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car industry

Saab's owner losing money

Published fredag 29 april 2011 kl 09.12

The owner of Saab Automobile, Spyker cars, has made a loss of over US$ 13m in the first three months of 2011.

The CEO of Spyker and Saab, Victor Muller, says that the target for 80,000 cars sold this year will probably not be met, largely because the Saab factory in Sweden has been closed for many days.

Spyker Cars are discussing with Saab's former owner, GM, plus the Swedish government and the European Investment Bank, to find other sources of funding.

In their financial report Spyker Cars say they are looking at possible partners in China, and other places.

Other details in the report include the news that Spyker wants to change its name to 'Swedish Automobile'.

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