The company that couldn’t save Saab from bankruptcy has sold a 29% stake to manufacture SUV with China’s Youngman.
August 27, 2012
by The Canadian Press
AMSTERDAM, Netherlands—Spyker NV, the company that bought Saab but couldn’t save it from bankruptcy, says Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd. will invest $12.5 million in the company to make a new car.
Spyker said Youngman will pay $6.7 million for a 29% stake in Spyker, and loan it another $3.3 million. Spyker’s cars have never been manufactured at a profit, and Saab never made money under its care. The Saab brand is now owned by a Swedish electric car maker.
Youngman and Spyker plan to market a luxury SUV using technology Spyker developed while it owned Saab. Spyker claims Saab’s previous owner, General Motors, unfairly blocked earlier deals with Youngman over fears GM technology would be given to the Chinese company.
©The Canadian Press