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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.

Toyota Prius with added noise: The Prius Vehicle Proximity Notification

Prius Vehicle Proximity Notification We’d much rather see a hybrid car than an electric one, but with plug-in hybrids starting to proliferate more car makers are having to address the issue of silent running endangering blind – and distracted - pedestrians. Step forward the Toyota Prius Vehicle Proximity Notification System. The US Senate signed off the Pedestrian Safety Enhancement Act at the end of 2010, which requires the makers of cars with the ability to run silently to make them run noisily instead, completely negating about the only benefit there is for electric cars.

LA Motor Show: Ford Edge spin-off headed for Europe

FORD HAS given European audiences an unusual teaser by revealing its new Edge large SUV at the Los Angeles Auto Show, before adding that it will come to Europe - with as-yet unconfirmed changes. The car is officially only a concept, as evidenced by the wild interior design. The exterior, however, has been tipped by Ford insiders to be more or less production-ready for North America.