Autoblog Spyker

Spyker promises B6 Venator Spyder reveal this year

Steven J. Ewing — Thu, 02 May 2013 13:29:00 EST

Filed under: Convertible, Performance, Spyker, Luxury

Tucked in the middle of a very long business update press release, Spyker has confirmed that it will unveil a topless version of the B6 Venator Concept that we first saw in coupe form at the Geneva Motor Show earlier this year. A specific launch timeframe has not been given, other than the ultra-vague "later this year," but we'll bet our bottom dollar that the open-top B6 will show its face at the Frankfurt Motor Show this September.

Spyker states that the launch of the B6 marks "the beginning of a new era for the brand, one that will include a significant increase in production." The B6 will go into production in 2014, with the first cars being allocated for Europe, the Middle East, Asia Pacific and India. Production of US-spec models will kick off in the fall of 2014.

We don't imagine the specs will change from the coupe, meaning the mid-mounted V6 with 375 horsepower should still be offered in the Spyder. A key factor to the coupe's performance is lightness (the whole package weighs in at just 3,100 pounds), and while we don't imagine the Spyder will be a porker, some sort of folding top mechanism and its associated bracing will no doubt add weight.

We'll keep our ear to the ground for more details before the car's unveiling later this year. For now, scroll down for a full business update in Spyker's press release.

Continue reading Spyker promises B6 Venator Spyder reveal this year

Spyker promises B6 Venator Spyder reveal this year originally appeared on Autoblog on Thu, 02 May 2013 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker: It's not just about numbers

Matt DeLorenzo — Fri, 12 Apr 2013 17:44:00 EST

Filed under: Concept Cars, Coupe, Performance, Spyker, Specialty, Design/Style

A Compelling Story Counts As Much As Performance

Muller believes there's room for small, boutique exotics like Spyker.

Following his ill-fated efforts to save Saab, Victor Muller is again back at Spyker Cars as CEO working hard on a comeback for the Dutch-based maker of exotic cars.

You could say he's a dreamer, but having established Spyker as a credible player in the ultra-exclusive exotic car niche and tempered by his experience at Saab, Muller is also a realist about both the capital requirements and the complexities in building automobiles. As volumes grow, the chance increases that even the littlest mistake can derail the whole enterprise.

Muller believes there's room for small, boutique exotics like Spyker, Pagani and Koenigsegg in a market saturated by supercars from players like Ferrari, Lamborghini, McLaren, VW Group's Bugatti and even Lexus with its LF-A.

Matt DeLorenzo is the former editor-in-chief of Road & Track and has covered the auto industry for 35 years, including stints at Automotive News and AutoWeek. He has authored books including VW's New Beetle, Chrysler's Modern Concept Cars, and Corvette Dynasty.

Continue reading Spyker: It's not just about numbers

Spyker: It's not just about numbers originally appeared on Autoblog on Fri, 12 Apr 2013 17:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker C8 Aileron to come back with supercharged power?

Jeremy Korzeniewski — Fri, 08 Mar 2013 09:15:00 EST

Filed under: Coupe, Performance, Audi, GM, Spyker, Luxury

The new B6 Venator wasn't the only vehicle on display at the Spyker booth at the 2013 Geneva Motor Show. The company still has its C8 Aileron on offer, and Road & Track has word of a potential powerplant upgrade for the long-running machine.

Since its introduction in the year 2000, the C8 has used a 4.2-liter V8 engine sourced from Audi, which, in base form, offers up 400 horsepower. Though it's a great powerpant, that's simply not enough power in this day and age - after all, if a car is going to be called super, it needs to offer more ponies than something as mundane as the Ford Mustang GT.

According to R&T, John Walton, Chief Commercial Officer at Spyker, indicated that a new engine supplier may be in the works. "[The Audi-sourced V8] really hasn't got enough bang for the buck. To be honest, every supercar needs to have something that begins with a '5' today. That's why we're supercharging the car in the future, which will take it to over 500-hp," said Walton.

Assuming Spyker doesn't decide to supercharge Audi's V8 itself, where will that supercharged engine come from? We have no idea, though with legal wrangling still in process it seems a bit unlikely to come from General Motors, although its supercharged 6.2-liter V8 would seemingly make an excellent choice.

