Report: Saab seeks to reassure about finances
#1
04-05-2011, 08:50 AM
Report: Saab seeks to reassure about finances
Filed under: Plants/Manufacturing, Saab, Earnings/Financials
Last week, Saab ran into production problems when some suppliers stopped shipment of parts due to lack of payment. The news led to speculation that the Swedish automaker was running out of cash. And it didn't help that outgoing Saab CEO Jan-Åke Jonsson seemed to retire unexpectedly as the automaker struggled to gain its footing as an independent automaker.
Just-Auto reports that Spyker CEO Victor Muller was at a new model presentation in Stockholm when he told Dow Jones Newswires that the cause of the problem was a "small glitch," adding that the reports of the automaker's demise is "disproportionate." Muller went on to add that he now regrets discussing volume projections in the wake of the automaker's sale early in 2010. We're guessing that's the case mainly because Saab doesn't appear to be close to hitting its 2011 sales target of 80,000 units. After a couple of brief hiccups, Saab was able to get its factories firing again last week after the supply base was paid and deliveries were restarted.
[Source: Just-Auto | Image: Bjorn Larsson Rosvall/AFP/Getty]Report: Saab seeks to reassure about finances originally appeared on Autoblog on Tue, 05 Apr 2011 09:31:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments
More...
Last week, Saab ran into production problems when some suppliers stopped shipment of parts due to lack of payment. The news led to speculation that the Swedish automaker was running out of cash. And it didn't help that outgoing Saab CEO Jan-Åke Jonsson seemed to retire unexpectedly as the automaker struggled to gain its footing as an independent automaker.
Just-Auto reports that Spyker CEO Victor Muller was at a new model presentation in Stockholm when he told Dow Jones Newswires that the cause of the problem was a "small glitch," adding that the reports of the automaker's demise is "disproportionate." Muller went on to add that he now regrets discussing volume projections in the wake of the automaker's sale early in 2010. We're guessing that's the case mainly because Saab doesn't appear to be close to hitting its 2011 sales target of 80,000 units. After a couple of brief hiccups, Saab was able to get its factories firing again last week after the supply base was paid and deliveries were restarted.
[Source: Just-Auto | Image: Bjorn Larsson Rosvall/AFP/Getty]Report: Saab seeks to reassure about finances originally appeared on Autoblog on Tue, 05 Apr 2011 09:31:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments
More...
