Spyker Drops as Saab Production Goal Cut, Loss Widens

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Thread: Spyker Drops as Saab Production Goal Cut, Loss Widens

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    Spyker Drops as Saab Production Goal Cut, Loss Widens

    Spyker Drops as Saab Production Goal Cut, Loss Widens
    Bloomberg
    October 29, 2010
    by Ola Kinnander

    Spyker Cars NV, the Dutch supercar maker that bought Saab Automobile this year, fell the most in nine months in Amsterdam trading after cutting the Swedish unit’s production goal as the third-quarter loss widened.

    Spyker dropped as much as 1.09 euros, or 28 percent, to 2.84 euros, the biggest intraday decline since Jan. 28, and was down 18 percent as of 12:57 p.m. That pared the stock’s gain this year to 51 percent, valuing the Zeewolde, Netherlands-based manufacturer at 64 million euros ($89 million).

    The net loss was 39.9 million euros compared with a 4.06 million-euro deficit a year earlier, Spyker said today in a statement. Saab will build 30,000 to 35,000 cars this year, down from its plan in August to make 45,000 vehicles this year and an initial target of 50,000 to 60,000 cars.

    “It’s disappointing they had to adjust the production target for the second time,” said Martin Crum, an analyst at Amsterdams Effectenkantoor BV who recently started covering Spyker and will “soon” have a recommendation on the shares. “That’s the big negative that’s pushing the stock down.”

    Saab was on the brink of collapse until Spyker bought the Trollhaettan-based carmaker from General Motors Co. on Feb 23. The brand resumed production in March after a break of two months, and has been focusing on setting up dealerships and introducing the 9-5 sedan. Spyker reiterated that it aims to become profitable in 2012 as Saab sells 120,000 cars a year.

    Reversing Liquidation
    The reduced target for 2010 stems from Saab taking longer than expected to recover from the plant shutdown and the reversal of liquidation proceedings, Saab Chief Executive Officer Jan-Aake Jonsson told reporters on a conference call. Restoring ties with suppliers contributed to delays in the 9-5’s rollout, he said.

    “You will not sell product that’s not on the showroom floor,” Spyker CEO Victor Muller said on the call. “It’s been a tremendous fight to fill the pipeline. This is now finally starting to happen.”

    Full article at link.

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Ouch... I really hope Saab can survive. But where will they sell them?

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    I hope Saab/Spyker can make it but I just don't think it is very promising. I'm sure a lot of dealers shut down, most people think Saab is out of business, etc

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Not being privy to the sale specifics, would a failure put SAAB back on a GM plate?

    If so, first Opel, now SAAB, Oye Vey!


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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    The Birkenstock/sock wearing hippie crowd has aged and conformed and has forgotten saab and now drives a camcord or a lexus .....................

    If the Sweden gov't wouldn't loan/buy/bail them out when GM wanted to dump/close them what does that tell you???????????

    saab is as good as dead!

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Quote Originally Posted by sonjaab View Post
    The Birkenstock/sock wearing hippie crowd has aged and conformed and has forgotten saab and now drives a camcord or a lexus .....................

    If the Sweden gov't wouldn't loan/buy/bail them out when GM wanted to dump/close them what does that tell you???????????

    saab is as good as dead!
    It's going to be a tough road for them with limited resources. Most of the Saab dealers around here are gone. And I think the NE part of the country was their biggest market in the US.

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Quote Originally Posted by nferr View Post
    And I think the NE part of the country was their biggest market in the US.

    HOW TRUE!

    I think the NH "live free or die" nutz bought the most saab/volvo vehicles!
    And the other 1000 buyers were from CT/Mass/RI and a few from Cali. and Canada!

    Syracuse NY STILL has a saab dealer hanging in there!

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Spyker CEO is an idiot, he should have tried to use GM's structure to keep Saab afloat, instead, he has been talking ill about GM, instead of keeping it closely married to a Giant, until he had enough cash flow to get up on his own..

    Now with his utterances, he is between a rock and a hard place.

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Quote Originally Posted by sonjaab View Post
    The Birkenstock/sock wearing hippie crowd has aged and conformed and has forgotten saab and now drives a camcord or a lexus If the Sweden gov't wouldn't loan/buy/bail them out when GM wanted to dump/close them what does that tell you???????????
    saab is as good as dead!
    Agreed, and IMO, this started happening full bore by circa '90.
    Dead car rollin'.

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    Re: Spyker Drops as Saab Production Goal Cut, Loss Widens

    Well GM might have been very smart to sell in the first place especially to Spyker knowing they have limited capital and if the company started to go south GM could swoop in and buy it back at a loss to spyker. All GM needed was to shed some debt for a while in return for capital, but I don't see GM wanting this company back, they just aren't a profitable company because of their lack of mass appeal.

    If GM doesn't buy it back the Chinese will for sure, since they can't built a single car without stealing the technology from someone else.

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