On the other hand, if GM's engine is the best option available, Spyker could potentially buy complete supercharged crate engines directly from GM Performance Parts in either 556- (LSA) or 638-horsepower (LS9) iterations, and it probably doesn't need explicit approval to do so. In any case, we're just postulating. Only time will tell what, if any, new engine Spyker will bestow upon its C8 Aileron.

Spyker C8 Aileron to come back with supercharged power? originally appeared on Autoblog on Fri, 08 Mar 2013 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Is this the Spyker B6 Venator Concept?

Jeremy Korzeniewski — Sat, 02 Mar 2013 10:45:00 EST

Filed under: Concept Cars, Coupe, Performance, Geneva Motor Show, Spyker

The car you see above may in fact be the Spyker B6 Venator Concept that's headed for a debut at the Geneva Motor Show early next week. According to a report from the Wall Street Journal, which included this image, the car will use a mid-mounted 375-horsepower V6 engine and is about the size of the Porsche Boxster.

With a weight of just 3,080 pounds, though, those ponies are moving just 8.21 pounds apiece, which puts the B6 Venator in a dead power-to-weight heat with the 911 Carerra. That said, Spyker's Victor Muller tells WSJ that this will not be a "Porsche killer."

So, what underpins the new Spyker? WSJ points out that the car's specifications are very close to those of the Lotus Evora S, and we know that the British boutique automaker is happy to lend engineering support where it's necessary. We don't know for sure what the B6 Venator is based on, but Muller reportedly pegged his role in the process as "designer." In any case, we're sure the B6 will have all the aero-inspired detailing of past Spyker models. It will reportedly be priced between 125,000 and 150,000 euros, with production "in the hundreds."

WSJ also says we are to expect a P2P (Peking-to-Paris) super-sport-utility vehicle based on Saab's unused Phoenix architecture with financial backing from China's Youngman, as we've previously heard.

Is this the Spyker B6 Venator Concept? originally appeared on Autoblog on Sat, 02 Mar 2013 10:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker looking to get back on its feet with 911-fighter?

Zach Bowman — Fri, 01 Feb 2013 18:47:00 EST

Filed under: Performance, Geneva Motor Show, Spyker, Luxury

Word has it Spyker is headed to this year's Geneva Motor Show with a new model designed to compete against the Porsche 911. Dutch newspaper De Telegraaf reports the automaker is prepared to reveal a new model with a smaller footprint and price tag than the current C8 Aileron. Details are otherwise hard to come by at the moment, but we imagine Spyker is keen to shake off the dust of the Saab implosion and push forward. Spyker CEO Victor Muller, while speaking with De Telegraaf, said only the new model "will surprise you."

Spyker has been noticeably absent from the Geneva Motor Show for the past two years, thanks in part to its attempts to keep Saab afloat. Those efforts eventually failed, leaving the Swedish automaker in bankruptcy. Still, we'll be interested to see what Spyker has in store for visitors to the Geneva Motor Show. Stay tuned for our live coverage from the floor when press days kick off on March 5.

Spyker looking to get back on its feet with 911-fighter? originally appeared on Autoblog on Fri, 01 Feb 2013 18:47:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Saab's Phoenix platform to get second life with Spyker/Youngman deal?

Jonathon Ramsey — Mon, 10 Dec 2012 09:29:00 EST

Filed under: Coupe, Performance, SUV, China, Europe, Earnings/Financials, Spyker, Luxury

Who knew that Jay Z was talking about Spyker founder and CEO Victor Muller when he sang, "I'm a hustla, baby, I just want you to know, it ain't where I been but where I'm 'bout to go..." The visionary Dutchman has concluded a deal with with Youngman - a partner since the whirlwind days of Saab - to inject money into Spyker, build cars off the Phoenix platform intended for Saab, and resurrect the D8 Peking to Paris SUV and potentially other SUVs. The deal was conditionally announced a few months ago.

The multipart deal begins with Youngman investing ten million euros into Spyker. Seven million of that will be used to purchase no more than 29.9 percent of Spyker shares, the other three million will be an open-ended loan with options for repayment mechanisms. Youngman has already handed over 2.3 million euros of the amount, the rest is expected by the end of January 2013.

