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Spyker Cars

Spyker Cars (/ˈspkər/, Dutch pronunciation: [ˈspɛikər]) is a Dutch sports car brand held by the holding company Spyker N.V. (formerly known as Spyker Cars N.V. and Swedish Automobile N.V.). The modern Spyker Cars held the legal rights to the brand name.[2] The company's motto is "Nulla tenaci invia est via", Latin for "For the tenacious, no road is impassable".[2] The marque's logo displays an aircraft propeller superimposed over a spoked wheel, a reference to the historic Spyker company that manufactured automobiles and aircraft.[7] In 2010, the company acquired Swedish car manufacturer Saab Automobile from General Motors.[8][9]

Spyker Cars
IndustryAutomotive[1]
Founded1999; 25 years ago (1999)[2]
FounderMaarten de Bruijn[2]
Victor Muller[2]
Headquarters,
Key people
Peter van Erp, COO[4]
ProductsSports cars[1]
Revenue €6.1 million (2012)[5]
(€13.8 million) (2012)[5]
(€114 million) (2012)[5]
Total assets €0.1 million (2012)[5]
Number of employees
37 (FTE, average 2012)[5]
ParentSpyker N.V. (1999 – present)[6]
Websitespykercars.com
Spyker N.V. logo

In September 2011, Spyker announced the impending sale of its supercar division to Greenwich, Connecticut based North Street Capital,[10]

In an attempt to save Spyker from bankruptcy, Swedish Automobile in September 2011, announced the immediate sale of Spyker to American private equity and hedge fund North Street Capital for 32 million (US$41 million),[11] and subsequently changed its name to Swedish Automobile N.V.[12] However, it was later revealed that the transaction did not occur.[13]

On December 18, 2014, Spyker confirmed that it had gone bankrupt, hoping to restructure its finances and getting back on its feet.[14] The bankruptcy declaration was reverted early 2015 and the company announced to continue with the production of sports cars.[15] In 2021 it went bankrupt again.[16] In January 2022 Spyker announced a return to building cars after being backed by Russian investors.[17]

History

Early years

 
The earlier Spyker Silvestris V8

The reborn company[clarification needed] was founded by Victor Muller and Maarten de Bruijn in 1999, and since 2000, Spyker has been building exclusive sports cars like the C8 Spyder and the C8 Laviolette (with its elegant glass roof).[18] Spyker's history of producing aero engines is reflected in details in these new cars as well as in the logo.[18] Before building the C8, de Bruijn had been building small numbers of the Spyker Silvestris, which in many ways foreshadows Spyker's later cars.

The C8 Laviolette and C8 Spyder have a 4172 cc Audi V8 engine delivering 400 bhp (298 kW; 406 PS), acceleration 0–60 mph in 4.5 seconds and a top speed of 300 km/h (190 mph).[19][20] On July 14, 2005, Spyker announced that the C8 had been approved for sale in the US market.[21][22]

 
A Spyker C8 at Salon Prive, London, England.

Between 2002 and 2006, Spyker built the C8 Double 12 S, which was available from the factory with 5 different levels of performance called Stage I (400 h.p.) through Stage V (620 h.p.), depending on the customer's need for performance.[23]

Between 2003 and 2007, Spyker built the C8 Spyder T, with the Twin turbo system being developed in conjunction with Cosworth in England.[24] These engines were capable of 525 h.p. and 0–60 mph acceleration times of 4.0 seconds.[25]

In 2005, the head designer and founder, Maarten de Bruijn, left the company, and founded Silvestris Aquamotive which builds aluminum space frame speed boats.[26][27]

In 2006, Spyker built the C12 La Turbie with a V12 engine capable of 500 horsepower and acceleration from 0–60 mph in less than 4 seconds.[28][29]

