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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.

Porsche opens order books for 918 Spyder (2011)

We already know that Porsche is going to build its stunning 918 Spyder, but today the German sports car company has opened the order book, confirmed some technical highlights, and announced when and where the hybrid supercar will be built. Where do we begin? Okay, let’s have the Porsche 918 Spyder’s technical spec first please… The hard stats first: the 918 Spyder will sprint to 62mph in 3.2 seconds or less, and will top 199mph.

EU new car CO2 targets pushed back

The European Union’s plans to cap new cars to 95g/km CO2 by 2020 has been delayed, after months of lobbying led by Germany. Instead, the 95g/km target will be introduced a year later in 2021, but with an additional amount of flexibility intended to make the transition easier – especially for luxury carmakers such as BMW and Mercedes-Benz, which generally build bigger, heavier vehicles. Stricter CO2 rules will save drivers cash Top 10 most economical cars The new compromise, agreed on Tuesday (26 November 2013) and set to be presented to EU diplomats on Friday (29 November 2013), changes the rules on ‘supercredits’ – which allow manufacturers claim extra credit for especially low emissions cars, such as all-electric and plug-in hybrid vehicles.