Increased losses for Spyker following Saab purchase
Dutch sports car manufacturer Spyker sank further into the red in the third quarter of this year with a loss of £35m following its acquisition of Swedish car maker Saab in February.
The same period last year saw a deficit of around £3.6m and the company has had to revisit its sales estimates for the year.
It had expected to sell 45,000 Saabs this year, but that has now been revised downwards by a third to 30,000.
The company spent £47m on Saab at the beginning of the year and was also given a £350m loan by the European Investment Bank that was underwritten by the Swedish government to help it turn the ailing manufacturer around.
Spyker remains confident in its purchase for 2011 with new models on the way – it expects to sell 80,000 cars next year and 120,000 in 2012.
Credit: Fifth Gear
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