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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab'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.
BMW 1 Series M Coupe UK video
Mon, 16 May 2011BMW 1-Series M Coupe - arriving in the UK this month Will BMW build a 1 series M car, we all wondered? And if they did, would it be the BMW M1. Surely not, we all concluded.
Chrysler Nassau Concept (2007): first official pictures
Mon, 08 Jan 2007By Tim Pollard First Official Pictures 08 January 2007 06:24 Chrysler Nassau Concept: the lowdown You're looking at Chrysler's new sampler for a shooting brake: the Nassau concept newly unveiled in Detroit. Design boss Trevor Creed heralded it as 'a new, more emotional Chrysler.' Although the same size as the mean-'n'-moody 300C saloon, the Nassau is designed to look smaller, with more delicate surface treatments, a subtler new eggcrate grille and a slimmer, more European hatchback rear end. The Nassau portrays more compact dimensions, despite rolling on huge 10-spoke, 22in alloy wheels.