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Costs put Mini Rocketman at risk
Mon, 20 Jun 2011BMW is not ready to commit to building the Mini Rocketman, a minicar concept that debuted in March at the Geneva auto show. The reason? Executives say privately that they fear that the Smart competitor would not be profitable.
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.
NHRA driver Herbert brings teen driver training program to California
Fri, 05 Mar 2010Simple question: How many of you have teenagers in the Southern California area who can benefit from free driver's training? Yes, you read that correctly. The National Hot Rod Association will host 12 sessions of the B.R.A.K.E.S.