to ease as the economic pressure bite, but so far in 2012 we’ve had an inexorable rise in numbers. The latest figures for November show new car sales (well, to be precise, new car registrations – which include Pre-Reg cars) up by an impressive 11.3 per cent, following on from a rise of 12.1 per cent in October, with private buyers driving sales rather than fleet.