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Filed under: Coupe, Performance, SUV, China, Europe, Saab, Spyker, Luxury, Off-Road



It appears Spyker is strengthen its ties and carmaking ability with Chinese carmaker Youngman. This comes in the wake of the brand's latest dealings with a $3 billion lawsuit against General Motors regarding the demise of Saab.

Youngman is reportedly investing €10,000,000 ($12.5M USD) for a 29.9-percent stake in the company. The shares are being sold for €0.05 (6.3 cents) each, representing a fully diluted share. Youngman has said it will not take on more than the 29.9-percent stake.

Additionally, Youngman will invest €25,000,000 ($31M) for the development of an all-new Spyker vehicle, called the D8 P2P, named for the Peking-to-Paris rally. The vehicle had been shown as a concept by Spyker previously, but things had been quiet since then. It appears Spyker will now build the uniquely styled D8 Concept shown above. The vehicle is to launch at the end of 2014 and carry a price of $250,000 per vehicle.

It also appears a second car range will be built, based on the Phoenix platform. Though Saab may have, for all intents and purposes, gone under, Spyker has transferred the licensing rights of the Phoenix platform (the architecture that was to underpin the next 9-3) to... itself. According to Youngman's CEO Pang Qingnian, "We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiably lost the opportunity to restructure Saab," he continued, "with this agreement, many of our original intentions with the Saab brand will take shape."

So while we continue to see the developments of Spyker's relationship with the Chinese automaker, it will be interesting to see just what vehicles develop under this deal - both for the Spyker brand as well as for Youngman.Spyker and Youngman sign deal, plan to build D8 SUV and Phoenix-based range originally appeared on Autoblog on Mon, 27 Aug 2012 13:29:00 EST. Please see our terms for use of feeds.



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of course they did, buy saab... take whatever they can for cheap, call it a day
 

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It sure doesn't look like it's worth what they are asking, Looks like crap to me. Sorry, just my thoughts.
 

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$250,000 for that ugly car? What makes it worth that much? I've got a feeling someone didn't get the whole story or Spyker is looking for free press.
 

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Any bets on how long before VM drives another car company into bankruptcy?

I would drive a kia soul before I would ever drive that hideous concept.
 

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Spyker, Youngman plan to build Saab-based cars

Chinese company to take 29.9% stake in Spyker:

Dutch supercar maker Spyker says it will form two joint ventures with China's Zhejiang Youngman to produce Saab-based vehicles and a luxury SUV under the terms of a deal that will give Youngman a 29.9-percent share in Spyker.

Youngman was one of the Chinese companies Spyker turned to for investment when it was trying to revive the Saab brand under its ownership. After failing to get approval for the sale from General Motors, a former Saab owner, the deal with Youngman collapsed and Saab was declared bankrupt in December 2011.

Under the terms of the agreement announced Monday, the two companies will develop a range of upscale cars based on the Saab Phoenix platform, which is licensed to Youngman. The Chinese company will hold 80 percent of the shares in the brand, which has been dubbed Spyker Phoenix, while Spyker will hold 20 percent of the stock.

Both carmakers will also invest in a joint venture to develop a luxury Spyker SUV, based on the D8 Peking-to-Paris concept model, first shown at the Geneva auto show in 2006.

In a statement on Monday, Spyker said Youngman would invest $31.3 million (25 million euros) in the project, granting it 75 percent of the shares, while Spyker would contribute the technology and retain 25 percent of the shares.

"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," Spyker CEO Victor Muller said in the statement.

In addition to the two joint ventures, Youngman will pay $8.4 million (6.7 million euros) for a 29.9 percent equity stake in Spyker and make a shareholder loan of $4.1 million (3.3 million euros) to the Dutch carmaker.

Under the terms of the deal, Youngman agrees not to exceed the shareholding, Spyker said.

In the statement, Pang Qingnian, Youngman's CEO said: "With this agreement, many of our original intentions with the "Saab" brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile's Phoenix platform technology both in China as well as in the rest of the world."

Youngman purchased Saab's Phoenix architecture for $100.2 million (80 million euros, 654 million yuan) in 2011. The technology was designed by Saab to underpin the next-generation 9-3 model, which was never built. It was also used in the PhoeniX concept car, first unveiled at the 2011 Geneva auto show.

http://www.autoweek.com/article/20120827/carnews/120829871#ixzz24sI3CHuN

http://www.autoweek.com/article/20120827/carnews/120829871#ixzz24sHoI0YC

http://www.autoweek.com/article/20120827/carnews/120829871#ixzz24sIEsLeE
 

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So Saab was bought two years ago by a $40M company?

:eek:
 

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GODDAMN

I just puked my monitor. Dont know which one sucks the hardest, this abomination or the monstrosity that bentley showed off...
 
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