Spyker to boost supercar output as losses shrink
03-24-06, 09:00 AM
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Spyker to boost supercar output as losses shrink
Spyker to boost supercar output as losses shrink
Reuters / March 24, 2006 - 9:15 am
Reuters / March 24, 2006 - 9:15 am
AMSTERDAM -- Dutch sports car maker Spyker will double production to more than 100 of its tailor-made supercars a year, the company said on Friday as it posted a sharply reduced loss for the past year.
The maker of two-seaters that retail from around $300,000 (250,000 euros) reported a 2005 net loss of $2.3 million (1.9 million euros), down 62 percent from a year earlier.
Revenue, driven by the sale of 48 handmade cars, rose 57 percent to $6.94 million (5.8 million euros).
Spyker fell just short of its goal of selling 50 cars, but said it would gear up to double annual production to more than 100 cars in its factory in Zeewolde, east of Amsterdam, this year.
At the end of 2005 the order book had increased to 191 cars compared with 99 at the end of 2004, said Spyker, which went public on the Amsterdam Stock Exchange in 2004.
New shareholders MerchantBridge Capital and Mubadala Development Company took stakes of 15 percent and 17 percent respectively last year, injecting $16.87 million (14.1 million euros) of new capital to the company.
Spyker's roots reach back more than 100 years to a family auto shop that once built the Golden State Coach for the Dutch royal family.
The automaker, which has five models including the C8 Spyder and C8 Laviolette has yet to reach profitability but expects operations to be cash flow positive from the first quarter of 2006.
"In order to make a profit there must be a balance between sales and depreciation of investments and that takes some time," CEO Victor Muller told ANP-Reuters.
Reborn in 2000 and targeting the supercar market niche, Spyker competes with top end sports cars such as Bugatti, Lotus, Lamborghini, Aston Martin and Ferrari.
The original Spyker autos had competed with Rolls-Royce before going bankrupt in 1926.
Spyker introduced its newest model -- a mix between a sports car and SUV -- at the Geneva Motor Show in February. That car, dubbed the D12 Peking-to-Paris after a historic cross-continent race that the original automaker won nearly 100 years ago, is expected to be ready for production in 2007.
The maker of two-seaters that retail from around $300,000 (250,000 euros) reported a 2005 net loss of $2.3 million (1.9 million euros), down 62 percent from a year earlier.
Revenue, driven by the sale of 48 handmade cars, rose 57 percent to $6.94 million (5.8 million euros).
Spyker fell just short of its goal of selling 50 cars, but said it would gear up to double annual production to more than 100 cars in its factory in Zeewolde, east of Amsterdam, this year.
At the end of 2005 the order book had increased to 191 cars compared with 99 at the end of 2004, said Spyker, which went public on the Amsterdam Stock Exchange in 2004.
New shareholders MerchantBridge Capital and Mubadala Development Company took stakes of 15 percent and 17 percent respectively last year, injecting $16.87 million (14.1 million euros) of new capital to the company.
Spyker's roots reach back more than 100 years to a family auto shop that once built the Golden State Coach for the Dutch royal family.
The automaker, which has five models including the C8 Spyder and C8 Laviolette has yet to reach profitability but expects operations to be cash flow positive from the first quarter of 2006.
"In order to make a profit there must be a balance between sales and depreciation of investments and that takes some time," CEO Victor Muller told ANP-Reuters.
Reborn in 2000 and targeting the supercar market niche, Spyker competes with top end sports cars such as Bugatti, Lotus, Lamborghini, Aston Martin and Ferrari.
The original Spyker autos had competed with Rolls-Royce before going bankrupt in 1926.
Spyker introduced its newest model -- a mix between a sports car and SUV -- at the Geneva Motor Show in February. That car, dubbed the D12 Peking-to-Paris after a historic cross-continent race that the original automaker won nearly 100 years ago, is expected to be ready for production in 2007.
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