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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.

Aston Martin creates three special-edition DB9s

Aston Martin has designed three special-edition DB9 models named Carbon Black, Quantum Silver and Morning Frost. The Carbon Black and Quantum Silver models are both sport editions with a six-speed Touchtronic II automatic transmission and a remapped sports exhaust that provides a more evocative sound, the automaker said. Both cars come equipped with 19-inch, black 10-spoke wheels, a black grille and graphite tailpipes.

Car Design Awards China 2012 winners announced

The third annual Car Design Awards China competition came to an end earlier this evening as the winners of the 10 categories were announced along with the nomination for 2012 Student Designer of the Year - Xiao Hangjie, a student at Hunan University. The awards ceremony was held at the studios of CH-Auto in Beijing in the presence of an audience of renowned designers and judges from both domestic and international OEMs, with esteemed designer Chris Bangle acting as master of ceremonies. At the concluding judging session held in Beijing in March, one of the judges, Simon Loasby, Director of Design at VW China, said, "It was so difficult for us to decide on a winner, the entrants were so strong.