In September 2006, Spyker acquired the Midland F1 team,[30] which subsequently competed in the final three races of the 2006 season as Spyker MF1. In the 2007, the team competed as Spyker F1 using engines supplied by Ferrari. Driver Adrian Sutil was paired with Christijan Albers until the European Grand Prix where the latter was replaced by reserve driver Markus Winkelhock; the team then signed Sakon Yamamoto to fill in the slot for the rest of the year. The team itself had minimal success, suffering from multiple retirements (including double retirements in Malaysia, Canada and Brazil) before Sutil scored the team's first and only point in Japan. At the end of the season, the team was sold to a consortium named "Orange India" led by Vijay Mallya and was subsequently renamed as Force India.[31]

On May 27, 2004, Spyker Cars listed on the Euronext Amsterdam Stock Exchange at €15.50, falling to a low of €8.28 in April 2005.[32] The stock rebounded sharply in early 2006 to over €22 per share.[33][34] Early in 2007 the stock showed a sharp decline to levels beneath €13 because of financing issues.[32] As a result, several stock issues were announced to big investors. Notably, all shares have been sold at higher prices than the market price at the moment of announcement.[citation needed] On November 13, 2005, Spyker Cars and Mubadala Development Company, a principal investment company wholly owned by the government of the United Arab Emirates,[35] announced their strategic alliance, with Mubadala acquiring 17% of Spyker.[36] Mubadala has a strong relationship with sports cars, also controlling 5% of Ferrari.[37][38]

In 2007, Spyker, in collaboration with the Italian car-design firm Zagato, produced the C12 Zagato, based on the C12 La Turbie, but with more appealing bodywork, faster speeds, and the Zagato trademark roof bubbles.[39][40] This is perhaps the more exclusive Spyker car to date.[41]

In November 2009, Spyker announced that it would be moving production from Zeewolde to Whitley, Coventry, where assembly would be done in partnership with CPP Manufacturing.[42][43] UK production began in February 2010.[44] Due to the bankruptcy of SAAB and a falling out with business partners, the production was not moved to the UK.

Acquisition of Saab Automobile

 
2011 Saab 9-5, the first Saab vehicle released under Spyker ownership

In late November 2009, following the collapse of Koenigsegg Group's acquisition of Saab Automobile from General Motors (GM), Spyker placed a bid of its own to acquire Saab. General Motors (GM), receptive to the offer, entered into negotiations with Spyker and conducted an extensive due diligence effort. From this, they learned that the Swedish monetary and security agencies had uncovered ties between the family of Vladimir Antonov—a major Spyker shareholder—and organized crime syndicates engaged in money laundering. In part due to this, GM ended negotiations with Spyker on December 18, stating that it would begin a staged wind-down of operations at Saab Automobile in January if a buyer for it couldn't be found.[45]

Spyker CEO Victor Muller revived the deal by revising the company's acquisition bid and acquiring Antonov's shares via Tenaci, another company he owned.[46][47] On 26 January 2010, Spyker reached an agreement with GM to purchase Saab for US$394 million,[48][49][50] comprising US$74 million in cash and US$320 million in Spyker stock, subject to regulatory and government approval. General Motors would continue to supply Saab with engines and transmissions, and would produce the new Saab 9-4X at GM's Mexican factory. To pay the upfront acquisition cost, Spyker took out a loan from the European Investment Bank and borrowed $US25 million from Convers Bank, owned by former investor Vladimir Antonov.[51]

On February 23, 2010, Spyker completed its acquisition of Saab Automobile and announced it would restructure to make both Spyker and Saab subsidiaries of a parent company called Swedish Automobile.[52][53] The restructure was completed on June 15, 2011 when shareholders agreed at the company's annual shareholder meeting to change its official name from Spyker Cars N.V. to Swedish Automobile N.V.[12]

Saab bankruptcy

By the end of 2010, however, Saab Automobile ran out of money and Spyker was unable to fund the losses. The companies stopped paying their bills in early 2011, resulting in the halting of production on March 30 due to suppliers refusing to deliver parts on credit.[54]

In February 2011, it was announced that Swedish Automobile, the Dutch owner of Saab Automobile, agreed to sell its sports car unit to Vladimir Antonov. Antonov, a former Spyker chairman and shareholder, was expected to pay 15 million euros (US$21 million) for the company.[55][56] However, in March 2011, the deal fell through,[57] with Spyker's manufacturing partner CPP Manufacturing placing a bid, but this deal fell through later that month.[58][59]

