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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.

McLaren 12C Spider gets public debut at Pebble Beach

McLaren has given the convertible MP4-12C – the McLaren 12C Spider – its first public outing at Pebble Beach. It’s a month since we had the reveal of the McLaren 12C Spider – the very appealing trick roof version of the MP4-12C – but we hadn’t actually seen it in the flesh. At least not until this weekend when McLaren gave the 12C Spider a public outing at Pebble Beach.

Mini celebrates 10 years in U.S. with cross-country rally

Mini will kick off its biggest road rally in America, called Mini Takes the States, on the East Coast on July 4. It will conclude at the Pacific Ocean on July 15. The biannual rally will celebrate all things Mini as the company marks its 10-year anniversary in the United States.