You are browsing the archive for Spyker.

Avatar of Jeff

by Jeff

Spyker Cars sold to US Private Equity Group

September 28, 2011 in Uncategorized

This is hot off the presses and I can’t really comment much about it, but it appears that the Spyker Cars arm of Swedish Autombile has been sold to US private equity group North Street. You’ll recall the deal to sell the car company to CPP/Atnonov fell apart a few months ago.

According to this report, the reconstruction of Saab will continue on. Clearly this should ease the liquidity of SWAN to some extent, which is welcome news. Whether or not Spyker will rejoin Saab down the road is certainly in question. Read the article from the Financial Times (subscription only) after the break.

Thanks to Mihow for the tip!
Read the rest of this entry →

Avatar of Red J

by Red J

Press release: Hans Go resigns as CFO of Spyker

June 2, 2011 in News

Zeewolde, The Netherlands, 1 June 2011 – Spyker Cars N.V. (Spyker) announces that Hans Go – CFO of Spyker – steps down as statutory director of Spyker effective per 1 July 2011.

With the planned sale of the Spyker sports car business to Vladimir Antonov, the remaining activities of the Spyker group will comprise only the Saab activities. As a result, the role of Spyker’s CFO will be assumed by the new Saab Automobile CFO, whose appointment will be announced later this year.

Since Rob Schuyt is temporarily acting as Saab Automobile’s CFO, and was recently appointed a statutory director of Spyker, he will also temporarily assume the role of CFO of the Spyker group. Mr. Go will remain involved as advisor until the end of the year to support the management with various transitional projects within Spyker and Saab Automobile.

I don’t think that Spyker Cars NV needs two CFO. Why has Mr. Go resigned and not Mr Schuyt, or why has Mr. Go resigned when they are searching for a CFD for Saab nobody knows, but the fact is that Swedish Automobile NV will only need one CFO.

Avatar of TimR

by TimR

Spyker (Now Swedish Automobile) Shareholder’s Meeting – Review

May 19, 2011 in News

According to Dagens Industri (original article here) Victor Muller is not surrendering his bonus. But however he is waiting to take their money out. It emerged on Spyker’s meeting on Thursday. Muller also revealed that the factory in Trollhattan will be launched next Friday. Read the rest of this entry →

Avatar of TimR

by TimR

Spyker Art Piece

May 19, 2011 in News

CEO Victor Muller (Spykercars) commissioned his aubergine Spyker 093. This piece is in part done in centuries old floorboards from a farm in Holland. These purple planks still have the nails (or, appropriately the ´spijkers´ as nails are called in Dutch) in it….

This piece will hang in the office of the CEO, in to the Zeewolde plant where the exclusive cars are built. His office now houses TWO Spykers: the one Oudhout did, and a real one, parked next to the conference table. Cool! Check out more about this at: http://www.oudhout.com/

Thanx Manfred for the link to this! =)

Avatar of Red J

by Red J

Spyker Cars will be Swedish Automobile NV

April 7, 2011 in News

UPDATE:
Some documents (english version) on the Spyker’s site do also talk about Swedish Automobile NV as the new name for Spyker Cars NV.

Thanks to Tim

If we have to believe the Dutch newspaper deVolkskrant, Spyker cars will be renamed to Swedish Automobile NV.

As we know, Spyker has sold the Spyker sportscar part of the company to the coach-builder CPP earlier this year, so it made no sense to use the name Spyker any more. Furthermore it is unknown if they are fully free to use the name SAAB, or if they have to always ask Saab technology AB if they want to use it differently.

I personally like the name, it denotes that they want to concentrate in their Swedishness and it is better than all those new artificially created company names.

Original in Dutch

Googletrans

Thanks to Ralph for the hint
/RedJ

Avatar of Jeff

by Jeff

Rebuilding Trust

April 5, 2011 in Editorial

In an interview at the auto show in Nacka, Victor Muller admitted there Saab made mistakes dealing with the press last week. “We failed last week, clearly. We have spent one year trying to build up trust and the confidence in the business. It will take time to repair this, but we’ll repair it.” Since last Wednesday, there have been serious concerns raised in comments here by the production stop– does Saab have enough money to last the year? Will sales rebound? How can we trust management now? Potential customers are left wondering if Saab is a viable company anymore. Any dealer can tell you one of the most common questions asked to them is whether the company will be around next year, making a sale all that much harder. While the SaabsUnited community knows that Saab has a sound business plan and willing partners ready to step up to the plate to provide bridge funding, the average consumer usually collects the worst snippets and pieces them together to create their own picture. Last week certainly didn’t help to change that view.

