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Saab owner reports massive loss

AFP/The Local · 26 Mar 2010, 14:30

Published: 26 Mar 2010 14:30 GMT+01:00

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Spyker cars, which makes expensive sports cars but has never made a profit since it began operations in 2000, said it had reduced its annual loss slightly to €22.9 million ($30.6 million) from €23.8 million in 2008.

But this latest loss was more than three times the value of sales.

Sales in 2009 fell to €6.6 million from €7.8 million. The company sold 36 cars, one fewer than in 2008.

Chief executive Viktor Muller said that Spyker Cars had not received any help from the Dutch government at the height of the global economic crisis, remarking that the business had survived and that "the volume of sales was maintained and losses slightly reduced."

During the economic downturn, even the high end of the auto market had been

affected, he said, remarking that "2009 was a difficult year."

During the year, the company cut 44 jobs, about one third of the workforce of 135.

Story continues below…

In February, Spyker Cars paid $400 million for loss-making Saab which US group General Motors was about to close.

On Wednesday, Muller said he intended to restore Saab to profit by 2012, raising annual production sixfold to 120,000 cars in 2012, employing an extra 500 workers and extending a Saab factory.

AFP/The Local (news@thelocal.se)

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Your comments about this article

16:02 March 26, 2010 by Twiceshy
That is just great. Imagine your expenses being 5 times higher than your revenue.
00:18 March 27, 2010 by Venturisection
Spyker entered F1 and exited it rather hastily. I feel they are about to do the same again with Saab, they have no idea what they're doing they are quite absurd.
02:24 March 27, 2010 by repat_xpat
"In February, Spyker Cars paid $400 million for loss-making Saab"

I thought some thug from Russia paid for SAAB. Spyker doesn't have any money to pay for anything.
17:08 March 27, 2010 by Venturisection
Some russian funded Spykers take over of Saab so indirectly yea kind of
04:24 March 28, 2010 by Ghostrider
Anyone surpirsed?
23:20 March 28, 2010 by wenddiver
They sold 36 cars last year???? OMG- Oh My God!!! And they gave them SAAB.
00:39 March 29, 2010 by Twiceshy
Ghostrider I knew they were a mismanaged and unprofitable company, but a loss of this size is really rare among companies (especially companies which are somewhat well known as Spyker now is).
08:30 March 29, 2010 by livinginsweden
spyker is better than geely anytime....... i dont know why i say that .. but it seems to be the right thing to say...

ha ha
11:31 March 29, 2010 by mannorun
Birds of the same feathers will always fly together.

18:32 March 31, 2010 by zhqwang

I don't accept your point. I think that you have some discrimination for some countries. Can you buy Volvo car if you have able and noblest. Your Errison sell 18b$ to China, Are we same feathers? We can object the deal because Huawei can do it, Why don't we do it because we are open-mind. Huawei is also very strong(21.8b,Errison is about 28.5b) . I think that there are some question in your mind and brain.
02:27 April 2, 2010 by repat_xpat

What are you saying? I don't agree with you, nor disagree. I just don't know what your point is. Are you drunk?
06:50 April 2, 2010 by zhqwang

You should think for a while. You should read ten times, you can understand.
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