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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.
Nissan Qazana: how the production car will look
Wed, 18 Mar 2009By Ben Pulman Motor Industry 18 March 2009 12:45 Nissan’s Qazana might seem like an out-there concept, but Nissan Design Europe’s vice president Alfonso Albaisa has told CAR Online that it'll keep many of the show car's cues when it goes into production at the company's Sunderland plant in the summer of 2010. For the full story of the new Qazana, check out the new issue of CAR Magazine out next week. But here's an abridged version of what to expect of the new crossover from the north...
Mazda refines lineup with SkyActiv technology
Wed, 20 Oct 2010It turns out Mazda isn't simply shooting for the sky. Rather, the protagonists of zoom-zoom driving dynamics are taking an active approach to the brand's DNA: Put it all together, and it's called “SkyActiv.” Mazda is billing the suite of technologies as the pillars of its way forward. Much of these features--which enhance future products in nearly all areas including engine, transmission and chassis--have already been revealed.