Struggling Swedish carmaker Saab is forecast to return to profitability by 2012 and its new focus on three to four niche models will require funding of €1 billion, its buyer Spyker Cars said.
The tiny Dutch luxury carmaker, which produces several dozen handmade sports cars a year, clinched a deal to buy Saab from General Motors last week, rescuing the brand from looming oblivion.
Spyker chief executive Victor Muller had told Reuters last week that Saab would again make a profit in the "foreseeable" future, but gave no firm timeline, saying the key to its future was restoring confidence.
In a statement late on Monday, Spyker Cars said Saab aims to raise production to pre-crisis levels of about 100,000 to 125,000 cars including the 9-4X built in Mexico. Its sales and distribution approach will be re-energised this year, it added.
"Spyker believes that through the purchase of Saab it has a rare opportunity to acquire and rebuild a global car brand which will be repositioned towards an independent performance-oriented niche car company," Spyker Cars said in the statement ahead of its shareholder meeting on February 12th.
Saab will focus on three to four models: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets.
In addition, Saab will investigate the potential of adding a fourth smaller car line (9-1), but this model is not part of the business plan and additional financing would be needed.
Saab's business plan was drawn up by Saab management over the past 10 months together with GM.
The plan will be partly financed by GM through $326 million in redeemable preference shares, favourable supply terms and deferred payments from Saab to GM, plus cash and a €400 million European Investment Bank (EIB) loan.
Spyker and Saab will operate as two separate companies, each focused on their distinct target markets, Spyker Cars said.
Reuters