Spyker loses 72.075 million euros in 2007

For such a small manufacturer of specialty vehicles, Spyker hemorrhaged a huge amount of money last year; 72.075 million euros ($113.07 million at current exchange rates), to be exact. Part of this loss was due to the sale of its Formula 1 operations, but their car-selling business managed to cost them a few million more. Money was so tight that the Dutch supercar company only managed to assemble 26 cars last year -- only two in the final quarter, despite the waiting list for their wares.

Good news is on the horizon, though, as Spyker has received a cash-infusion from Snoras Group, a Lithuanian bank (and now the largest shareholder in the company), and is again up-to-speed on automobile production. The long-wheelbase C8 Aileron, along with its new automatic transmission, is scheduled to go on sale in the third quarter of this year, while their D8 Peking-to-Paris will follow in 2009. Additionally, their racing team, Spyker Squadron, will continue its GT aspirations, though Formula 1 has obviously been abandoned. So, Spyker fans, look forward to a less-tumultuous year in 2008... we're pretty sure that it couldn't be any worse than the last.
[ Via: Autoblog (Spyker) ]
[ Tag: spyker,spyker c8,spyker c8 aileron,spyker cars,spyker d12,spyker d12 peking,spyker d12 peking-to...,spyker d12 ssuv,spyker d12 suv,spyker d8,spyker d8 peking to paris,spyker squadron,spyker-cars,spyker-d8-peking-to-paris,spyker-f1,spyker-squadron,spykerc8,SpykerC8Aileron,SpykerCars,SpykerD12,SpykerD12Peking,SpykerD12Peking-to...,SpykerD12Ssuv,SpykerD12Suv,SpykerD8,SpykerD8PekingToParis,SpykerSquadron ]

Spyker bankruptcy rumors abound

Could it be that running a Formula 1 program might be more expensive than Spyker thought? Or perhaps the F1 team is the more profitable part of the equation? The little Dutch sports car maker that has been fielding an F1 team this season is rumored to be on the brink of bankruptcy. We've heard these rumors before but gave the company the benefit of the doubt because we have also reported increased sales counts to counteract them, but so many outlets are reporting about their troubles that we felt it irresponsible not to report them this time.

For its part, Spyker took the bold step of asking financial services watchdog AFM to investigate because its stock price plummeted 12-percent after the latest round of newspaper reports, and the whole day of trading ended up being reversed. So maybe these are just rumors after all, but sometimes it's hard to fight against bad publicity. GP Update had reported about the companies initially asking Spyker to file bankruptcy. Dutch News reported about the bankruptcy reports, stock drop and ensuing investigation and reversal. Forbes reported about the reversal as well. GrandPrix.com is focusing on the fact that the F1 team seems to be caught in the middle of the whole thing, with conflicting reports that the production car division is tapping into the F1 budget. We'll keep an eye out for more info as it becomes available.

Thanks for all the tips, folks!

[Sources: GP Update, Dutch News, Forbes, GrandPrix.com]

[ Via: Autoblog (Spyker) ]
[ Tag: Spyker bankruptcy, SpykerBankruptcy ]

Spyker courts European investors

If you're a regular reader here on Autoblog, it should come as no surprise that Spyker is in deep financial trouble. The exotic Dutch carmaker was forced to sell off its F1 team, cancel the production of the C12 Zagato supercar and even mortgage its own name.Never content to go quietly into the night, however, Spyker is on a campaign to raise funds. The latest endeavor has been to court European investors, but negotiations with Lichtenstein-based ACI recently fell through after an initial agreement was signed. According to reports, Spyker is now in negotiations with Snoras Group, a Lithuanian bank, to fund and potentially acquire stake in the Dutch automaker. Spyker says it has a few other possibilities on tap, and hopefully one of them will come through to rescue the company and its beautifully quirky automobiles.

[ Via: Autoblog (Spyker) ]
[ Tag: bank,dutch,financial,lithuanian,snoras group,SnorasGroup,spyker ]