A new generation of Saab-based models will be built in Europe and China in a joint venture.
Dutch supercar maker Spyker, which acquired the rights to certain Saab technology and designs, will join forces with China’s Zhejiang Youngman.
Youngman was one of the Chinese companies Spyker turned to for investment when it was trying to revive the Saab brand under its ownership but after failing to get approval for the sale from U.S. carmaker General Motors, a former Saab owner, the deal with Youngman collapsed and Saab was declared bankrupt in December 2011. A legal claim has been launched against GM for its actions which it is said led to the collapse of the Swedish car company a year ago.
The Chinese company is paying €10 Million 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.
Now Spyker and Youngman will develop a range of upmarket cars based on the Saab Phoenix platform which led to the unveiling of a concept car in Geneva motor show in 2006.
Both carmakers will also invest in a joint venture to develop a luxury Spyker SUV, based on the D8 Peking-to-Paris concept model from 2006.
“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.