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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.

Japan Car: Designs for a Crowded Globe

The Science Museum in London, UK is hosting the Japan Car: Designs for the Crowed Globe exhibition, sponsored by seven Japanese automobile manufacturers. An exploration of the car as a 'mobile cell', the exhibition has been conceived by graphic designer Kenya Hara and architect Shigeru Ban to show how Japanese design reflects the 'soil and spirit' of Japan, depicted by concept cars and models specific to the Japanese market. Speaking to Car Design News, Shigeru Ban explained how the automobile was chosen as the central element to the exhibition because it is a reflection of Japanese culture and tradition.

2015 VW Jetta makes global debut at New York auto show

The 2015 Volkswagen Jetta is making its global debut at the New York auto show, and the changes for the new model year -- while not exactly breathtaking -- should help VW's volume-seller keep up with the competition. That includes the likes of the 2015 Chevrolet Cruze and 2015 Ford Focus, which are also showing off refreshes in the Big Apple. To start, VW says the mildly redesigned front fascia reduces drag (and gives a “wider and more substantial look” to boot!) with a new bumper and air intakes.