Read the rest of this entry →

Avatar of Rune

by Rune

Reuters: Saab owner warns of funding

April 1, 2011 in News

Reuters earlier today reported the following:

The funding warning from Spyker came shortly after Saab struck a deal with one of its key suppliers, International Automotive Components Group (IAC), after being forced to stop output for a third day running due to payment disputes.

Unfortunately I became aware of this (thanks to a comment here) too late to confirm this with anyone at Saab.

The latest press release on Spyker’s web site is from Marc 30th and states:

Saab Automobile has sufficient means to meet its immediate liquidity needs from existing and available sources.

The Reuters article unfortunately does not mention any sources other than the annual report.

It seems to me that the press release dated March 30th contains newer information. But even were that the case, it doesn’t mean the situation is rosy. The annual report states there is a need for further funding. It remains to see just how acute the need for immediate funding is. The focus on Antonov is nothing new and is a poor indicator to figure out how severe the lack of positive cash flow really is.

Ironically, Saab is better than average at paying their bills(thanks Gatelaw)

—-

Fred sent a link to Joann Muller’s blog entry http://blogs.forbes.com/joannmuller/2011/04/01/saab-is-running-out-of-money-and-could-collapse/.

What John is missing, as GM and its federal backers know all too well, is that it takes an awful lot of capital to run a successful car company in a highly competitive, global market. This is a lesson Saab and Victor Muller are learning now.

Nobody said it would be easy.

Avatar of Jeff

by Jeff

Spyker Full Year 2010 Results Highlights

March 25, 2011 in News

Financial Highlights 2010

• Full-year sales of € 819 million, Q4 sales of € 301 million

• EBIT (Operating Income) of € (loss of 140) million in 2010

•  Gain from bargain purchase of € 78 million resulting from acquisition Saab Automobile AB (‘Saab Automobile’) and Saab Great Britain Ltd Result from discontinued operations of € (loss of 60) million includes the losses of the Spyker Automotive business and the effects of the planned sale to CPP Global Holding Ltd

• Cash generated from operations amounts to € (loss of 115) million for 2010

 

Corporate and Operational Highlights 2010

• Sales continue to build momentum in several major markets (Sweden, US, UK) as independent Saab distribution network was re-established

• 31,696 cars sold (wholesale 2) in 2010 compared to 27,482 in 2009, an increase of 15%

• 11,448 cars sold (wholesale 2) in Q4 2010, up 129% compared to Q4 2009 and up 31% compared to Q3 2010

• 32,048 cars produced in 2010, compared to 20,905 in 2009, an increase of 53%

• Restart of production in Trollhättan with over 800 suppliers after seven weeks of total stand-still

• Production of 9-3 Convertible and 9-5 Sedan relocated to Trollhättan

• Concentration of all operational activities in Trollhättan, enabling more efficient operations and reduced costs

• Wholesale and retail financing agreements secured with major global financial players such as Banco Cetelem, Santander Consumer Bank and GMAC

• Key management appointments in several areas

• Successful global launch of the new Saab 9-5, with positive response from media and consumers alike Successful unveiling of the Saab 9-4X, Saab Automobile’s first ever cross-over vehicle-with equally positive response

• Introduction of new diesel engines program delivering class-leading low CO2 values for the 9-3 range

• Agreement with BMW for supply of gasoline engines for new 9-3, to be launched in Q4 2012

• Launch of partnership with American Axle Manufacturing (AAM) for development and marketing of Saab- developed electric all-wheel drive system

• Launch of the e-Power electric vehicle program in cooperation with external partners

• Establishment of a global, Saab-controlled sales network covering 51 countries and the launch of Direct Dealer concept for 9 European countries

• Sales network continued to expand with new importers in Portugal and Japan, re-establishing sales network in Canada and Australia and principle import agreement for the Chinese market.

Read the rest of this entry →

Avatar of Jeff

by Jeff

Reuters Article: Antonov wants in again *UPDATE*

March 24, 2011 in News

As a follow up to the information about setting up a Swedish division of his Latvian bank Latvijas Krajbanka in Stockholm, Vladimir Antonov was interviewed by Reuters today and said he wants to get back into the Spyker group (as in the one that owns Saab, not the car division that he bought a month ago). Article after the break.

