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Ford warms up new era of car-guy leaders

A minor temblor shook Dearborn, Mich., today with the announcement that Mark Fields, president of the Americas, climbed the golden corporate ladder to grab the chief operating officer ring, setting him up to succeed Alan Mulally in a couple of years. The move did not come as a shock-it only confirmed the whispers of auto industry Royal Watchers. The biggest news for those who care about cars, however, is two-fold: Jim Farley, Ford's global marketing boss, also takes the helm of Lincoln.

New COPO Camaro concept hits the drag strip

This Friday video goodness features a white 2012 COPO Camaro Stock Eliminator Concept on the drag strip. As Autoweek contributor Patrick Paternie explained during the SEMA show, the new COPO (Central Office Production Order) nameplate pays homage to the rare high-powered 1969 Camaros created through a loophole in the special-order program. This enabled dealers to specify a 427 engine--COPO 9560, the aluminum ZL1, or COPO 9561, the Corvette-based L72 iron block--despite the Camaro technically being limited to the 396-cubic-inch powerplant.

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.