Youngman Lotus Automobile buys stake in Saab, becomes its second Chinese partner

Article by Christian A., on June 13, 2011

As part of a distribution and manufacturing joint venture, Spyker has signed a memorandum of understanding with Zhejiang Youngman Lotus Automobile Co., which will buy an equity stake for 136 million euros ($195 million) in the company. Last May, Saab and its owner Spyker Cars NV inked a contract with Chinese car distributor Pang Da that’s valued at up to 110 million euros.

Under this joint venture, Spyker and a partner in China will start to produce Saabs and a new joint brand within two years.

Youngman will receive a 45% stake in the manufacturing joint venture in China while Saab got 45% and Pang Da got 10%. In addition, Youngman will take a 33% stake in the distribution joint venture that will have Pang Da getting 34% and Saab holding 33%.

Youngman will make a payment of 136 million euros at 4.19 per share to get a 29.9% stake in Spyker on a fully diluted basis. Pang Da will hold a 24% stake in Spyker and is set on making a 109 million euros investment in the company.

Last Monday, Victor Muller, the CEO of Spyker and Saab, said that after inking the MOU last May 16 with Pang Da, it quickly moved to find the best manufacturing partner to join Saab and its joint ventures. Muller added that he is “convinced” that Youngman has all the qualities that would lead to the success of Saab and the joint ventures.

Topics: saab, china

If you liked the article, share on:

Comments

Recommended

If you are a huge fan of the hardcore GTS version, you probably know that the closest you could get to that model is the upgraded model of the M4...
by - July 23, 2017
Audi’s intention to bring out the Renn Sport Racing version of the Q5 was made clear when it unveiled the Audi SQ5 at the 2017 Detroit Motor Show early this...
by - July 22, 2017
Kia’s Sorento midsize sports utility vehicle is reaching its mid-cycle for the 2018 model year. Thus, its fans, enthusiasts and satisfied customers are expecting the Sorento to receive an update...
by - July 22, 2017
The Lotus Evora Sport 410 astonished the world after arriving as the more powerful and lighter edition of the already impressive Evora 400. Now, Lotus Cars is throwing in another...
by - July 22, 2017
The Europe-bound WRC hatch developed by Toyota and Gazoo Racing team will be limited to just 400 examples as reported by AutoCar this week. Otherwise known as Gazoo Racing Masters...
by - July 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries