Dutch automaker and former Saab owner, Spyker, has announced it has signed an agreement with Chinese manufacturer Zhejiang Youngman for two joint ventures in a bid to pursue plans both companies had when attempting to resurrect the now defunct Saab Automobile AB.
The deal involves Youngman investing Euro 10,000,000 ($12.1 million) in Spyker, split between Euro 6,700,000 ($8.1 million) for a 29.9 per cent stake in the Dutch brand and Euro 3,300,000 ($ 3.9 million) in the form of a shareholder loan to Spyker.
The first joint venture, to be called 'Spyker P2P', will see Youngman invest Euro 25,000,000 ($30.2 million) for a 75 per cent stake, while Spyker will hold 25 per cent and make its contribution by transferring the technology it developed for its Spyker D8/D12 Peking-to-Paris vehicle - a $250,000 four door Super Sports Utility Vehicle (SSUV) first seen at the 2006 Geneva motor show (pictured below).
The objective is to launch the car by the end of 2014 with future models based on the SSUV technology being considered.
The second joint undertaking will be called 'Spyker Phoenix' and aims to develop and manufacture a new full range of premium car models based on the Saab Automobile AB-developed Phoenix platform – presented as the Saab PhoeniX concept car (pictured below) at the 2011 Geneva motor show - whose license rights were acquired by Youngman in 2011.
Spyker Phoenix will break down into Youngman having an 80 percent share and Spyker the remaining 20 per cent.
To be positioned higher than comparable Saab models, Spyker says Spyker Phoenix vehicles may be manufactured in Europe and China with further plans to develop its vehicle model range in China as well as in the rest of the world.
Spyker CEO Victor R. Muller said, “Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies."
"With this framework agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB."
Youngman CEO Pang Qingnian said, "With this agreement, many of our original intentions with the 'Saab' brand will still take shape."
In more Saab-related news, Spyker has agreed to a request by General Motors for a 30-day extension to respond to a complaint filed by Spyker and Saab Automobile AB on August 6, 2012 relating to the alleged unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market, actions Spyker claim had the direct and intended objective of driving Saab Automobile into bankruptcy.