Spyker Says Saab Won’t Meet 2011 Production Targets

Spyker Says Saab Won’t Meet 2011 Production Targets

Having reported a first quarter net loss of 72 million Euros ($107 million), Saab‘s owner Spyker Cars has now said that, due to ongoing production problems at its assembly plant as well as supplier issues, the struggling Swedish automaker will simply not be able to meet it’s 2011 production forecasts.

In addition, although it’s been revealed that the company is aggressively seeking funding to help it through the short and mid-term, it looks like that includes three Chinese Automakers, even though, in an official statement, Saab CEO Victor Muller declined to mention any names.

According to Bloomberg, said companies are rumored to be China Youngman Automobile Group, Great Wall Motor Co and Jiangsu Yueda Group, with the possibility that Saab may have an agreement worked out with at least one of them in just days.

This follows on the heels of an announcement this week that Russian businessman Vladimir Antonov will invest approximately 30 million euros, in return for a 29.9 percent stake in Saab, a plan that was proved by both the Swedish Government and General Motors.

In a further effort to help restart production, Saab also said that it was raising funds from shareholders, “pursuing various initiatives to improve the group’s liquidity” in the words of the company, but declined to elaborate any further.

So far, since under Spyker stewardship, Saab has seen production rise, it sold 9,674 cars in the first quarter this year versus 3,060 during the same period a year ago, though clearly, there’s still much work to be done.

[Source: Automotive News]


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