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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.

Infiniti EX35

The EX35 is a slightly smaller and more mainstream SUV than its FX bigger brother from which it takes its core 'coupe SUV' theme.  Despite the coupe design references, the vehicle is similar proportionally to the Lexus RX300 and BMW X3 which it will compete with in the US - and also in Europe when the Infiniti brand debuts next year.  Little different to the Infiniti EX concept shown in New York, the EX35 uses the core Infiniti graphic design signatures and soft form language but introduces a new flowing side feature line not seen on the Infiniti G37 Coupe launched a few months ago. Interesting technical innovations include the 'Around View Monitor' that uses four cameras to give a 'top-down view' of the outside of the car, and 'Scratch Shield' - a new self-healing clearcoat paint. Related Stories: Infiniti EX concept - New York Auto Show 2007 Infiniti G37 Coupe - New York Auto Show 2007

MINI Beachcomber Concept revealed

The Countryman-based MINI Beachcomber Concept Another month in 2009 and yet another MINI. When we reported last month on the MINI Rolls Royce Edition we reckoned that BMW had managed to produce a dozen new models of the MINI in 2009, although the number of new models and limited editions is so large we thought we might have missed one or two. But if we were right with the dozen models at that point you can now make that a baker’s dozen with the reveal of MINI’s latest creation – The MINI Beachcomber.