STOCKHOLM – Saab said on Wednesday it expected any sales falls to have reached their limit last month. The automaker resumed output last week after a near eight-week stoppage due to unpaid bills from suppliers.
The company, owned by Dutch group Spyker Cars NV, confirmed industry figures showing its sales in Sweden, one of its top markets, fell 59 percent in May year-on-year to 290 cars. In the year to date, sales were up 23 percent, it said.
Last week, Spyker CEO Victor Muller said Saab would reach normal production levels of 218 cars a day in Sweden, on Monday. The automaker has outstanding global orders for 8,100 cars.
"We reckon that we hit the bottom in May in terms of sales and that we now, together with our distributors, can begin to work our way up again," Saab Sweden chief Magnus Hansson said in a statement.
Chinese car distributor Pangda has come to the rescue of Saab, buying cars worth 30 million euros, but is still waiting for regulatory approval at home for its planned purchase of a stake in Saab in a deal worth up to 110 million euros ($156 million).
Sources: Reuters and Bloomberg