2011 Saab PhoeniX ConceptEnlarge Photo
Dutch sports car manufacturer Spyker, the former parent of bankrupt automaker Saab, has signed a definitive agreement with Chinese automaker Youngman to form new joint ventures that will be responsible for the development of a new SUV as well as a range of sedans based on Saab’s Phoenix platform but sold under the Spyker brand.
The deal was first announced in August of this year and was developed as a last-ditch effort to save the Phoenix platform that was developed by Saab prior to its bankruptcy and licensed to Youngman in 2011.
Spyker and Youngman had originally hoped to build a new generation of Saabs from the Phoenix platform, though any chance of that happening was ended when the deal to sell a share of Saab to Youngman was blocked by General Motors late last year.
Fast forward to today, and Spyker has agreed to a deal that will see Youngman invest 10 million euros (approximately $12.9 million) in Spyker, the bulk of which will be used to purchase shares in Spyker and the rest provided as a loan.
A new joint venture, to be called Spyker P2P, will also be formed. Youngman will contribute 25 million euros ($32.3 million) for a 75 percent stake of the joint venture. The remaining 25 percent will go to Spyker, which instead of cash will supply the technology behind its D8 Peking-to-Paris SUV concept.
The new SUV is expected to go on sale in late 2014 and be priced around $250,000. It will be based on a unique aluminum spaceframe and may spawn additional models should it prove popular.
As for the Phoenix-based sedans, Spyker and Youngman will jointly incorporate a second joint venture called Spyker Phoenix in which Youngman will hold 80 percent of the shares whilst Spyker holds 20 percent. The new Spyker Phoenix joint venture will be responsible for developing and manufacturing a full range of premium cars based on the Phoenix platform.
Spyker is keen to stress that the new models will be positioned higher than the comparable Saab models that were originally planned, and that production in China and Europe is being considered.
2006 Spyker D12 Peking-to-Paris conceptEnlarge Photo