Tag: spyker

Official: Spyker to appeal dismissal of Saab lawsuit against GM

Filed under: Europe, Government/Legal, GM, Saab, Spyker

Spyker CEO Victor Muller in front of Spyker building

It seems as if Spyker CEO Victor Muller has made a decision on whether or not to pursue a legal battle between his company and General Motors. Spyker has announced it will appeal a US District Court decision to throw out the company’s lawsuit against GM. As you may recall, on June 10 Judge Gershwin Drain ruled tht GM had a right to approve or disapprove Spyker’s sale of Saab to Zhejiang Youngman Lotus Automobile. Spyker sued GM for some $3 billion, claiming that the American automaker had forced Saab into bankruptcy by stopping Spyker from transferring intellectual property to its Chinese partner.

Spyker has said only that it plans to appeal the decision. Until now, the company has been silent about the ruling. GM, meanwhile, has said it is pleased with the original outcome. You can read the quick Spyker press release below for more information.

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Spyker to appeal dismissal of Saab lawsuit against GM originally appeared on Autoblog on Fri, 21 Jun 2013 08:00:00 EST. Please see our terms for use of feeds.

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

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

saab badge

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.

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Report: Spyker C8 Aileron Spyder trying catch up to 99 units with ZR1 power?

Filed under: Convertible, Performance, Spyker, Rumormill

2010 Spyker C8 Aileron Spyder – Click above for high-res image gallery

It’s been a while since we’ve heard anything from Spyker that didn’t have to do with its acquisition of Saab. The Dutch automaker has apparently had its hands full taking the reins in Trollhattan from General Motors – so busy in fact that it has apparently missed production targets. Like with the new C8 Aileron Spyder.

The convertible version of the stretched and updated C8 debuted about a year and a half ago in Pebble Beach, and was supposed to enter production in the first half of 2010. Well, 2010 has come and gone and apparently production still hasn’t started. But we do have some news.

According to reports from the company’s native Netherlands, Spyker is planning on keeping the C8 Aileron Spyder very exclusive, with a production run of just 99 units. That’s a mighty limited edition, but there’s more: according to the same report quoting CEO Victor Muller, Spyker will be ditching the Audi-sourced 4.2-liter V8 for the 6.2-liter supercharged LS9 from the Chevrolet Corvette ZR1.

Considering that, at 638 hp, the LS9 produces over 50% more power than the 400-horse Audi mill, the commensurate drop in the previously estimated 4.5-second sprint to 60 should be well worth the work involved in turning the blown eight around and mounting it in the middle of the Spyker. Either that, or this could all amount to nothing – but the notion that the door between GM and Spyker could be swinging both ways is certainly intriguing.

Gallery: Spyker C8 Aileron Spyder

[Source: GTSpirit.com]

Report: Spyker C8 Aileron Spyder trying catch up to 99 units with ZR1 power? originally appeared on Autoblog on Wed, 19 Jan 2011 18:28:00 EST. Please see our terms for use of feeds.

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Report: Spyker posts loss, expects to lose more

Filed under: Saab, Earnings/Financials, Spyker

Saab factory sign

An accounting rule, among other things, is ostensibly to blame for Spyker posting a loss and having to declare negative shareholder equity with more liabilities than assets. According to Automotive News, the new owner of Saab had counted General Motor’s $326 million in redeemable preference shares in the company as equity, not a liability. So with the company having just got its factory going in October and only having sold 10,500 cars in the first six months of this year, the hard numbers are a loss of €139.1 million ($177.2M U.S.) on €243.1 million in sales ($309.8M U.S.).

The good news is that sales for the same period last year, before Saab’s plunge into full out cardiac arrest, were €4.1 million ($5.2M USD). The Swedish maker also has €280 million in cash (around $357M) and another €266 million ($339M) untapped from its European Investment Bank loan. Spyker has been saying for a while that profitability would come in 2012 and that it has enough cash and credit to get it there without needing to raise more money.

Its sales projections of 45,000 to 50,000 cars this year, however, might be on some downward pressure. Company CEO Jan Ake Jonsson said that they’re still looking to achieve that low number. Next year’s forecast and the company’s break-even point is understood to remain at 80,000 cars, with 120,000 as the long-term annual sales target.

[Source: Automotive News – sub req’d | Image: Olivier Morin/AFP/Getty]

Report: Spyker posts loss, expects to lose more originally appeared on Autoblog on Fri, 27 Aug 2010 18:00:00 EST. Please see our terms for use of feeds.

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