Spyker, Youngman Group To Form JVs


News: Netherlands-based Spyker and China's Youngman Group Company have agreed to form a joint venture (JV), Spyker P2P, to produce new super sports utility vehicle (SUV) based on Saab's Phoenix platform. The companies will also form another JV, Spyker Phoenix, for production of sedans based on the same platform. The new SUV is scheduled to be on the market by end-2014 for US$250,000. However, no deadline for the sale of Phoenix-based sedans was given. Spyker will have a 25% stake in the first JV, while Youngman will have the remaining 75%. Youngman will also have an 80% stake in Spyker Phoenix.

This article is tagged to:
Sector: Autos
Geography: Netherlands, Netherlands, China, Netherlands, Netherlands