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Porsche future products: Small SUV, entry-level roadster in the plan

Porsche plans a major expansion of its product range by the middle of the decade. CEO Matthias Mueller has promised at least one new model a year, starting with the redesigned 911 that arrives in February. An SUV that is smaller than the Cayenne will be added, along with an entry-level roadster.

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.

RCA 'Future Car' design competition winner announced

Michal Vlcek, a first-year student in the Vehicle Design department at London's Royal College of Arts, has been announced by the organizers of the London Motorexpo as the winner of the competition to design an innovative electric-powered car. The competition, which was open exclusively to RCA students, asked for designs for the four person electric vehicle of 2032, using "the packaging advantages of an electric motor to move way from the formulaic styling of many modern-day passenger cars". Vlcek's high-quality artwork and lateral thinking proved to be instrumental in his success.