Saab outlook improves
Spyker announces future product schedule and return to profitability in two years for iconic Swedish brandDutch supercar builder Spyker is convening a meeting of its shareholders on February 12 to set in concrete its acceptance of Saab's business plan to remain in business.
A press release issued yesterday morning AEDT has further outlined Spyker's intentions, merging with Saab to form a new business entity, to be named Saab Spyker Automobiles NV officially.
In practice, the two companies will continue to operate separately. The Saab element, free of GM hamstrings and debt, will market three or four model lines; those being the 9-3 (including convertible and the as yet unreleased 9-3X crossover), 9-5 (also expected to spawn a crossover wagon) and the 9-4X SUV for Europe and the USA.
Spyker revealed in the press release that Saab will contemplate a sub-9-3 model to be introduced to the product range. To date, this prospective addition is not mentioned or considered in the Saab business plan and Saab Spyker would need to find more funding to develop this car if approved.
The timing for the new models runs to early northern hemisphere summer for the new 9-5 (our winter), early next year for the 9-4X (pictured) and 2012 for the altogether new 9-3.
R&D for the Saab brand will continue at the brand's home facility in Trollhattan, Sweden. New models will remain pitched in the market against Audi A4, A6 and BMW 3 and 5 Series competitors, according to the press release. The new owners believe that sales volumes for the Swedish manufacturer can be restored to the pre-GFC levels ranging between 100,000 and 125,000 units, which would include the 9-4X to be built in Mexico. Saab's dealer networks in some markets are in for a reorganisation, the press release has also revealed.
Financially, the business plan to rescue Saab will cost Spyker and its partners US $1 billion, but the press release forecasts a return to profitability for Saab by 2012. Part of the funding is provided by current-but-soon-to-be-former Saab owner, GM. The General Motors component of the funding comprises US $326 million in redeemable preference shares. For the balance of funding -- €400 million -- the European Investment Bank will come to the party, specifically for R&D projects.
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