*UPDATE*: There’s a new opening on Spyker’s Supervisory Board as of Monday, food for thought.

SPYKER CARS N.V. ANNOUNCES CHANGE IN SUPERVISORY BOARD

Zeewolde, The Netherlands, 21 March 2011 – Today Spyker Cars N.V. (Spyker) announces the resignation of Mr. Pieter Heerema with immediate effect as member of the Supervisory Board of Spyker for personal reasons.

The Management and Supervisory Board thank Mr. Heerema for his contribution and anticipate that a new member will be proposed for appointment by Spyker’s shareholders’ meeting in the foreseeable future.

Read the rest of this entry →

Avatar of Red J

by Red J

Tuesday Snippets by RedJ

February 23, 2011 in Saabology

Tomorrow will be an important day for Saab, not only because of the anniversary, which is already quite important on its own, but because Saab will show what they have been able to do in the first year of independence.

As Saab said in its Paris Auto show invitation:

Discover the power of independence

Read the rest of this entry →

Avatar of Swade

by Swade

TTELA on Spyker Cars’ Q3 report

October 29, 2010 in News

From comments, it seems Spyker’s shareholders were expecting better results from the Spyker Cars 2010 Q3 financial report. A continued loss was expected, but maybe this is more than expected. The share price is down 11% on early trading.

TTELA have put together a report based on the conference call given in relation to the report. The following is the Googltrans:

——

Loss for Saab owners

Dutch Spyker, owner of Saab Automobile, has made a loss before tax of EUR 50.1 million (470 million) for the third quarter.

During the same quarter in 2009 made the Spyker was a loss of 3.4 million. For the period 1 January to 30 September 2010 is the loss of 158.9 million euros.

Losses are expected as Spyker’s management to continue roll in 2010-2011, but in 2012 the company [expects to be] be profitable.

For the full year, Spyker expect a wholsale volume of 30000-35000 cars.

During the third quarter of 7430, Saab sold cars to customers. Compared with the second quarter is an increase of 34 percent.

But over the same quarter last year, this is down 10 percent.

Over the first nine months, it is much worse for Saab this year than last year. Until September, Saab’s total sales of 17 965 cars.

Both Saab’s President Victor Muller and Saab’s CEO Jan Ake Jonsson says that there are many challenges left for the company. But they stick to that plan is followed.

- We are on track and feel full of confidence,” says Jan Åke Jonsson at a telephone news conference.

He highlighted that sales will increase after the summer.

- September was 100 percent higher than August, “he says.

At the same time allows Jonsson that management believed that the recovery would be faster.

- We had hoped to recoup much of the volumes that we lost in the winding-up but now we see that it does not. We had some disruptions in the supply chain at the start affecting us and we had some delays in its product range, “he says.

Jonsson also points out that Saab is currently focusing not only on volume.

- Volume is not everything for us right now. It is important that we maintain discipline and sells the right way so that we can profit and get down break-even level, “he says.

Last year, Saab has sold 32 609 cars between January and September. This represents a decrease of 45 percent.

The rate of production at the plant are much higher now than in the third quarter of 2009. Saab has built 9777 cars compared with 2780 last year.

Avatar of Swade

by Swade

Spyker 10th Anniversary – Penultimate instalment

October 10, 2010 in Saabology

It seems like the folks who journeyed up into the Catskills for the Spyker 10th Anniversary drive really enjoyed themselves. I’m still getting emails with images and video on them, as I have been for most of the afternoon.

These are from Jeff P. He’s included a quick piece of video just to show some of the hardware in motion, but will have more video available after he’s had the chance for a quick edit.

——

The video (still coming) is the amazing part, truly nuts driving with these people. Victor drove Rijk’s Grey C8 while Rijk drove his Lotus. The roads were incredible, the hospitality was first class, and the Saab people were great to meet and be around.

Rijk being a superstar architect is fun too. Very small world, one of my old professors/critics from school was actually there today. They treat each other like family. What an incredible guy, and his wife was sweet and giving of her time too.

I’ll get some raw footage up on vimeo or youtube to start, but I’d like to edit it all together.

httpvh://www.youtube.com/watch?v=H2-xpJmRFm4

What a surreal experience. My ’01 9-3SE is a very tired puppy tonight, but it made the drive back to Manhattan just fine. I actually hit a deer on the way down and was still able to throw the car around in the afternoon. Just shows the car can pass the moose (deer) test and still keep on rolling.

Click.

