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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.

Ford Everest concept

Ford has unveiled its new Everest SUV concept at a Go Further event in Sydney, Australia. It's set to challenge other cars such as Holden's Colorado 7 and the Mitsubishi Challenger. Created by Ford's Australian design and production development team, the concept – a seven-seat version of the Ranger ute (pickup) – previews an SUV that's likely to be on sale within the next two years.

Toyota Verso D-Cat 150 Auto introduced

Toyota has introduced the Toyota Verso D-Cat 150 Auto And unfortunately, that is what the MPV Verso is – even the new Toyota Verso. Well-built and reliable, and little more. But there are lots of drivers who don’t buy a car for the ‘Drive’ but for the ‘Transport.