Spyker’s takeover of Saab widens loss in 3Q 2010

Article by Christian Andrei, on October 30, 2010

Citing takeover costs, Spyker Cars NV posted a wider third-quarter loss and lowered this year's production forecast for Saab. Spyker, which bought Saab last February, released a statement indicating that the net loss was 39.9 million euros ($55.4 million) compared with a 4.06 million-euro deficit a year ago. As Saab started contributing revenue, sales had gone up to 275.5 million euros from 1.1 million euros.

Saab was on the verge of collapsing until Spyker swooped in and bought it from General Motors Co. After a brief two-month break, the brand resumed production in March and is now preparing to roll out the new 9-5 sedan.

The company emphasized that it seeks to become profitable in 2012 as Saab attains 120,000 annual vehicle sales. Spyker said that the group's medium-term goal is to “establish Saab as an independent, financially viable, niche premium car manufacturer.”

The company said that its board continues to “carefully balance the need for cash” in order to accomplish the working capital and development plans of Spyker in consideration of the priorities and cash needs of the group.

Saab's production target for 2010 was reduced to 30,000 to 35,000 cars from a plan in August to make 45,000 vehicles. This is a drop from an original target of producing 50,000 cars this year.

Spyker said the unit has taken longer than predicted to recover from the plant shutdown and initiation of liquidation proceedings early this year. It also reiterated its goal to sell 80,000 cars in 2011. [via autonews - sub. required]

Topics: saab, spyker

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