Spyker reports bigger losses since Saab takeover

Dutch sports car maker Spyker has reported a huge increase in losses since its takeover of Saab in February.

It also revised its sales forecasts downwards for the Swedish firm – it now expects to sell 30,000 cars this year against plans for 45,000 sales.
In the third quarter period of July-September this year Spyker made a loss of £35m, against a loss during the same period last year of £3.6m.

The company remains bullish for 2011, however, with plans to sell 80,000 Saabs rising to 120,000 in 2012. This will be achieved through an overhauled model range, although Spyker does not expect to be back in the black until 2012 at the earliest.

Spyker paid £47m for Saab at the beginning of the year and was given a £350m loan by the European Investment Bank to help it turn the company around.

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