Spyker cuts 2010 Saab sales forecast

29th October 2010, Comments 0 comments

Dutch luxury car maker Spyker said Friday it expected to sell between 30,000 and 35,000 cars this year of the Saab brand that it bought in January, about 10,000 less than initially forecast.

This reflected the impact of Saab's previous owner, General Motors (GM), imposing a production shutdown in the first part of 2010 that was "not fully recoverable," the company said in a statement.

Based in Zeewolde in the central Netherlands and listed on the Amsterdam stock exchange, Spyker bought Saab from GM, which was in severe trouble during the financial crisis, with the aim of relaunching the Swedish car brand.

Spyker has never made a profit since it was created in 2000.

It said it had a near 40 million euro net loss in the third quarter of 2010, nearly ten times bigger than its loss in the same period last year. It sold 8,540 Saab cars -- an increase of seven percent from the second quarter.

Spyker said it expected to make losses for 2010 and 2011 but a profit from 2012 -- when it expects to sell 120,000 cars.

The company's priority for the fourth quarter of 2010 and the first quarter of 2011 was "market expansion," it said.

"The target is to have agreements in place for China and Russia by the end of the year."

GM owned Saab for 20 years but the Swedish company never made a profit during that period. In 2009, output plunged to 38,756 vehicles from 93,000 in 2008.

Spyker bought Saab for 400 million dollars,

Last month, Spyker concluded a deal with German car maker BMW for the supply of 4-cylinder, 1.6-litre turbocharged gasoline engines for Saab cars as from 2012.

© 2010 AFP

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