Spyker expects Saab to increase its output by about 18% this year

Article by Christian Andrei, on August 27, 2010

Spyker Cars NV seeks to make Saab profitable once again and for the first year, it expects to raise its output by about 18%. Dutch carmaker Spyker revealed that there is still a final payment of 24 million euros to be paid to General Motors Co. for Saab that's due this summer but it's likely that Spyker will pay out of its own funds. Last month, it cost Spyker $400 million to buy the Swedish brand Saab.

Spyker faces an upward trek as it intends to turn around the company while neither Saab nor Spyker has made any profit in the past decade.

In 2009, Spyker posted a net loss of 22.9 million euros ($30.5 million), compared with a loss of 24.8 million euros in 2008. Spyker is a small carmaker; it only produced 31 of its exotic 200,000 euro sports cars in 2009.

That stands for a considerable drop from 43 units in 2008. Saab intends to sell 50,000 to 60,000 Saab cars this year. Saab sold 39,903 cars in 2009 and 93,295 in 2008. For Spyker to have a positive cash flow, analysts say that it would have to sell at least 75,000 cars each year.

Spyker CEO Victor Muller has publicized his vow to make the group profitable in 2012. In a statement last Friday, Muller admitted that many have expressed their doubts about Spyker being able to hit this target when Saab only lost money when it was under GM for nearly two decades. [via autonews]

Topics: saab, spyker, production

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