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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.

Infiniti electric sports car concept (2012) teased

Infiniti has trailed a new range-extending electric sports car concept - a long way ahead of its planned debut at the 2012 Geneva motor show. The company already plans an electric Infiniti to piggyback the EV learnings from parent firm Nissan, whose Leaf is the first mainstream electric car built from scratch. But this new sports car will pack a range-extender system, with a petrol or diesel engine to charge the battery when charge gets low.

Rolls-Royce Ghost V-Specification dialed up to 593-hp

Just before a refreshed Rolls-Royce Ghost debuts at the Geneva Motor Show in March, the British automaker has rolled out a performance edition of its "entry level" sedan with 593-hp underhood. The standard Ghost sedan wasn't exactly short on power until the announcement of the V-Specification version -- the company's 6.6-liter twin-turbocharged V12 engine produces 563-hp and 575 lb-ft of stump-pulling torque in standard form. Yes, gone are the days when Rolls-Royce declined to disclose exact power figures and simply listed their powerplants' output as "adequate." Now Rolls-Royce is forced to compete in this cutthroat market with its performance stats, it seems.