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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.

2013 Hyundai Santa Fe revealed

2013 Hyundai Santa Fe arrives on Twitter The 2013 Hyundai Santa Fe – the car we thought would be the Hyundai ix45 – has been revealed ahead of a debut at the New York Motor Show in April. If there’s a design hole in the Hyundai range – the one car Hyundai hasn’t bashed with its ‘Fluidic Stick’ – it’s the Santa Fe. But that looks set to change at next month’s New York Motor Show with the reveal of the 2013 Santa Fe.

Renault Megane Renaultsport 275 Trophy-R Special Edition celebrates Nurburgring record

The Renault Megane Renaultsport 275 Trophy-R (pictured) breaks a Nurburgring record We knew Renault were planning to take the Megane Renaultsport 275 Trophy to the Nurburgring to have a crack at the FWD production car record and wrestle it back from the SEAT Lean Cupra 280. After some extreme weight saving measures – and some chassis tweaks – Renault managed to push the 275 Trophy round the Nordschleife in 7min 53.4 seconds, beating the SEAT’s time of 7min 58.4 seconds to take the record (video below). But not being one’s to miss a marketing opportunity, Renault has decided that they should celebrate the Nurburgring record with a new limited edition Megane – the Megane Renaultsport 275 Trophy-R Special Edition.