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Volkswagen joins Global Rallycross with Foust and Speed

The biggest splash at the 2014 Chicago Auto Show might have been made by Volkswagen on Thursday. The giant German automaker, along with Andretti Autosport, unveiled its 560-hp, all-wheel-drive Global Rallycross Beetle. GRC champion Tanner Foust will pilot the first car while ex-Formula One driver Scott Speed will helm the second.

Tokyo Motor Show: Mini appears across the globe

FRESH from its world debut at the Cowley plant in which it will be built, the new third-generation Mini has made its Asian debut at the Tokyo Motor Show. Both the modern Mini, and before it the original Issigonis Mini, are extremely popular in Japan where its strong British identity and high degree of personalisation hold strong appeal. The third generation version will build on that with its enhanced looks and specification.

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.