Spyker and Youngman Sign A Deal To Develop New VehiclesSpyker Youngman Investments Phoenix SUV
Staff Writer - CheersandGears.com
August 28, 2012
From the 'oh not this again' file; Spyker and Chinese automaker, Youngman have signed a new agreement for a joint venture to develop new vehicles.
The deal has Youngman Automotive investing €10,000,000 (about $12.5 million ) for a 29.9% stake in Spyker. Youngman will also invest €25,000,000 (about $31 million) for the development of an all-new Spyker vehicle, the D8 P2P (Peking to Paris). You might remember this vehicle as the 2006 D12 Peking-To-Paris Concept. This was one of vehicles floated out by Spyker CEO, Victor Muller back in April when he looking for investors for the company.
The agreement also has the two companies cooperating on developing a new vehicle on Phoenix platform (the platform that was to underpin the next 9-3).
"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 CEO Victor Muller in a statement.
William Maley is a staff writer for Cheers & Gears. He can be reached at email@example.com or you can follow him on twitter at @realmudmonster.
Press Release is on Page 2
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