Spyker Posts Q3 Loss

Spyker, the company responsible for saving Swedish manufacturer Saab from the GM axe, is continuing to post negative financial results. The carmaker announced today its third quarter results, which, despite being pretty much negative, still give Spyker a sense of security.

Spyker lost about EUR39 million ($55 million) in the last three months. The slow sales, the slow pace at implementing the marketing strategy and the slow speed at which new Saab models reach dealerships are the main reasons for the loss, Spyker says.

And yet, Victor Muller, the head of the Spyker-Saab group, continues to be optimistic. He says the Saab key markets, including Sweden, the US and the UK, are becoming more and more Saab-hungry and the launch of new models might just offer the company the much needed boost.

”Saab has made significant progress since we acquired the business,” Muller said. "We have forged important strategic relationships with BMW and AAC and re-established our global sales organization, laying the foundation for an independent and profitable global premium auto brand.”

All in all, Saab's sales totaled EUR275 million ($382 million) in the third quarter of the year, coming from the 7,430 vehicle retailed. Even if the number of new units to reach the market in Q3 was significantly higher than the number of cars sold in the same period last year (34 percent higher), Spyker has revised the sales target for 2010, trimming it by some 10,000 units.

Spyker expects to keep losing money until sometime in 2012, after it manages to repay the debt acquired with Saab.