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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.

Nissan 370Z Nismo (2014) gets new look and aero

By Phil McNamara First Official Pictures 26 August 2014 13:23 Nissan is revamping its 370Z range, with the spotlight on a revised flagship coupe fettled by Nissan Motorsport – or Nismo as it’s better known. Due in late 2014, the 370Z Nismo gets a new aero kit, claimed to boost downforce ‘significantly’ at speed. Out goes the 2013 Nismo’s lairy rear wing for a more subtle, 911 2.7 RS-esque ducktail affair, which works in tandem with the new front splitter to evenly split more downforce over the front and rear axles.

Kia launches Cadenza as replacement for Amanti sedan, hits North America in 2011

Kia is replacing its Amanti large sedan with a new model called the Cadenza, which was unveiled today in South Korea. It goes on sale there this year and in North America in 2011. The five-seat Cadenza is shorter than the Amanti but has a longer wheelbase delivering more interior space, Kia said in a release.