Spyker and Youngman Agree on Joint Ventures

Spyker and Chinese Youngman Group agreed to make a joint venture to manufacture a new super SUV and sedans based on Saab’s Phoenix platform.

The new SUV is expected to reach showrooms by the end of 2014, but the companies gave no timeline for the Phoenix-based sedan. Youngman said it will invest 10 million euro in Spyker, from which 7 million will be used for stock shares constituting 29.9% of the supercar automaker, while the other 3 million represent a loan for Spyker. Youngman has already bought 46 million shares for 2.3 million euro.

The Spyker P2P joint venture will be 25% owned by Spyker and 75% by Youngman, which will also offer most of the cash for the operation. Spyker will offer its technology and the platform for the SUV, which will resemble the Spyker D8 Peking-to-Paris concept, but it will be manufactured on a unique aluminum spaceframe. The model will go on sale in late 2014 for around $250,000.

The Saab-based sedans will be manufactured by a second joint venture called Spyker Phoenix, which will 80% owned by Youngman, which bought the rights for the Phoenix platform in 2011. Spyker announced that this new venture will build a full range of premium car models based on the Phoenix platform.