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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.

Nissan Livina Geniss

Nissan has announced it will release a new family of global cars over the next two years with sales of the first variant to start in China in 2006. The Livina Geniss, the name of the Chinese variant, will be the first Nissan car to be released in China ahead of other global markets, and will make its world premier at the Guangzhou International Motor Show later this month. Based on the concept of a luxurious, yet practical vehicle, the model seats up to seven people and accommodates a wide variety of customer needs.

Automotive art returns to Pebble Beach

Classic cars won’t be the only works of art on display at this year’s Pebble Beach Concours d’Elegance. The Automotive Fine Arts Society (AFAS) will be making its 26th appearance at the event, where it will exhibit car-themed paintings and sculptures. “The artists work every year to showcase art never shown before,” AFAS vice president Bill Motta said.