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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.

Saab's convertible turns 25

Another day, another anniversary. This time, it is the Saab convertible donning the proverbial party hat and counting the candles as it celebrates its 25th anniversary. With Saab's well publicized financial difficulties dominating headlines of late, we saw it fit to look back on happier times for the Trollhättan-based brand.

2011 / 2012 Kia Rio teased

2011 Kia Rio Sketch Kia has come a long way in the last few years. Its cars continue to become more relevant, the designs more contemporary and the cars more appealing. But that only applies to the very newest stuff.