Spyker announced today that Chinese company Youngman is looking to buy a 29.9 percent share in the supercar maker. While we don’t really care for the details, what we do care about is that the two will be joining forces on a new joint venture called Spyker P2P.
As a part of the venture, Youngman will make a cash contribution of $31 million of the production of the Spyker D8 Peking-to-Paris, a $250,000 four door Super Sports Utility Vehicle (‘SSUV’). The model should launch at the end of 2014 with additional models on the SSUV technology being contemplated.
Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge.
“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,” said Victor R. Muller, Spyker’s CEO. “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 .”
– By: Omar Rana