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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.

2012 Ford Focus ST Spied

2012 Ford Focus ST - Production-ready by Frankfurt in September The 2011 Ford Focus is now starting to hit the roads in earnest (especially on the roads near Cars UK Towers), but what we’re really looking forward to is a new Focus with a bit more get up and go. We’re hoping Ford are still going ahead with plans for the Focus RS Hybrid by 2013, but what we do know for sure  is that we will be seeing a warmer Focus in the 2012 Focus ST before the end of the year. We know that because Ford told us.

Frank Stephenson on the importance of color in design

During the announcement of the McLaren Automotive's partnership with paints and coatings company, AkzoNobel, Car Design News took the opportunity to discuss the importance of color in design with design director Frank Stephenson. According to Stephenson color's ability to invoke emotions and communicate with viewers, he described just how big a part it has to play in the design process and how it inspires designers when developing products. "The first thing color does is influence the brand – it gives the customer an identifiable element to what we're talking about.