Spyker, Youngman Sign Framework Agreement for New Model Development
Youngman Finally Gets Its Stake in Saab, Or What's Left of It
You may remember the long, drawn-out saga between potential Chinese investors in Saab and General Motors' objections to the technology transfer on the basis intellectual property concerns. Today, Spyker N.V., Saab's owner before its long, sad wind-down, has announced a joint framework agreement in which Zhejiang Youngman Passenger Car Group Co will get access to Saab's stillborn Phoenix platform, which was due to be the basis of the next-generation 9-3. Youngman will hold an 80 percent stake in the Phoenix joint-venture, with Spyker getting the remaining 20 percent.
Of greater interest to truck and SUV enthusiasts is the creation of a joint venture called Spyker P2P in which Youngman is investing approximately $31 million and getting a 75 percent stake. Spyker will get the other 25 percent of the company and will contribute its engineering and technical expertise for the development of a production version of the $250,000 Spyker D8 Peking-to-Paris Super-SUV (SSUV).
Spyker's financial contribution to the joint venture is structured as installment payments "in accordance with the development and manufacturing plan of the SSUV." Basically, Youngman's bringing the money, Spyker's bringing the research and development expertise.
The projected timeline for bringing the SSUV to market is by the end of 2014. The possibility of additional models built off the platform are being explored.