Chinese car manufacturer Zhejiang Youngman will buy a 29.9 pc stake in Spyker for 10 million euros, the Dutch luxury sports car maker said Monday.
The two companies will also establish Â a joint venture to build a new range of cars. Youngman, which will pay 25 million euros into the venture, will hold 75 pc of its shares. Spyker will contribute the technology it developed for the Spyker D8 four-door sports SUV. The venture will be called Spyker P2P.
In addition, the two carmakers will establish a second joint venture to be called Spyker Phoenix. Youngman will contribute the rights to the Phoenix car platform that was developed by Sweden's Saab in 2010 and 2011. It acquired a license to use the platform in 2011.
Youngman will hold an 80 pc majority stake in this venture.
Spyker, the owner of now-bankrupt Saab, had embarked on a rescue mission for the Swedish brand and envisioned selling a major stake to Youngman. The plan was blocked by former Saab owner General Motors, which holds a major part of the intellectual property in current Saab models.
Spyker has filed a 3 billion-dlr complaint against GM, claiming the US carmaker took “unlawful actions” that contributed to the bankruptcy of Saab.
Spyker said the Spyker Phoenix venture wants to develop and manufacture a new full range of premium car models based on the Phoenix platform. The models would be positioned higher than comparable Saab models. They would be built in Europe and China.
Said Spyker CEO Victor Muller: "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."
Pang Qingnian, Youngman's CEO said the cooperation will allow the Chinese company to realize "many" of the original intentions it had with the Saab brand.