Next up is a joint venture called Spyker P2P, of which Spyker will control 25 percent and Youngman the rest. The Chinese company is throwing another 25 million euros into the JV, Spyker is providing not cash but "the technology it developed for the Spyker D8 Peking-to-Paris," the $250,000 SSUV. Spyker P2P wants to launch the perpetually stillborn D8 by the end of 2014 and will then consider other models on its platform, and the continued development of the C8 Aileron is also a factor in future plans.

After that comes the Spyker Phoenix joint venture, in which Spyker has a 20-percent stake and Youngman the rest. Youngman owns the license to the Phoenix platform that was meant to support new Saabs and this JV will build "a full range of premium car models" on it, at higher price points than the planned Saabs, and possibly built in Europe and China.

The final joint venture is Spyker Trademark Company, Youngman again a majority owner with a 75 percent share and Spyker the remainder. This JV gives all of the other JVs the rights to use the Spyker trademark.

Assuming the due diligence passes muster and the legal authorities consent, Youngman will possess the authority to nominate a third of both Spyker's management and supervisory boards, and Spyker and Youngman will be putting all their technology and resources into each others' hands. There's a press release below with all the finance-heavy details.

Continue reading Saab's Phoenix platform to get second life with Spyker/Youngman deal?

Saab's Phoenix platform to get second life with Spyker/Youngman deal? originally appeared on Autoblog on Mon, 10 Dec 2012 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker and Youngman sign deal, plan to build D8 SUV and Phoenix-based range

George Kennedy — Mon, 27 Aug 2012 13:29:00 EST

Filed under: Coupe, Performance, SUV, China, Europe, Saab, Spyker, Luxury, Off-Road

It appears Spyker is strengthen its ties and carmaking ability with Chinese carmaker Youngman. This comes in the wake of the brand's latest dealings with a $3 billion lawsuit against General Motors regarding the demise of Saab.

Youngman is reportedly investing €10,000,000 ($12.5M USD) for a 29.9-percent stake in the company. The shares are being sold for €0.05 (6.3 cents) each, representing a fully diluted share. Youngman has said it will not take on more than the 29.9-percent stake.

Additionally, Youngman will invest €25,000,000 ($31M) for the development of an all-new Spyker vehicle, called the D8 P2P, named for the Peking-to-Paris rally. The vehicle had been shown as a concept by Spyker previously, but things had been quiet since then. It appears Spyker will now build the uniquely styled D8 Concept shown above. The vehicle is to launch at the end of 2014 and carry a price of $250,000 per vehicle.

It also appears a second car range will be built, based on the Phoenix platform. Though Saab may have, for all intents and purposes, gone under, Spyker has transferred the licensing rights of the Phoenix platform (the architecture that was to underpin the next 9-3) to... itself. According to Youngman's CEO Pang Qingnian, "We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiably lost the opportunity to restructure Saab," he continued, "with this agreement, many of our original intentions with the Saab brand will take shape."

So while we continue to see the developments of Spyker's relationship with the Chinese automaker, it will be interesting to see just what vehicles develop under this deal - both for the Spyker brand as well as for Youngman.

Spyker and Youngman sign deal, plan to build D8 SUV and Phoenix-based range originally appeared on Autoblog on Mon, 27 Aug 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

GM granted 30-day extension on Spyker's Saab-related lawsuit

Jonathon Ramsey — Mon, 27 Aug 2012 08:59:00 EST

Filed under: Government/Legal, GM, Earnings/Financials, Spyker

General Motors has asked for more time to reply to the lawsuit brought by Spyker over the Saab affair, and Spyker has agreed to extend the deadline one month until September 28. A quick refresh: Spyker has accused GM of tortious interference in Saab's dealings with the Chinese investors that might have been able to save the company, and intentionally and unlawfully driving Saab into bankruptcy.

The Dutch sports car maker is seeking $3 billion in damages, that number being its putative valuation of Saab had it worked out a deal with Chinese investor Youngman. GM's position is still that the lawsuit has no merit. You'll find Spyker's press release about the extension below.

