Spyker Cars has many hurdles ahead of it before it achieves its target of returning Saab to profit by 2012. The first task on hand is to get financing for it's the acquisition.
If you haven't heard of Spyker before it made a successful bid to buy Saab from General Motors Co., don't feel left out since this is really just a tiny Dutch luxury carmaker that produces a few dozen handmade sports cars per year. Spyker plans to recapture customers for Saab by focusing on three or four niche models.
It's expected that this effort will use up about 1 billion euros in development costs. Spyker will hold a shareholders meeting on the deal on Feb. 12. Spyker's claim to achieve its goals by 2012 is doubted by Jeroen Willard at Dutch brokerage AEK.
He doesn't think that sales will rebound that quickly and instead believes that Spyker will get there by 2014 or 2015.
How bad of a shape is Saab in? Well, consider that it only produced 20,791 cars last year as sales slumped to 39,903 from 94,751 in 2008. Spyker aims to raise production to pre-crisis levels of about 100,000 to 125,000, armed with a new sales and distribution strategy. [via autonews]