Spyker’s unsuccessful attempt at fielding an F1 race team during last year’s season proved to be a monumental disaster for the niche sports carmaker and ended up pushing it near the edge of bankruptcy. CEO Victor Muller has now revealed how devastating competing in F1 was and how it ended up causing Spyker to cancel several important projects.

“F1 turned out to be a massive bleeder, losing €2 million a month because some sponsors did not pay,” Muller explained to Automotive News Europe. “This financial burden drained our production capital.” Some of the projects that were canned included a production version of the C12 Zagato supercar and C12 LaTurbie.

To make matters worse, Spyker’s production dwindled down to a rate of just two cars per month late last year because the carmaker couldn’t afford to pay its suppliers. Spyker has since sold its F1 operation to Orange India Holdings for roughly €88 million and received a €34.5 million cash injection thanks to a new investor. The new company has branded Spyker F1 as "Force India" and is backed by one of India's richest businessmen.

According to Muller, the company is now on the mend, production is back at full capacity, and about 20 cars are expected to be completed by the end of the month. Muller also boasted that Spyker would be profitable by selling just “a few hundred” cars.

Spyker is known for its outrageous cars and plans to launch the D12 SSUV, which will be one of the most luxurious SUVs on the market. This vehicle will compete head-to-head with the Porsche Cayenne Turbo and may be powered by an American engine sourced from either GM or Chrysler.