Bailout Blues: GM lost $5,100 US on each Saab it sold
According to the Swedish government and their consulting firm KPMG, parent Government Motors had lost $ 5,100 US on each Saab it sold during the last eight years.
I’ll let the business press figure out whether or not this is all a bit of creative accounting to make sure Saab gets the EU to approve the Swedish government’s guarantee of a loan to Koenigsegg group. But it makes you wonder how Saab can survive moving forward.
The only good news? GM has hard a time selling Saabs. Imagine the losses if it had sold more.
Even with up to $10,000 discounts, only 41 Saabs were moved last month in Canada—less than the number of Panameras Porsche moved. In fact, for the first 10 months this year, Saab Canada sales are down by half.
Look. We all know under GM’s watch Saab’s so-called premium products became nothing more than gussied-up, mainstream Opel Vectras. But that’s the game Honda’s Acura, Toyota’s Lexus, and Nissan’s Infiniti plays as well. Now please, you can’t tell me Honda loses over five grand on each Acura TSX (nee Euro Accord) it sells.
So what of this KPMG report?
Do you really think what few Saabs were sold really cost GM $5,100 US each?
And if so, does Saab have a future selling cars for profit?
[Source: di.se via TTAC ]