Spyker's losses multiply after Saab purchase

25th March 2011, Comments 0 comments

Spyker announced Friday that its losses multiplied in 2010, following the Dutch car manufacturer's buyout of Swedish automaker Saab.

Spyker published net losses of 218 million euros ($309 million) for the year, against a loss of 23 million euros in 2009.

Hours later Saab announced that its managing director Jan-Aake Jonsson is leaving for personal reasons.

Jonsson, who piloted Saab through its difficult sale from US General Motors to Saab, said he wanted to spend "some time on other things that had to stand back for my duties to Saab," .

Based at Zeewolde, in the central Netherlands and listed on the Amsterdam exchange, the Spyker group has never made a profit since it was created in 2000.

The company has sold on average 150 luxury Spyker sports cars a year.

Spyker acquired Saab from US auto giant General Motors last year hoping to relaunch the Swedish marque.

Last month Spyker said it planned to sell its original sports cars business, change its name and focus on expanding Saab.

Spyker has signed a memorandum of understanding to sell the assets of its sports car business to private British holding company CPP Global Holdings for an amount up to 32 million euros ($44 million).

Saab sold 31,696 cars last year, 15 percent up from 2009.

The constructor hopes to boost this figure all the way up 80,000 this year, though Spyker still expects annual losses before a return to the black in 2012.

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.

© 2011 AFP

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