Youngman Buys 30% of Spyker and Will Build D8 SUV

SpykerSpykerNetherlands, 1880 > present7 models
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is back, and now its owned by Chinese automaker Youngman. Youngman has agreed to invest €10 million in Spyker of which €6.7 million is to buy 29.9% of the company. The other €3.3 million is a loan to Spyker. Spyker says that Youngman will not be buying the rest of the company. In addition to the share purchase, Spyker and Youngman will form two new joint ventures. 

The two companies will form a new joint venture called Spyker P2P B.V. Youngman will pay €25 million to found the company and own a 75% share. In return Spyker will build the D8 Peking-to-Paris SUVSpyker D8 Peking-to-ParisNetherlands, 2008 > present4 photos
to sell for around $250,000. To receive its entire share, Spyker must meet a series of goals in launching the D8 and have it on sale by the end of 2014. 

Finally, the two companies will form a joint venture called Spyker Phoenix B.V. This company will use the SaabSaabSweden, 1947 > present28 models
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Phoenix platform that Youngman bought the rights to during the Saab sale. The company will develop several luxury sedans based on the platform with prices higher than comparable Saab models. Youngman owns 80% of the company. 

The Phoenix platform was developed by Saab for the next generation 9-3Saab 9-3 Gen.2Sweden, 2003 > present237 versions
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. It was completely owned by Saab. A few parts (less than 10%) came from GMGMUnited States of America, 1998 > present8 models
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. 

"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 thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. 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. We clearly share the vision on how to shape Spyker's future as partners going forward," said Spyker CEO Victor R. Muller. 

Spyker is also currently suing GM for $3 billion for blocking its merger of Saab with Youngman last year.