Saab’s former owner Spyker announced that it will set up two joint ventures with Zhejiang Youngman to produce Saab-based cars and a luxury SUV in China.
Under the terms of the agreement, the two carmakers will also build a luxury SUV and Youngman will receive a 29.9 percent share in Spyker Cars.
The deal stipulates that the two companies will develop a range of upscale cars based on the Saab Phoenix platform, which belongs to Youngman. The Chinese carmaker will hold 80 percent of the shares in the new brand, which has been named Spyker Phoenix. The remaining stake of 20 percent will go to Spyker.
According to Spyker CEO Victor Muller, the first Spyker Phoenix model would go into production in at least two years, in China and Europe. The car will be more a Spyker than a Saab, Muller added. “It will be much more of a Spyker, with some Saab traits. This will extend the Spyker brand downwards towards a very high premium model,” Muller was quoted as saying by Automotive News.
The two carmakers will also build a luxury Spyker SUV, based on the 2006 D8 Peking-to-Paris concept car. Youngman would invest 25 million euros in this second joint venture and would get 75 percent of the shares, while Spyker would contribute the technology and receive 25 percent of the shares.