Spyker and Chinese automaker Zhejiang Youngman are set to work on building an upmarket SUV as well as Saab-based vehicles together. The two companies have signed a framework agreement that will see the establishment of two separate joint ventures. All this amidst Spyker’s lawsuit against General Motors, which is seeking more than US$3 billion in damages on behalf of bankrupt Saab Automobile.
Additionally, Youngman – which was one of the companies Spyker was looking to for financing in its bid to revive Saab – is set to inject cash into the Dutch company and take a 29.9% share in Spyker. In July last year, Saab and Youngman was supposed to have formed a JV to develop three new models, the 9-1, 9-6 and 9-7, but that didn’t materialise, of course.
The first venture, Spyker P2P, will see Youngman putting in 25 million Euros into the concern, giving it 75% control. Conversely, the Dutch sports car maker will transfer the technology it developed for the Spyker D8 Peking-to-Paris – a US$250,000 four-door super sports utility vehicle – to Youngman, with the aim of launching the vehicle by the end of 2014.
The companies’ second venture is Spyker Phoenix, which is set to develop and manufacture a new full range of premium car models based on the Saab Phoenix platform, which Youngman acquired in 2011. The platform was seen on the PhoeniX concept which premiered in Geneva last year. Youngman will hold a 80% share in the venture, and the Phoenix models are set to be positioned higher than the comparable Saab models were.
The Chinese automaker seems chuffed with developments. “We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiedly lost the opportunity to restructure Saab Automobile AB as a going concern and jointly develop its business, however, we secured Saab Automobile’s technology,” Youngman CEO Pang Qingnian said.
“With this Agreement, many of our original intentions with the “Saab” brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile’s Phoenix platform technology both in China as well as in the rest of the world,” he added.