Continue reading GM granted 30-day extension on Spyker's Saab-related lawsuit

GM granted 30-day extension on Spyker's Saab-related lawsuit originally appeared on Autoblog on Mon, 27 Aug 2012 08:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker files $3 billion lawsuit against General Motors over Saab's demise

Jonathon Ramsey — Mon, 06 Aug 2012 10:27:00 EST

Filed under: Government/Legal, GM, Saab, Earnings/Financials, Spyker

"Smack." That's the sound of Spyker's process server dropping a big ol' pile of legal documents on the doorstep of The Renaissance Center, home of General Motors - or wherever GM's attorneys live during business hours. Contained therein is a Complaint, filed in the U.S. District Court for the Eastern District of Michigan and demanding a jury trial, that seeks $3 billion in damages due to "the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market." Spyker accuses GM of "tortiously interfering" with Saab's business relationship with Chinese automaker Zhejiang Youngman Lotus Automobile (Youngman), actions that Spyker CEO Victor Muller (above) said "deliberately drove Saab Automobile into bankruptcy."

(From Wikipedia: "Tortious interference, also known as intentional interference with contractual relations, in the common law of torts, occurs when a person intentionally damages the plaintiff's contractual or other business relationships.")

The interference in question specifically refers to the very last potential deal, called the Framework Agreement, that Spyker worked out with Youngman. With lots of GM engineering embedded into the 9-4X and 9-5, The General had the right to approve any Saab partnership that would involve the transfer of GM intellectual property. Spyker had been rebuffed over every previous deal with a Chinese firm, including two bids by Youngman, due to GM concerns over its IP getting into Chinese hands and having to face Chinese-market competitors using its technology. The Complaint alleges that the Framework Agreement would have put a firewall around all GM IP - Youngman would only work on Saab's Phoenix platform, said to be just about free of GM tech, and would have no access to 9-3, 9-4X or 9-5 technology until after Saab ceased all ties to GM.

Thoretically, as stated in the Complant, this should have spared Saab the need to even ask GM for permission to make the deal outlined in the Framework Agreement since it didn't involve any transfer of GM technology. GM felt differently and repeatedly, publicly proclaimed that the Framework Agreement couldn't proceed without GM's say-so, which GM would not give, and that led to Youngman walking away. It is those public proclamations by GM that Spyker alleges as tortious interference. That's the basics, but there's a lot more to be discovered in the 27-page Complaint, which can be found here.

Muller said they've been working on preparing the lawsuit since bankruptcy was declared last year, and with a view to a lengthy and heinously expensive court battle, Muller's golden touch with securing money has come through yet again: a third party has furnished Spyker with the "backing required to see the lawsuit through to the end." There's a press release below announcing the move, otherwise known as "the first shot."

Continue reading Spyker files $3 billion lawsuit against General Motors over Saab's demise

Spyker files $3 billion lawsuit against General Motors over Saab's demise originally appeared on Autoblog on Mon, 06 Aug 2012 10:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Swedish Automobile changes name back to Spyker

Noah Joseph — Thu, 12 Apr 2012 09:00:00 EST

Filed under: Saab, Spyker

What's in a name? Just ask the people at Spyker.

Back in 2010, the small Dutch producer of exotic GTs bought an ailing Saab from General Motors and proceeded to focus all its energies on keeping it afloat. And as if to reflect that shift in focus, changed its name to Swedish Automobile NV - or SWAN for short.

Now that Saab has gone bankrupt, however, the Dutch holding company has officially changed its name back to Spyker. Just what that means, however, when the cars are built in the UK by CPP and the sportscar business was sold last year to North Street Capital, remains to be seen.

Continue reading Swedish Automobile changes name back to Spyker

Swedish Automobile changes name back to Spyker originally appeared on Autoblog on Thu, 12 Apr 2012 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker considers closure as Saab parent Swedish Auto loses board members

Zach Bowman — Wed, 18 Jan 2012 13:59:00 EST

Filed under: Performance, Europe, Hirings/Firings/Layoffs, Plants/Manufacturing, Saab, Spyker, Luxury

Swedish Automobile NV ('Swan') continues to look to sell Dutch supercar manufacturer Spyker in the wake of the Saab bankruptcy. Swan said it will carry on with the sale despite the fact that the company's supervisory board has just abandoned the crippled enterprise. According to The Washington Post, Swan announced it had begun negotiations to sell Spyker last September to a private equity firm for $41 million. Now the company says proceeds from that sale won't be enough to ensure that Swan can meet its liabilities. If the company can't complete the sale or find extra funding, Swan may go belly up and take Spyker with it.

