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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.

New Honda NSX at Tokyo Motor Show in November?

New Honda NSX could arrive next month at the Tokyo Motor Show Isn’t it strange how some cars are never appreciated fully when they’re in production? Take the McLaren F1. It’s now perhaps the most desirable modern classic on the planet, with cars selling north of £3 million.

Peugeot 308 wins European Car of the Year 2014

By Ollie Kew Motor Industry 03 March 2014 14:30 The Peugeot 308 has won the 2014 European Car of the Year award. The new family hatchback fought off competition from the likes of the tech tour de force Mercedes S-class and slick-driving new Mazda 3 to take the gong. The 308 also bested BMW’s i3 EV, which won the UK Car of the Year award, and the acclaimed Tesla Model S electric saloon.