Saab Battles On
Saab’s parent company, Spyker Cars, is in need of a cash flow. It seems once again Saab may be in danger of folding.
The announcement came with Spyker’s annual report. They’ve suffered a significant financial loss in 2010. Operating losses were experienced by both the Saab and Spyker; the company spent considerable money taking over Saab production from General Motors. Financial losses for the year were anticipated in Spyker’s business plan, but as they’ve stated, “the actual cash need was higher than planned.”
March sales of Saab automobiles reached 888 units in Sweden, 830 in the United States. Both are significant increases from 2010.
But that couldn’t stop Saab from being forced to shut down production on three separate occasions, when key suppliers and carriers held back deliveries cause of non-payment.
This particular crisis seems to have blown over. Deals were reached with all the vendors in question.
“A controversial but wealthy suitor is indeed in the wings for Spyker and Saab,” according to Automotive News. “Russian banker Vladimir Antonov, who helped Spyker finance the deal to buy Saab from GM before being squeezed out for ties to organized crime, is said to be a willing investor. Antonov insists that he has no ties to organized crime, and is being vetted by Sweden’s Debt Office, who has a say in any ownership changes at Spyker.”
Good luck, dear Saab, we’d hate to lose you after so many struggles.
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