All three members of the Swan supervisory board resigned due to a "difference of opinion" with the company's CEO, Victor Muller over funding alternatives. Shares in the automaker have since plummeted by around 12 percent. The company's articles of association allow for the holder of a single priority share in the company to name new board members. In this case, that holder is believed to be controversial Russian tycoon Vladimir Antonov.

Click past the break for two press releases on the recent changes at Swan.

Continue reading Spyker considers closure as Saab parent Swedish Auto loses board members

Spyker considers closure as Saab parent Swedish Auto loses board members originally appeared on Autoblog on Wed, 18 Jan 2012 13:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Submit your questions for Autoblog Podcast #261 LIVE

Dan Roth — Mon, 19 Dec 2011 17:55:00 EST

Filed under: Etc., Saab, Spyker

We record Episode #261 of the Autoblog Podcast tonight, and you can drop us your questions via our Q&A module below. Check out our discussion topics or chime in to help determine what else the crew chats about this evening. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.

Discussion Topics for Autoblog Podcast Episode #261

[iTunes] Subscribe to the Autoblog Podcast in iTunes
[RSS] Add the Autoblog Podcast feed to your RSS aggregator

Submit your questions for Autoblog Podcast #261 LIVE originally appeared on Autoblog on Mon, 19 Dec 2011 17:55:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Swedish Automobile may be forced to liquidate even if Saab sale goes through

Chris Shunk — Sat, 12 Nov 2011 18:01:00 EST

Filed under: Government/Legal, Saab, Earnings/Financials, Spyker

Swedish Automobile just can't seem to catch a break. Its main brand, Saab, has received government protection from creditors, looked for loans and even secured a tentative deal with Chinese automakers, but even if it manages sell the Griffin marque, Swedish Automobile may still end up getting liquidated.

Bloomberg reports that Saab parent Swedish Automobile's many dealings would raise 132 million euros ($181 million U.S.) - if everything goes according to plan. That's a big if, and it still doesn't outweigh the 136.5 million euros ($188M) that Swedish Automobile reportedly owes its creditors. According to Bloomberg, that could mean that the company may liquidate regardless of whether or not the sale to Zhejiang Youngman Lotus Automobile and Pang Da Automobile Trade Co. goes through.

According to the report, Swedish Automobile could get through the sale without liquidation if it can wrap up the sale of Spyker. Private equity firm North Street Capital LP has tentatively agreed to purchase Spyker for 32 million euros ($43 million U.S.). That sounds like a done deal, but given the company's recent fortunes, we wouldn't necessarily count on all going according to plan.

Swedish Automobile may be forced to liquidate even if Saab sale goes through originally appeared on Autoblog on Sat, 12 Nov 2011 18:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker sold to U.S. private equity firm

Damon Lavrinc — Wed, 28 Sep 2011 16:59:00 EST

Filed under: Performance, Saab, Spyker, Luxury

According to a report by the Financial Times, Spyker Cars has been offloaded to a Connecticut-based private equity firm after a deal to sell the supercar manufacturer to another set of investors failed a few months back.

North Street Capital, LP is the supposed new owner of Spyker, which Saab had been attempting to sell earlier this year. Negotiations were originally being hashed out between Saab and a partnership between a British and Russian consortium and Vladimir Antonov, which just recently announced plans to build a modern interpretation of the Jensen Interceptor.

As of today (9/28/2011), the terms of the deal haven't been released by either Saab or North Street Capital. Clearly though, considering how cash-strapped the company is, Saab is in desperate need of a funding infusion. We'll update this post with more details as they become available.

