Chinese manufacturer, Youngman, says it will invest EUR10m (US$12.5m) in Spyker to produce an SUV to be launched in 2014 as well as further models.

Youngman and Spyker will jointly incorporate a second joint venture to be called Spyker Phoenix, in which Youngman will contribute the rights to the Phoenix platform developed by Saab in 2010/2011, to which Youngman acquired a licence in 2011, as well as provide all required funding.

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Spyker Phoenix will develop and manufacture a new full range of premium car models based on the Phoenix platform, whose models will be positioned higher than the comparable Saab models were. Spyker Phoenix products may be manufactured in Europe and China.

“Since the regretful demise of Saab in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilising the assets, both tangible as well as intangible, each of us has at its disposal,” said Spyker CEO, Victor Muller.

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