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Swedish carmaker Saab says it can’t afford wages
LOSS-MAKING Swedish carmaker Saab said yesterday it couldn’t pay its employees wages as it had not obtained the short-term funding it needs.
Unions for workers at Saab, which has made losses for the last two decades, said they would send a formal demand for payment on Monday if their members had not received their wages by then.
Production at Saab, owned by Netherlands-based Swedish Automobile, has been halted for most of April and May and is currently down for at least the next week because it doesn’t have the money to pay suppliers for parts.
Shares in Swedish Automobile, which itself has never made a profit since starting operations in 2000 under the name Spyker, tumbled 4.3 per cent to €3.10.