Spyker sold to U.S. private equity firm originally appeared on Autoblog on Wed, 28 Sep 2011 16:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker CFO steps down, Saab gets big order

Zach Bowman — Thu, 02 Jun 2011 11:03:00 EST

Filed under: China, Europe, Hirings/Firings/Layoffs, Saab, Spyker

Spyker has announced that Hans Go will step down as the company's Chief Financial Officer on July 1. Automotive News reports that since the sports car manufacturer's operations are being sold to Vladimir Antonov, the Spyker group will now focus solely on Saab. Rob Schuyt is currently acting CFO for the company, but the Swedish automaker is expected announce a permanent CFO later this year. Schuyt is also serving as the statutory director of Saab as well. Meanwhile, things are looking up for the embattled carmaker, as its new Chinese partner Pang Da placed an order for a whopping 630 vehicles.

All told, that deal will be worth around €15 million, or $21.69 million at current conversion rates. According to Automotive News, Pang Da eventually wants to snag a 24 percent equity stake in Saab for a total investment of around €65 million ($94M). That stake is part of a greater deal worth around €110 million ($160M).

Spyker CFO steps down, Saab gets big order originally appeared on Autoblog on Thu, 02 Jun 2011 11:03:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker to be renamed Swedish Automobile N.V. as Pang Da talks with Chinese gov't.

Jeff Glucker — Mon, 23 May 2011 13:29:00 EST

Filed under: China, Government/Legal, Saab, Earnings/Financials, Spyker

Spyker is on a Chinese money hunt, and it appears the automaker may have found a partner willing to pony up the cash. Pang Da, a Chinese automobile distribution company, had recently entered into a memorandum of understanding with Spyker. Now, Spyker is set to rename itself Swedish Automobile N.V., and the Saab-owner believes Chinese authorities will give the green light for this deal to proceed.

According to Saab CEO Victor Muller, a very important portion of the deal has already gone through; a cash infusion of €30 million ($42M USD). Muller states that "Pang Da's advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday."

Bloomberg reports that the rest of the deal may not move forward so easily. According to analysts in China, the country's government is unlikely to allow Pang Da's purchase of a stake in Swedish Automobile N.V. because the nation is working to consolidate its auto industry, not expand it.

If approved, however, Pang Da will spend $91 million and receive a 23 percent share of the automaker's business. Despite the negative view of Chinese analysts, Pang Da says it remains confident the transaction will be approved.

Continue reading Spyker to be renamed Swedish Automobile N.V. as Pang Da talks with Chinese gov't.

Spyker to be renamed Swedish Automobile N.V. as Pang Da talks with Chinese gov't. originally appeared on Autoblog on Mon, 23 May 2011 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Saab on the money hunt, still in discussions with Great Wall Motor?

Jeff Glucker — Thu, 12 May 2011 14:31:00 EST

Filed under: China, Europe, Government/Legal, Saab, Earnings/Financials, Spyker

Earlier this morning came word that Saab's deal with Chinese automaker Hawtai had fallen apart. While in discussions with Hawtai, parent company Spyker was evidently also talking with another automaker located in China - Great Wall Motors. According to Reuters, those talks have apparently never ended, and, in light of today's news, we're going to speculate that it's time to escalate the discussion or officially turn off the lights at Saab assembly plants.

Great Wall has cash and Saab has cars, technology and a dealer network. The two companies could be mutually beneficial, but there are hurdles to overcome before anything can actually happen. The Chinese government must approve a foreign joint venture before it moves forward. Still, it's a good sign that companies are still interested in working with Spyker, and that could keep Saab alive.

Spyker isn't simply pinning all of its hopes on Great Wall, as other Chinese companies are also on its radar. Besides a potential Chinese investor, however, Spyker and Saab are still hoping to see their European Investment Bank drawdown approved. Once either scenario plays out favorably, Saab can resume producing automobiles.

Saab on the money hunt, still in discussions with Great Wall Motor? originally appeared on Autoblog on Thu, 12 May 2011 14:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Saab closing in on deal with Russian, Chinese investors

Noah Joseph — Mon, 02 May 2011 16:20:00 EST

Filed under: Saab, Earnings/Financials, Spyker

Around the same time that Ake Jonsson stepped down as chief executive of Saab, the Swedish automaker announced its expansion into the Russian and Chinese markets - a vital move if Saab is to increase its global market share. But it's not just the cars that Saab and its parent company Spyker are interested in selling in these two giant markets. It's also looking to offload shares in an effort to raise much-needed capital.