On June 8, 2011, Saab Automobile said it had stopped production due to an insufficient supply of parts. This occurred only two weeks after resuming production following a seven-week hiatus. The supply of parts stopped because Saab did not pay its suppliers. Production was due to start again on August 9.[60]

On June 23, Saab announced that it was unable to pay June salaries to the entire workforce of 3,800 due to lack of funding.[61][62] The trade union IF Metall gave Saab seven days to pay the salaries to their employees; otherwise, IF Metall threatened to force a liquidation of the company.[63][64] On June 29, Saab employees were paid.[65]

Swedish Automobile initially tried to secure funding in May 2011 via proposed joint ventures with Chinese automotive manufacturers Hawtai and Youngman, and the Chinese car dealership chain Pang Da. As negotiations had not progressed by September, Swedish Automobile offered to sell its Spyker Cars division to the American private equity firm North Street Capital for €32 million (US$41 million), but was declined.[66][67] Saab Automotive submitted a debt restructuring plan that would put the company on track to have positive equity by 2014 via a process that would involve terminating 500 employees to save €100,000.[68] The proposal was accepted by a Swedish court on October 31, 2011.[68]

On October 28, 2011, Swedish Automobile announced that it would sell Saab Automobile for €100 million (US$140 million) to Youngman and Pang Da, who would acquire 60 and 40 percent of Saab's shares, respectively.[69][70][71] On November 7, GM rejected the deal with Youngman and Pang Da to prevent them from benefiting from technology Saab had licensed from it. On December 19, following a month of unsuccessful negotiations with GM, Saab Automobile filed for bankruptcy due to being unable to find another company to acquire it.[72][73][74] Swedish Automotive attempted to prevent the liquidation of Saab by putting Spyker Cars up for sale again, but was unable to find a buyer.[13][75]

On 16 April 2012, a meeting regarding Saab's bankruptcy was held at the District Court of Vänersborg.[76] The official receivers in charge of the Saab liquidation valued its assets and debt at US$500 million and US$2 billion, respectively, leaving it with a debt of US$1.5 billion.[77] In June 2012 the company was sold to the Chinese-Swedish investment group National Electric Vehicle Sweden (NEVS),[78] after which Swedish Automotive N.V. was renamed Spyker N.V.

Post-bankruptcy

On August 6, 2012, Spyker announced that it would sue GM over the Saab bankruptcy,[79] with CEO Muller stating, "Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions." In June 2013, the US$3 billion claim was heard in Detroit, Michigan before US federal Gershwin Drain, who dismissed it on the basis that "General Motors had a contractual right to approve or disapprove the proposed transaction" due to Spyker having given GM the right to veto any change of ownership in the Saab acquisition agreement.[80] Spyker's appeal of the ruling was heard at the 6th U.S. Circuit Court of Appeals in Cincinnati on October 24, 2014. Judge Eugene Siler ruled in favor of GM, stating that the company's blocking of the sale of Saab had not been malicious, but rather based upon "legitimate business concerns" about who would benefit from Saab's use of GM technology.[81]

On August 27, 2012, Spyker announced that Youngman had acquired a 29.9% stake in the company for €10 million (US$12.5 million).[82][83][84] Two joint ventures between Spyker and Youngman were announced, Spyker P2P and Spyker Phoenix, with Spyker having 25% and 20% stakes in them, respectively.[85] Spyker P2P would develop new luxury sports utility vehicles,[84] while Spyker Phoenix would develop a range of premium cars based on the Saab PhoeniX platform.[84]

In March 2013, the B6 Venator was unveiled at the Geneva Motor Show, the B6 Venator was noted as Spyker's first concept car in nearly four years.[86]

On September 16, 2013, Spyker N.V. lost its listing on Euronext Amsterdam after failing to undergo a restructuring agreement.[87]

