Spyker and Zhejiang Youngman have signed an agreement to create two new joint ventures. They will produce the D8 Peking-to-Paris and models based on the Saab-designed Phoenix platform.

Spyker and Zhejiang Youngman have signed an agreement to create two new joint ventures.

First and foremost, Youngman will invest €10 ($12.5) million into Spyker for a 29.9 percent stake in the company. The first €2.3 ($2.9) million will be delivered within a week and the remaining amount will be paid within 45 days.

The companies will also form a joint-venture called Spyker P2P B.V. and Youngman will invest €25 ($31.3) million into it for a 75 percent stake. Spyker, on the other hand, will allow the joint-venture to use their trademarks and give them technology for the production version of the D8 Peking-to-Paris. The model is scheduled to cost $250,000 (€200,000) and go into production by the end of 2014.

Another joint-venture, called Spyker Phoenix B.V., will also be formed. This particular company will be 80 percent Youngman and 20 percent Spyker. It will build a "full range of premium cars" based on the Phoenix platform that was originally developed for Saab.

In a statement, Spyker CEO Victor Muller 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."


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