Dutch supercar maker Spyker says it will form two joint ventures with China's Zhejiang Youngman to produce Saab-based vehicles and a luxury SUV under the terms of a framework agreement that will give Youngman a 29.9 percent share in Spyker.
Youngman was one of the Chinese companies Spyker turned to for investment when it was trying to revive the Saab brand under its ownership. After failing to get approval for the sale from U.S. carmaker General Motors, a former Saab owner, the deal with Youngman collapsed and Saab was declared bankrupt in December 2011.
Under the terms of the agreement announced today, the two companies will develop a range of upscale cars based on the Saab Phoenix platform, which is licensed to Youngman.
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