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Webster, Massachusetts, US
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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab'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.
Official: 2014 Corvette Stingray to pace Indy 500
Thu, 02 May 2013On Thursday, the pace car for the Indianapolis 500 was announced, and if you are one to get excited about pace cars, it's time to get excited. This year, "The Greatest Spectacle in Racing" will be paced by the 2014 Corvette Stingray. That's right, the seventh-generation Corvette Stingray will be leading the field to green.
Is this a Toyota GT 86 four-door saloon?
Mon, 04 Nov 2013Is this a Toyota GT 86 four-door saloon? There has been talk for some time that Toyota are going to stretch the GT 86 by 4″, add a couple of back doors and turn it in to a four-door coupe. And that’s exactly what the organisers of the Dubai International Motor Show – which starts tomorrow – are claiming on their Facebook page, together with a photo (above) which seems to show a four-door GT 86.