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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.
Record new car sales anticipated
Wed, 06 Nov 2013RECORD new car sales are expected for 2013 after last month's figures showed another strong increase. A total of 157,314 new cars were registered in October - a 4% rise on October last year, the Society of Motor Manufacturers and Traders (SMMT) said. The October rise - the 20th successive monthly increase - took the year-so-far total to just over 1.95 million, a 10.2% rise on January-October last year.
Hyundai ix35 / Tucson ix – the Video
Fri, 28 Aug 2009The Hyundai ix35 has now launched in Korea. Video below. But now we have the video of the ix.