Youngman plans investment in Spyker
Source: Agencies |
August 28, 2012, Tuesday
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Print Edition
Print Edition
Spyker NV, the company that bought Saab but couldn't save it from bankruptcy, yesterday said Chinese carmaker Zhejiang Youngman Passenger Car Group Co will invest 10 million euros (US$12.5 million) in Spyker to make a new car.
Spyker said Youngman will pay 6.7 million euros for a 29 percent stake in Spyker, and loan it another 3.3 million euros. 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 carmaker.
The two firms plan to market a luxury SUV using technology Spyker developed while it owned Saab.
Spyker said Youngman will pay 6.7 million euros for a 29 percent stake in Spyker, and loan it another 3.3 million euros. 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 carmaker.
The two firms plan to market a luxury SUV using technology Spyker developed while it owned Saab.
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