Saab owner dismisses partner's doubts on sales goal

Reuters (Stockholm) - Victor Muller, CEO of loss-making Spyker Cars (SPYKR.AS), dismissed as nonsense a warning from financier and business partner Vladimir Antonov that its Saab unit would miss its sales target this year.

Antonov, who helped fund Spyker's acquisition of Saab from GM (GM.N) last year and who previously had a stake in Spyker, told Swedish daily Dagens Industri he saw Saab selling 60,000-65,000 cars this year, well short of its target.

"This means that the company could face capital problems," Antonov was quoted as saying in the interview.

Shares in Spyker Cars, which tend to be volatile, fell as much as 18.6 percent and ended down 7.9 percent at 4.30 euros.

Spyker Chief Executive told ANP-Reuters that the remarks made by Antonov, who last month agreed to buy the Spyker luxury sportscar business, were "complete nonsense" and that Spyker was sticking to all Saab sales targets.

Muller declined to comment when asked by Reuters if Spyker Cars could need extra capital.

Spyker faced widespread scepticism when it rescued Saab from imminent closure but has remained bullish, forecasting sales to rise this year to 80,000 vehicles and to 120,000 in 2012. Saab sold 31,696 cars in 2010 after cutting its full-year target in October to 30,000-35,000 vehicles from 45,000. "Muller is someone who is very positive and optimistic,

which is good as a businessman, of course. Perhaps Antonov is more realistic. We have always said Muller was taking a big risk with the takeover," said Patrick Beijersbergen of Dutch shareholders' group VEB.

"We have said before that Spyker may have to do a big share issue. That is still possible if one of the financiers reclaims his money," Beijersbergen said.

The Russian businessman was quoted in the newspaper as saying he could finance 500 million Swedish crowns ($79 million) of Saab's capital needs this year and that it would be no easy task to bring on board other investors.

Analysts have also highlighted that Spyker needs to bring a new strategic investor on board to provide technical know-how as well as money.

Last month, loss-making Spyker said it was selling its niche luxury car business to a Antonov's British holding company, CPP Global Holdings, for an initial 15 million euros ($21 million) and would focus on the Saab operation.