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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.

Ssangyong C200 at the Seoul motor show 2009

By James Foxall Motor Shows 02 April 2009 14:49 What’s new on Ssangyong’s Seoul motor show stand?There was palpable relief on the Ssangyong stand in Seoul as the motor show press day followed a company conference where its rejuvenation package had been outlined to worried importers. This is being led by the C200, a Nissan Qashqai-style crossover SUV that will come in both two -and four-wheel drive formats. Production of Ssangyong’s first ever monocoque car starts in November 2009 and it’ll be on sale in the UK for March 2010, promising a cheap alternative to traditional makers.

Land Rover Discovery gets a final facelift for 2014

The 2014 Land Rover Discovery (pictured) gets a bit of a facelift Ahead of a reveal at the Frankfurt Motor Show next week, Land Rover have revealed a facelift for the Discovery 4 as it comes to the end of its shelf life. The usual facelift fodder applies, with the Disco getting a revised front bumper, new grill and new headlights (with new LED running lights) and some nice new alloys. Land Rover has also replaced the ‘L A N D  R O V E R’ lettering on the bonnet to read ‘D I S C O V E R Y’ as the move to highlight the Discovery as a range of models to stand alongside Range Rover starts to take shape ahead of the new Freelander (which will be part of a new Discovery family of cars) and the eventual replacement for the Discovery 4.