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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.

German brands off to strong start in 2011

Robust U.S. car sales this year are helping drive German automakers to significant gains. The Volkswagen division did especially well in April, with 28,542 vehicles sold--a 23 percent increase from the year before.

Audi TT Offroad concept points to new TT crossover (2014)

By Ollie Kew Motor Industry 19 April 2014 18:06 Audi has officially revealed the name of its SUV-like four-door coupe concept car to be ‘TT Offroad’. But why the TT name? CAR caught up with Audi CEO Rupert Stadler to ask the big question?