Saab could climb Phoenix again
Its parent company Spyker, based in the Netherlands, today announced a joint venture with China's Youngman Automobile to build Saab-based vehicles and an SUV in China.
Spyker says it will set up two joint ventures with Zhejiang Youngman Lotus (Youngman) automobile company to produce vehicles. Youngman will receive a 29.9% stake in Spyker. Saab Australia spokesman Gill Martin says "nothing official" has come from Saab's Swedish offices.
“We have nothing to say until we get a statement from Saab,” she says. Readers interested in the failing Saab will remember Youngman as one of the first Chinese companies that Spyker approached for funding when it tried to revive Saab after leaving General Motors.
But GM has prevented any Chinese involvement, fearing that its technology would be used by Youngman. This led to the collapse of the deal with Youngman, and in December 2011 Saab was declared bankrupt. Spyker and Youngman are now planning to develop vehicles based on the Saab Phoenix platform, a concept shown at the 2011 Geneva Motor Show and licensed by Youngman.
This platform is not associated with any GM technology. The new deal aims to have Youngman own 80% of the company that owns the Phoenix platform, with Spyker owning the remainder. The pair will also develop an SUV based on the six-year-old D8 Peking-to-Paris concept shown at the 2006 Geneva Motor Show. The D8 will be available in late 2014 for $250,000.
In a statement yesterday, Spyker said Youngman will invest 25 million euros ($30 million) in the project, giving it a 75 percent stake, while Spyker will provide the technology and retain a 25 percent stake. In addition to the two joint ventures, Youngman will pay $8 million for a 29.9% stake in Spyker and provide the Dutch automaker with a $4 million shareholder loan.
And to further muddy the waters while this is happening, Spyker is embroiled in a $3 billion lawsuit against GM over Saab's demise. And we're not done yet. Youngman did not sit still, last month he received the approval of the local (Chinese) government to buy the German bus manufacturer Viseon Bus.
Youngman will buy a 74.9% stake in Viseon for $1.2 million. Viseon, based in Pilsting in Germany, posted a $2.8 million loss on $38 million in revenue last year. Youngman will invest $3.6 million in the German bus maker and provide shareholders and the company with a $7.3 million loan. Youngman's main business is the production of buses. It also makes small cars.
