The outlook for Swedish carmaker Saab has deteriorated further. Its Dutch owner Spyker Cars has just posted a first-quarter loss of 72 million euros and cut its profit target for this year.
Spyker is moving to raise new money from shareholders to restart production. A lack of cash has meant suppliers were not paid and some stopped delivering parts, bringing Saab’s assembly line to a standstill for much of April.
On Thursday, Spyker was thrown a lifeline when Sweden’s Debt Office and General Motors – which sold Saab but still has a stake in the company – both said they approved a plan for Russian businessman Vladimir Antonov to invest 30 million euros in Spyker in return for a 29.9 percent stake.
Spyker’s chief executive, Victor Muller, welcomed the Debt Office’s approval, but said it was just the first step and that other commitments, for example from the Swedish government and the European Investment Bank, were required before Antonov could provide funding.
“It is unclear at this time what the consequences of the recent production stoppages and funding issues will be for our full year 2011 forecast but it is realistic to assume that realising our 80,000 cars sales forecast is no longer feasible,” Muller said in a statement.