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Automotive News
August 6, 2008 - 5:24 am ET

STOCKHOLM (dpa) -- Saab posted a loss for 2007, but the carmaker reduced its losses compared to 2006, Swedish financial daily Dagens Industri reported Wednesday.

The Swedish-based carmaker sold some 125,000 cars in 2007, roughly 7,800 fewer cars than in 2006, the report said.

Saab's loss for 2007 was 2.2 billion kronor (360 million euros) compared to a loss of 2.9 billion kronor in 2006, the daily reported, citing the group's annual report filed in Sweden.

Turnover, not including sales of spare parts, was 21.7 billion kronor, down from 24 billion kronor in 2006.

Saab CEO Jan-Ake Jonsson said the group earned money on its sales in Europe but not in the U.S.

"I am satisfied that we managed to improve the result despite a drop in sales," Jonsson added, citing higher margins and cost-cuts.

Jonsson said Saab kept its aim to report a profit in 2009 or 2010, citing benefits from new models due to be launched.

Saab is owned by General Motors.

There's 500+ million dollars GM could probably uses better some place else!
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