• Sign in to follow this  
    Followers 0

    Spyker and Youngman Sign A Deal To Develop New Vehicles



    William Maley

    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.

    Source: Spyker

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    Press Release is on Page 2


    SPYKER AND YOUNGMAN SIGN FRAMEWORK AGREEMENT FOR 29.9 PERCENT STAKE, JOINT VENTURE FOR SPYKER D8 SSUV AND JOINT VENTURE FOR NEW PRODUCT RANGE BASED ON PHOENIX PLATFORM

    Zeewolde, the Netherlands, 27 August 2012 Spyker N.V. ( Spyker ) announces that it signed a Framework Agreement with the Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ( Youngman ) today.

    Today's Framework Agreement entails the following :

    Subject to satisfactory completion by Youngman of a due diligence on Spyker and the satisfaction of relevant conditions to be set forth in the definitive transaction documentation, Youngman will invest Euro 10,000,000 in Spyker of which approximately Euro 6,700,000 as subscription for such number of Class A shares in Spyker as will constitute 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis for a price of Euro 0.05 per share, and the remaining approximately Euro 3,300,000 shall be provided to Spyker in the form of a shareholder loan. Youngman undertakes to not exceed the 29.9 percent threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker.

    Youngman shall pay the first tranche of the share subscription in an amount of Euro 2,300,000 to Spyker within 7 days as of today.

    Youngman shall pay the remaining Euro 7,700,000 no later than 45 days after the execution of the definitive transaction documentation.

    Youngman and Spyker will jointly invest in a Joint Venture to be called Spyker P2P B.V. ( Spyker P2P ) in which Youngman will make a cash contribution in the amount of Euro 25,000,000 and will hold 75% of the shares whilst Spyker will make its contribution by transferring the technology it developed for the Spyker D8 Peking-to-Paris, a $ 250,000 four door Super Sports Utility Vehicle ( SSUV ) as well as the Spyker trademarks and will hold 25% of Spyker P2P's shares. Youngman's contribution shall be paid in installments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014.Additional models on the SSUV technology are being contemplated.

    Youngman and Spyker will jointly incorporate a second Joint Venture to be called Spyker Phoenix B.V.( Spyker Phoenix ) in which Youngman will contribute the rights to the Phoenix platform as developed by Saab Automobile AB in 2010/2011 to which Youngman acquired a license in 2011 as well as provide all required funding. Youngman will hold 80% of Spyker Phoenix' shares whilst Spyker will hold 20% of Spyker Phoenix' shares which shareholding will be exempt from dilution.

    Spyker Phoenix shall develop and manufacture a new full range of premium car models based on the Phoenix platform which models will be positioned higher than the comparable Saab models were. Spyker Phoenix products may be manufactured in Europe and China as the case may be.

    Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge.

    Victor R. Muller, Spyker's CEO said: 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 .

    Pang Qingnian, Youngman's CEO said: We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiedly lost the opportunity to restructure Saab Automobile AB as a going concern and jointly develop its business, however, we secured Saab Automobile's technology. 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.

    0


      Report Article
    Sign in to follow this  
    Followers 0


    User Feedback


    Guess Youngman is bored since they were shut out of Saab and I think they were cut out of the Proton Lotus deal as well? I still hold out hold NEVS can revive Saab but, I have my doubts.

    0

    Share this comment


    Link to comment
    Share on other sites
    The only thing I could see working out for Saab is if this here deal turned into a back door way for Saab to be acquired by Youngman.

    Very true, it might let them sneak in and grab saab, but then we have to be honest and realize that this product line is dead on arrival.

    0

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

    ×   Your link has been automatically embedded.   Display as a link instead

    Loading...



  • Popular Stories

  • Similar Content

    • By William Maley
      Update: In a statement to Mashable, a McLaren spokesperson said "We can confirm McLaren is not in discussion with Apple in respect of any potential investment," So those hoping for an Apple 570S or something else, we're going to be bursting that bubble now. 
      Update 2: Tim Bradshaw, one of the reporters behind the Apple/McLaren story has gone on Twitter saying the FT stands behind its original report. 
      Apple has eyes set on acquiring the McLaren Technology Group - the folks who brought us the F1 supercar and more recently the 570S. The Financial Times reports that Apple and McLaren have been in talks for the past few months about either a full takeover or strategic investment. Why is Apple interested in McLaren? The FT says Apple is interested in McLaren's technology and knowledge of using light-weight materials such as carbon fiber and aluminum. The deal if it goes through is likely to be valued between $1.3 billion and $1.95 billion.
      For the past few years, rumors have been swirling around of Apple building their own self-driving electric vehicle. Apple brought in engineers from various automotive companies such as Diamler and Tesla, and began work on Project Titan two years ago. But the New York Times reports that Apple has hit a few snags in this project and has decided to reset the project. Dozens of employees were laid-off and parts of the project were shuttered. The report goes on to say the Apple is now focusing on building the underlying technology for an autonomous vehicle.
      Sources tell the FT that the deal might not go through because of the change in strategy.
      Apple declined to comment when asked by Roadshow. McLaren hasn't issued a comment at this time. See Update.
      Source: Financial Times (Subscription Required), Bloomberg, New York Times, Roadshow

