The deal to use technology underpinning Saab’s never-launched new models to create a new range of cars has been signed Dutch company Spyker and Chinese car maker Zhejiang Youngman. A range of ‘upmarket’ cars and a new luxury SUV based on the Spyker D8 concept will be developed in two different joint ventures. All the new models will be sold under the Spyker Phoenix brand.
Youngman has effectivley bought 29.9 per cent of Spyker, for €7,000,000, and is loaning Spyker an extra €3,000,000.
Victor Muller, Spyker CEO and the man who managed to buy Saab from GM, is behind the deal, along with Pang Qingnian, Youngman's CEO. Youngman was main player involved in the ill-fated attempts to rescue Saab when it was facing bankruptcy in late 2011. Youngman, however, did obtain the rights to the all-new Phoenix platform, which was developed by Saab after its independence from General Motors.
Under the Joint Venture called ‘Spyker P2P B.V.’, the luxury SUV is described in the agreement as a "£158,000 four door Super Sports Utility Vehicle". Youngman is said to be investing £20m for 75 per cent of the shares. In return, Spyker will transfer the technology underpinning the D8 concept car in an attempt to put it into production. Youngman will make its investment in stages as the SUV model progresses towards production, with aim of launching the model in late 2014. Other models could be developed from the D8 platform.
The second joint venture, which will build cars, is called Spyker Phoenix B.V. These models will be based on the front-drive Phoenix platform, and the announcement of the deal states "Spyker Phoenix shall develop and manufacture a new full range of premium models based on the Phoenix platform which models will be positioned higher than the comparable Saab models were." Youngman owns 75 per cent of this Joint Venture and the vehicles "could be built in Europe or China".
The Phoenix platform was designed to use exclusively four-cylinder engines with the option of an electrically-driven rear axle. Autocar understands that the technical development of the platform had been completed by the time Saab finally closed.
Spyker CEO Victor Mullerdescribed the completion of the deal as "a milestone for Spyker. We have conditionally ecired or short and mid-term funding and forged a strong partnership with Youngman which will aloow us to expand our product range."