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Losses at Saab Automobile revealed

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08:48 CEST+02:00
Swedish carmaker Saab Automobile made an operating loss of 2.9 billion kronor last year. The company's parent, General Motors, was forced to pump 3.8 billion kronor into the company, according to Svenska Dagbladet.

The results, included in the company's annual report lodged at the Swedish Companies Registration Office, do not include the North American market, most markets in Europe or the company's financing arm. But even when these are included, the company is not making a profit, according to CEO Jan-Åke Jonsson.

"We didn't make a profit in 2006 and won't make one in 2007 either, if you look at the business as a whole," he told Svenska Dagbladet.

Jonsson said he believed the company would be in profit by 2010. Saab's Achilles' heel was that it has too few models, he added.

"We have production machinery intended for higher volumes than those of today," he said, but added that the company's American parent had confidence in its future.

"GM has a very positive view of Saab. We are their only global marque and the premium segment is growing in importance," Jonsson told the paper.

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