Part 1 of the Spyker 10th Anniversary report is here.

Part 2 of the Spyker 10th Anniversary report is here.

Avatar of Swade

by Swade

Spyker 10th Anniversary – more reports

October 10, 2010 in Saabology

Following on from Darryl’s photos from today’s 10th Anniversary for Spyker, we have some more photos and a report from Meg H, who attended the day with her husband, Jeff.

Meg’s full catalog of photos is available here.

——

In the beautiful Catskill Mountains of NY, the sky was a deep azure among the changing leaves of the hills for a background. The entrance of their drive waving Spyker Banners to welcome all. It was a visual feast of what the automotive world has to offer. From vintage cars like Jaguar, and Riley to the ultra modern sleek lines of Spyker and Lotus.

There were roughly 15 Saabs from all over New England and 4 9-5′s. The beautiful carbon grey 9-5 belonged to our host, and the glacier silver was Victor’s. He generously took his out with a young man to test drive that didn’t even look old enough to drive. The others were Darryl’s (New Salem Saab) and JMK’s. There was a black 900 with custom hand molded metal fenders, and a 9-3SS that had a run in with a deer on the way to this event (That was Jeff P, who’ll be supplying some photos and video later. The car’s OK, as is Jeff – SW).

What I can say about Victor is that he is a very down to earth, a man dedicated to both brands. He took the time out to mingle with everyone and talk cars. When Darryl told him about the 1967 96 with 650 original miles that will be at the Festival, he was astonished and suggested that when the rightful owner was ready that the car should go to the Saab Museum.

He was generous in taking the time to autograph whatever was offered such as a Spyker Owner Manual that was bought on Ebay by a well versed Spyker enthusiast and a poster Darryl gave me for The Fall Festival in 2 weeks. My husband asked him to sign his 1993 c900 Vert (that was his doing, not mine) and also suggested to the owner of the yellow C8 Spyder that Victor sign his car. Victor replied that he had never signed any of his cars before and was happy to do so much to the delight of the owner.

It was great meeting new people today, and also catching up with Darryl and Steve C. I also had the chance to meet a young man who works for Spyker and learn more about the logistics of the Spyker-Saab relationship and Spyker.

There was 90-minute ride through the countryside that Rijk planned. Unfortunately we opted out due to the 2hr drive to get home, not including time for traffic. All I can say is how lucky I am to belong to such a big family of people so dedicated to the brands of Saab and Spyker. The impression I got from Victor about SOC, that 2500 people would take the time to meet up in middle America and talk Saab, he still seemed amazed by the numbers.

Many thanks to our hosts Rijk and Margaret for providing their home to celebrate this day along with Saab.

Avatar of Swade

by Swade

Spyker 10th Anniversary – first reports

October 10, 2010 in Saabology

There was a little party in the US today for Spyker Cars, who are celebrating their 10th Anniversary this year.

The event as held at the home of a US Spyker owner and good friend of Victor Muller’s, Rijk R. Saab owners were invited, too, and we had a few readers from SU head on up to the Catskills and attend the day.

I’ve received a few photos through from Darryl Carl of New Salem Saab, who made a 90 minute trek to be there. I’m expecting a few more from Jeff P, as well as some video, later.

By all reports, the event was an absolute blast. I’ll have more later…..

Click. (and note Meg H getting her Saab 900 signed by VM!)

Thanks to Darryl once again for the pics. I wish I could have been there!

Avatar of Swade

by Swade

Spyker 10-year celebration in US this weekend…..

October 7, 2010 in News

…..and you could be there!

I received the following from Rijk R today via email……

This Saturday, October 9, starting at noon, there is the Spyker 10th anniversary event taking place at our weekend house in the Catskills (NY 12494).

Besides a number of Spyker owners, Victor Muller will also be present. JMK Saab will bring a new 9-5 for test drives. We are already getting some Saab drivers, but I think it would be nice to have many more.

The weather will be nice, and the roads are great…

Interested people can register via the email to: rr@rietveldarchitects.com

Get on board, people. This is a once-in-10-years opportunity. And what an invitation – how many other car companies would present this kind of opportunity? Magnificent.

And here are a couple of Rijk’s vehicles (originally featured here)

14 visitors online now
9 guests, 5 members
Max visitors today: 52 at 12:10 am CET
This month: 121 at 02-02-2012 07:42 pm CET
This year: 336 at 01-03-2012 03:25 pm CET
All time: 509 at 12-06-2011 09:07 pm CET