Once upon a time, the Chinese carmaker Youngman dreamed of owning Saab. That bid failed, though. Now they have set their sights elsewhere: to Spyker, the Dutch luxury automaker. Very recently, Youngman entered into a “joint venture” with Spyker that is a little bit of a nightmare for those car enthusiasts who are trying to figure out just what the deal is.
Reportedly, Youngman will pay approximately $12.5 million for a 29.9 percent share of Spyker. Together, the two carmakers will form a new company, which Youngman will retain 75 percent ownership of. This company will release a very intense Spyker SUV (including the Spyker trademarks and brand name) with a price tag of $250,000 by 2014.
“If you drill down through the companies’ statement, though, this looks more like a purchase than a joint venture,” said Justin Berkowitz of Car and Driver.
Car and Driver reports that both Spyker and Youngman will also create a company called Spyker Phoenix to produce a line of luxury cars using the Phoenix technology and platform – a project Saab had been working on before the brand collapsed last year. These cars are expected to be manufactured in China.
While Spyker enters into these plans with Youngman, it is also suing Saab GM for $3 billion in relation to the brand’s demise. Spyker itself has little to bring to a new venture, and as Youngman has outsourced vehicle development to Lotus in the past, the experts are wondering just how this collaboration will work out.
photo credit: spyker