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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab'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.
McLaren P1 – 0-124mph in under 7 seconds & just 375 P1s being built
Tue, 26 Feb 2013The new McLaren P1 – to be unveiled at the 2013 Geneva Motor Show – will hit 124mph in under 7 seconds. Just 375 being built. McLaren say that the P1 – which we know has 903 bhp – will get to 62mph ‘under 3 seconds’, to 124mph in ‘under 7 seconds’ and to 186mph in ‘less than 17 seconds’.
Renault Wind Coupe Roadster UK price & details
Sat, 03 Apr 2010Renault has released price and model detail for the Renault Wind We’d expected the Renault Twingo CC for quite a while. What we actually got – at the Geneva Motor Show in February – was the Renault Wind CC. Same car – different name.