The first address is Vladimir Antonov, a man who shares a considerable history with Spyker. The Russian banker and multimillionaire oligarch was once the company's largest single shareholder and acted as its chairman, and is also the owner of CPP Manufacturing, to which Spyker sold its own sportscar business. After investigations alleged ties to organized crime, however, General Motors stipulated that Antonov had to leave the company before it would transfer ownership of Saab. Those allegations have apparently now been either disproven or swept under the rug as Antonov has now been cleared by both GM and the Swedish National Debt Office to invest as much as 30 million euros in Saab for a 30-percent stake in the company.

Following that revelation, Saab is also said to be closing in on a deal with a major Chinese carmaker, following a similar path that led crosstown rival Volvo to align itself with Geely following its sale by Ford. Among the manufacturers with which Spyker is reportedly undergoing discussions are the Great Wall Motor Co., China Youngman Automobile Group and Jiangsu Yueda Group, all relatively small players even in China's domestic market. Even so, they could provide the capital Saab needs to continue operating, and if they can, Saab's certainly in no position to pick and choose.

Saab closing in on deal with Russian, Chinese investors originally appeared on Autoblog on Mon, 02 May 2011 16:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Spyker announces plan to sell, lease back Saab real estate

Noah Joseph — Tue, 12 Apr 2011 09:31:00 EST

Filed under: Europe, Plants/Manufacturing, Saab, Earnings/Financials, Spyker

Momma always told us not to bite off more than we could chew, but that may be exactly what Spyker has done with Saab. The small Dutch outfit - which had trouble supporting its own Formula One team a few years back - bought the Swedish automaker from General Motors, but has been running into some problems.

Suppliers forced Saab to halt production due to lack of payment a couple of weeks ago, and then again last week, reports indicating that the company owes over a million in unpaid bills. Spyker, for its part, tried to raise some funds by selling off its own automotive operations, but that didn't seem to quite do the trick. So in a new initiative, Spyker has announced plans to sell Saab's real estate property and then lease it back.

The initiative - which is still in the planning phase - ought to help Spyker and Saab raise free up some resources in order to fund continued production, but other steps, like convincing the Swedish government to help free up some loan monies, is also going to be necessary to the brand's survival.

[Source: Spyker | Image: Nikolay Doychinov/AFP/Getty]

Continue reading Spyker announces plan to sell, lease back Saab real estate

Spyker announces plan to sell, lease back Saab real estate originally appeared on Autoblog on Tue, 12 Apr 2011 09:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Report: Supplier group says Saab owes millions

Jeff Glucker — Thu, 07 Apr 2011 14:33:00 EST

Filed under: Saab, Earnings/Financials, Spyker

The negative news for Saab continues to spill out, and the latest bit of gossip continues to paint a dark picture for the Swedish automaker. Reuters reports that parts suppliers are looking to collect on "tens of millions of crowns" in unpaid invoices (10M crowns is around $1.58M U.S. dollars).

Work stoppages and missed sales targets have folks speculating that things aren't going as planned for the Spyker-owned company. Now, this news of Saab being unable to pay those supplying parts only adds fuel to the fire and suggests that production at its Trollhättan plant may not resume soon. For its part, The Wall Street Journal is reporting that production probably won't resume until next week - if Saab can come to terms with its suppliers.

The total amount of money that Saab owes has not been verified, but it's apparently enough that suppliers are no longer willing to continue to provide parts until the financial issue has been cleared up. The issue could simply be that a few key suppliers are wary of Saab's slow sales and are increasingly unwilling to extend the automaker credit, or it could be that Saab has fallen well behind on its obligations - or it might be a combination of the two.

Saab had previously repeatedly stated that its business plan is fully financed through 2012. Top tip, Louis!

[Sources: Reuters, The Wall Street Journal - sub. req. | Image: Fabrice Coffrini/AFP/Getty]

Report: Supplier group says Saab owes millions originally appeared on Autoblog on Thu, 07 Apr 2011 14:33:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments