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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.

Holden restores its futuristic 1969 Hurricane concept car

Holden, General Motors' Australian subsidiary, has resurrected its first-ever concept car: the 1969 Hurricane, packed with then-futuristic technology, some of which wouldn't make its way into production cars for more than a decade. When it was first revealed, the mid-engine, rear-wheel-drive, two-seat sports car showcased in-your-dreams innovations such as a rearview camera, a magnet-based navigation system, automatic air conditioning, electronic displays and a station-seeking radio. Holden designers started restoring the Hurricane concept--code-named RD 001--in 2006, using as many of the original parts as possible.

Who's Where: Mamoru Aoki and Koji Nagano promoted to Nissan executive design directors

Mamoru Aoki and Koji Nagano have been promoted to Nissan executive design directors, reporting to head of design Shiro Nakamura. Mamoru Aoki is now responsible for the design and development of all Nissan brand passenger and electric vehicles as well as design strategy and is based at the carmaker's Design Center in Atsugi, Japan. Koji Nagano – previously design director at Infiniti – now manages the design development of the new Datsun brand and Nissan brand light commercial vehicles.