      View full article
    • By William Maley
      Update: In a statement to Mashable, a McLaren spokesperson said "We can confirm McLaren is not in discussion with Apple in respect of any potential investment," So those hoping for an Apple 570S or something else, we're going to be bursting that bubble now. 
      Update 2: Tim Bradshaw, one of the reporters behind the Apple/McLaren story has gone on Twitter saying the FT stands behind its original report. 
      Apple has eyes set on acquiring the McLaren Technology Group - the folks who brought us the F1 supercar and more recently the 570S. The Financial Times reports that Apple and McLaren have been in talks for the past few months about either a full takeover or strategic investment. Why is Apple interested in McLaren? The FT says Apple is interested in McLaren's technology and knowledge of using light-weight materials such as carbon fiber and aluminum. The deal if it goes through is likely to be valued between $1.3 billion and $1.95 billion.
      For the past few years, rumors have been swirling around of Apple building their own self-driving electric vehicle. Apple brought in engineers from various automotive companies such as Diamler and Tesla, and began work on Project Titan two years ago. But the New York Times reports that Apple has hit a few snags in this project and has decided to reset the project. Dozens of employees were laid-off and parts of the project were shuttered. The report goes on to say the Apple is now focusing on building the underlying technology for an autonomous vehicle.
      Sources tell the FT that the deal might not go through because of the change in strategy.
      Apple declined to comment when asked by Roadshow. McLaren hasn't issued a comment at this time. See Update.
      Source: Financial Times (Subscription Required), Bloomberg, New York Times, Roadshow
    • By William Maley
      Like every other luxury automaker, Rolls-Royce is working on an SUV. But they will not be calling it an SUV.
      “Project Cullinan? We call it a high-sided vehicle. SUV is not necessarily the right thing to call it because it’s not necessarily sports, it’s not necessarily utility,” said Andrew Boyle, Rolls-Royce's global product communications manager to Motoring.
      “A number of other brands are entering into this area as well, with their own interpretations of what a luxury SUV should be. You’ll have to wait to see what we decide it should be, but I think you’ll find that it’ll be a different interpretation to what’s available today.”
      Some believe the Cullinan will be high-riding wagon (think really fancy Subaru Outback), which might explain why Rolls is hesitant to use SUV.
      What we do know is that Project Cillinan will arrive with the next-generation Phantom in 2018.
      Source: Motoring.com.au

      View full article
    • By William Maley
      Like every other luxury automaker, Rolls-Royce is working on an SUV. But they will not be calling it an SUV.
      “Project Cullinan? We call it a high-sided vehicle. SUV is not necessarily the right thing to call it because it’s not necessarily sports, it’s not necessarily utility,” said Andrew Boyle, Rolls-Royce's global product communications manager to Motoring.
      “A number of other brands are entering into this area as well, with their own interpretations of what a luxury SUV should be. You’ll have to wait to see what we decide it should be, but I think you’ll find that it’ll be a different interpretation to what’s available today.”
      Some believe the Cullinan will be high-riding wagon (think really fancy Subaru Outback), which might explain why Rolls is hesitant to use SUV.
      What we do know is that Project Cillinan will arrive with the next-generation Phantom in 2018.
      Source: Motoring.com.au
    • By William Maley
      Back in June, we learned that Skoda (a Czech brand under the Volkswagen group) was investigating possibly entering new markets. One of those new markets was North America, a place where 20 percent of global car sales take place. At the time our original report, Skoda hasn't set a timeframe for a decision. Also as we noted, Skoda would need to get more crossovers and SUVs ready if they want to try and make inroads in the U.S.
       
      Speaking of SUVs and the U.S., a recent article done by Autocar piqued our interest. Skoda CEO Bernhard Maier said if they were to launch the brand in the U.S. in the near future, they would have their upcoming seven-seat Kodiaq leading the charge.
       
      “If we do decide to compete in the US, we will have one chance to make a good first impression. We feel that if we were there now, the Kodiaq would be a home-run car,” said Maier.
       
      Maier did stress that the U.S. isn't on Skoda's immediate radar. At the moment, the brand is looking closely at Iran, Singapore, and South Korea as possible new markets. But Maier isn't saying the U.S. isn't on their radar at all.
       
      “America is the one that we don't currently compete in with the biggest potential.”
       
      Skoda appears to have taken a page out of PSA Peugeot Citroën's playbook. Autocar says the automaker has begun a feasibility study as to whether or not it makes sense to enter the U.S.
       
      Source: Autocar
  • Recent Status Updates

  • Who's Online (See full list)

    There are no registered users currently online