The financial bleeding continues for Spyker Cars NV who reported a third quarter loss this week and dropped Saab’s sales forecast for the near future.
Spyker, which swooped in and saved the Saab brand from General Motors’ cutting room floor earlier this year said net losses widened to US$55.6 million.
This follows up on a $5.6 million loss over the same period last year.
According to news reports, Spyker’s own forecasts reveal that the small automaker does not predict profitability until 2012.
This comes at a time when Saab operations in Canada are getting off the ground with a number of retailers in major markets expected to resume selling Saab vehicle soon.
Saab said it sold 7,430 cars to retail buyers in the quarter, down from 8,251 a year ago.
Executives have reportedly cut Saab’s full year sales forecast to at least 30,000 cars from an original mark of 45,000.
“Saab continues to see growing sales momentum, especially in our key markets, and the interest in our brand is steadily growing,” said Jan Ake Jonsson, president and CEO of Saab Automobile.
- with files from The Associated Press