On November 5, 2014, the Central Netherlands District Court ordered Spyker to leave the factory it had been renting within seven days and pay its owner €152,000 in overdue rent.[88] The claim was made by Jacques Walch, the owner of the factory rented by Spyker. Despite this, CEO Victor Muller insisted the company would be able to pay its bills "in a matter of days."[89]

On 2 December 2014, Spyker NV was granted a moratorium of payment (financial restructuring) by the Central Netherlands District Court. Spyker needed protection from creditors for its liquidity problems. Victor R. Muller, Spyker founder and chief executive, said "Over the past few years, Spyker has faced a number of serious difficulties and challenges resulting from, among others, the legacy of the F1 era and the acquisition of Saab Automobile AB,".[90]

On December 2, 2014, Spyker filed a voluntary petition to financially restructure ("surseance van betaling") to address short-term operational and liquidity challenges, the Dutch equivalent of Chapter 11 bankruptcy.[91] The Central Netherlands District Court initially declared the company bankrupt on 18 December, but reversed course on 29 January, 2015 after Spyker appealed the decision. The court granted Spyker's petition and appointed an administrator to work with the Board of Management in managing the company's affairs until the completion of its restructure. The court's ruling granted the company a moratorium of payment to protect its assets from seizure by creditors for the duration of the restructure.

On May 13, Spyker closed a deal with the creditors—to whom it owed a combined €44 million—to pay them €12,000 each. Saab GB, the largest creditor with €24.9 million at stake, agreed to receive a payment of €61,000.[92] A later attempt by the Latvian bank Lizings to claim more money was declined by the court.[93][94]

On July 29, 2015, Spyker completed its restructuring plan and resumed regular business operations.[95] In March 2016, Spyker announced the production of a new model, the C8 Preliator, at the Geneva Motor Show.

In January 2021, Spyker filed for bankruptcy again.[96]

Models

 
Spyker C8 Aileron

Produced

Spyker C8

The C8 Spyder was the original base model with an Audi 4.2 litre V8 engine. Since the start of its production in 2000, twelve different variants have been sold. A long-wheelbase version was presented at the 2008 Geneva Motor Show, called the C8 Aileron. A year later, a convertible version was presented.[97] Horsepower ranges from 400 for the original C8 Spyder to 620 for the C8 Double 12S.

The most recent model, the C8 Preliator, was officially announced at the 2016 Geneva Motor Show. Only 50 vehicles will be produced. The car has a 4.2l supercharged Audi V8 producing 525 hp, resulting in a 0–100 km/h time of 3.7 seconds and a top speed of 322 km/h. The car either comes with a 6-speed manual Getrag or a 6-speed ZF automatic transmission. As with previous Spyker models, the car has typical aviation-inspired design elements such as NACA styled air-inlets. Driver technology has been upgraded as well compared to previous models, with the C8 Preliator gaining a heads-up display and bluetooth connectivity for phones.[98][99]

Spyker C12

 
Spyker C12 Zagato.

The Spyker C12 is a luxury sports car of which there were two variants.[97] Spyker originally planned a small production run, but only one prototype of each car was built.

Canceled

Spyker D12/D8

 
Spyker D12 Peking-to-Paris.

In 2006, the Spyker D12 Peking-to-Paris high-performance SUV, was announced at the Geneva Motor Show.[100] But the mass-production, which was slated for a mid-2008 production, was delayed and the V12 engine from the concept car has been changed to a Volkswagen W12 engine at around 500 bhp (373 kW; 507 PS). Its name was then changed to the D8.[101]

Spyker hoped that the assistance of Saab, which they owned at the time, would help the D8 reach production.[101] According to Muller in April 2011, the D8 should have started production in early 2013, with a price tag of £186,000.[102] However, in March 2013, production was scheduled for 2016, with a production prototype due by 2014.[86] Eventually, plans to produce the model were discontinued.

