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New Saab owner reports first-half loss

Spyker, the new owner of Saab, said it lost €139m after tax in the first half in its first set of results since acquiring the Swedish car brand from General Motors.

 

Spyker said it had negative equity of €126m and that Saab sold barely 10,000 cars in the first half of the year in a set of numbers, according to the FT.

Victor Muller, the group’s chief executive, said that Saab’s “brand loyalty, goodwill and interest in our cars, together with the enthusiasm of our existing and new distributors” would help it reaffirm its status as “a premium niche car manufacturer with global presence”.

The group said it had no need to recapitalise through a share issue or other financial instruments, despite its negative equity.

Saab sold 10,535 cars in the first half, 50 per cent fewer than a year ago, when it was in administration.

However, Spyker said that the results could not be seen as representative because Saab’s operations in Trollhattan, Sweden, were effectively shut down in the period.

The group said it was “confident of building increasing momentum” at Saab in coming quarters.

 

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