Spyker asset sale marks focus on Saab
Spyker Cars is selling its niche luxury car business to a Russian investor to focus on the much larger Saab operation it bought last year from General Motors.
Netherlands-based Spyker has struggled to make money, and analysts say it needs a long-term strategic investor to restore Sweden's Saab as a profitable player.
Vladimir Antonov, a Russian businessman who previously had a stake in Spyker, will buy the company’s sports car assets for an initial €15 million.
Spyker will be renamed in May, and the company says Saab will probably be part of the new name. Analysts say a listing on the Stockholm stock exchange could be in the works.
Spyker is keen to push Saab sales in the fast-growing economies of Brazil, Russia, India and China, and in December Saab announced a distribution deal with the Beijing-based China Automobile Trading Co. The company also hopes to revive Saab in the United States.
Spyker faced wide skepticism when it rescued Saab from imminent closure but has remained bullish, forecasting sales to rise this year to 80,000 vehicles and 120,000 in 2012. Saab sold 31,696 cars in 2010.