Saab Reports Worldwide Loss Of $65 million In First Half

08/30/96

Saab Automobile AB, who earlier this year told stockholders and parent company GM that two years of losses were inevitable, posted a first half '96 loss of $65 million. Saab's worldwide sales declined to 49,300 cars with home sales of only 8,000 units. U.S. sales were 13,576 for the first half of this year. According to Saab the losses were attributed to higher cost of product development, plus the stronger Swedish Krona. Starting next year, new cars will be launched in the hopes the sales curve will head upward.

Bill Maloney -- The Auto Channel