Return Of The Zombies: Spyker, Youngman, Phoenix

Bertel Schmitt
by Bertel Schmitt

Victor Muller managed to sell out to China after all. Today it was announced (full press release here) that Muller’s Spyker and former Saab suitor Youngman will form two companies. Spyker calls them “joint ventures,” but they look more like companies owned mostly by Youngman, with Spyker holding a token share.

The first company is called Spyker P2P. It will make the Spyker D8 luxury SUV (caught above by Carnewschina.) Spyker contributes the technology and the Spyker trademarks for a 25 percent share of Spyker P2P. Youngman will make a €25 million cash contribution (over time) for 75 percent of the shares. “P2P” does not stand for “pay to play” as you may assume, but for “Peking-to-Paris,” another moniker for the Spyker D8. The car is supposed to see the light in 2014, but with only 25 million in funding, it will need more money, a lot more.

The second and more interesting company is called Spyker Phoenix. According to the press release, “Youngman will contribute the rights to the Phoenix platform as developed by Saab Automobile AB in 2010/2011 to which Youngman acquired a license in 2011 as well as provide all required funding.” Youngman will hold 80 percent, Spyker will hold 20. The company “shall develop and manufacture a new full range of premium car models based on the Phoenix platform which models will be positioned higher than the comparable Saab models were. Spyker Phoenix products may be manufactured in Europe and China as the case may be.”

In addition, Youngman will invest €10 million into Spyker itself. €6.7 million buy 29.9 percent of Spyker (and hence another 6 percent of the Phoenix company and another 7.5 percent of the P2P deal,) €3.3 million will come as a shareholder loan.

How did Youngman end up with Phoenix after their advances to buy the assets of bankrupt Saab were rebuffed? Before Saab finally went bankrupt, the rights to the Phoenix platform were transferred to a Spyker-controlled special purpose vehicle, and used as collateral for a loan from Youngman that was never paid in full. When Saab went belly-up, I wrote

“I wouldn’t be surprised if a license for the PhoeniX platform won’t suddenly show up at Youngman, pledged as security for some of the money that had been paid. Then, GM will say that Phoenix IP is mostly theirs, and there will be a protracted and messy lawsuit.”

The first part of that prediction came true today. For the second part, we probably will have to wait a while, most likely until the first Phoenix cars are built, if they ever will.

Youngman will need government approval for the investment in a foreign company, and either foreign company will need government approval for joint venture production in China.

Bertel Schmitt
Bertel Schmitt

Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.

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  • Asdf Asdf on Aug 27, 2012

    "Victor Muller managed to sell out to China after all." It seems the one-trick pony might have finally managed to pull off his one trick, then...

  • Jeff_vader Jeff_vader on Aug 27, 2012

    Rain falls in winter, Pope wears a big hat, bears do smelly stuff in the woods..... Anyone who wasn't obssessed with saving Saab coud see this coming a mile off. So not only has Victor walked off with a debt free Spyker but he has also got a brand new platform upon which to build another range of his insane creations. Wow! Who couldn't have seen that on coming? Well, The Church Of The One True Saab for one. I'll bet that lawsuit against GM will quietly disappear if they agree to forget about any rights to Phoenix platform. If I was running Saabs United, I'd be asking Victor for my pen back.

  • TheMrFreeze That new Ferrari looks nice but other than that, nothing.And VW having to put an air-cooled Beetle in its display to try and make the ID.Buzz look cool makes this classic VW owner sad 😢
  • Wolfwagen Is it me or have auto shows just turned to meh? To me, there isn't much excitement anymore. it's like we have hit a second malaise era. Every new vehicle is some cookie-cutter CUV. No cutting-edge designs. No talk of any great powertrains, or technological achievements. It's sort of expected with the push to EVs but there is no news on that front either. No new battery tech, no new charging tech. Nothing.
  • CanadaCraig You can just imagine how quickly the tires are going to wear out on a 5,800 lbs AWD 2024 Dodge Charger.
  • Luke42 I tried FSD for a month in December 2022 on my Model Y and wasn’t impressed.The building-blocks were amazing but sum of the all of those amazing parts was about as useful as Honda Sensing in terms of reducing the driver’s workload.I have a list of fixes I need to see in Autopilot before I blow another $200 renting FSD. But I will try it for free for a month.I would love it if FSD v12 lived up to the hype and my mind were changed. But I have no reason to believe I might be wrong at this point, based on the reviews I’ve read so far. [shrug]. I’m sure I’ll have more to say about it once I get to test it.
  • FormerFF We bought three new and one used car last year, so we won't be visiting any showrooms this year unless a meteor hits one of them. Sorry to hear that Mini has terminated the manual transmission, a Mini could be a fun car to drive with a stick.It appears that 2025 is going to see a significant decrease in the number of models that can be had with a stick. The used car we bought is a Mk 7 GTI with a six speed manual, and my younger daughter and I are enjoying it quite a lot. We'll be hanging on to it for many years.
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