Spyker E8/E12

Spyker shareholders and CEO, Victor Muller hinted at a Maserati Quattroporte, Porsche Panamera rival with an eight-cylinder (the E8) or a twelve-cylinder (the E12) engine but due to problems getting the D8 into production, the idea was ignored until 2009 when Muller has said he "believes now could be the time to resurrect the saloon."[103] Muller believed it would take about four years from the time that the E8/E12 is revealed to actual production. It was never produced, however.[103]

Finances

Sales

Spyker's all-time high was achieved in 2006, with 94 cars sold, about 290 cars were sold between 2000 and 2010.[104][105][106]

Calendar Year Total Sales
2000 1
2001 2
2002 3
2003 12
2004 31
2005 48
2006 94
2007 26
2008 43
2009 36
2010 "Pending"
2011 12
2012 2
2013 0
2014 0

Financial results

Spyker lost money each year since 2007. This table summarizes the key figures of Spyker Cars from 2007 to 2012. The figures originate from the Spyker Annual Report in 2011 and 2012.[5]

in millions
Year Turnover Company-
result
Net
result
Capital
Stock
per year end
Number employees
in FTE (x 1)
2007 €5,1 € -29,7 € -71,3 €25,6 9,7 166
2008 €7,9 € -21,8 € -24,8 €24,9 15,6 132
2009 €6,8 € -19,2 € -22,9 €2,6 15,9 131
2010 €3,3 € -64,1 € -218,3 € -206,5 17,5 55
2011 €1,5 € -13,8 €16,1 € -151,2 36,0 56
2012 €0,7 € -6,1 €114,4 €0,1 373,9 37
2014 €0,0 €0,0 € -44,0 €0,0 0,0 0
2015 €0,0 €0,0 €0,0 €0,0 0,0 0

Motorsport

 
Spyker Squadron's Spyker C8 Laviolette GT2-R at the 2008 1000 km of Silverstone

Spyker F1

On September 9, 2006, Spyker bought Midland F1 Racing, a Formula One team from Canadian businessman Alex Shnaider. Spyker paid US$106.6 million for the team[107] which was renamed Spyker MF1 Team for the last three races of the 2006 Formula One season. As part of the deal, the cars had a revised livery for the final three races of 2006.

On August 14, 2007, Spyker Cars announced that it would have to sell all or part of the team due to a potential split of the team from its parent company.[108]

On September 3, 2007, Indian billionaire Dr Vijay Mallya (Chairman and CEO of Toyota sponsors Kingfisher Airlines) and Dutch entrepreneur Michiel Mol (Spyker's Formula One Director), stated the Spyker board had accepted their offer and became the new owners of the Spyker Formula One team,[109] which was renamed as Force India Formula One Team for the 2008 season.

Spyker Squadron

The Spyker Squadron was the factory racing team, competing in events such as the 24 Hours of Le Mans, the Le Mans Series, occasional entries in the FIA GT Championship, and the 12 hours of Sebring. Spyker also supplied a car to Swiss Spyker distributor, Speedy Garages, running under the name Speedy Racing Team.

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External links

  • Spyker Cars' official website
  • Spyker N.V. 2012-12-03 at the Wayback Machine

spyker, cars, this, article, about, spyker, sports, marque, founded, 1999, details, about, holding, company, spyker, details, about, spyker, aircraft, manufacturer, operation, from, 1880, 1926, spyker, this, article, multiple, issues, please, help, improve, di. This article is about the Spyker sports car marque founded in 1999 For details about the holding company see Spyker N V For details about the Spyker car and aircraft manufacturer in operation from 1880 to 1926 see Spyker This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages This article needs to be updated Please help update this article to reflect recent events or newly available information April 2024 This article may require copy editing for grammar style cohesion tone or spelling You can assist by editing it April 2024 Learn how and when to remove this message Learn how and when to remove this message Spyker Cars ˈ s p aɪ k er Dutch pronunciation ˈspɛiker is a Dutch sports car brand held by the holding company Spyker N V formerly known as Spyker Cars N V and Swedish Automobile N V The modern Spyker Cars held the legal rights to the brand name 2 The company s motto is Nulla tenaci invia est via Latin for For the tenacious no road is impassable 2 The marque s logo displays an aircraft propeller superimposed over a spoked wheel a reference to the historic Spyker company that manufactured automobiles and aircraft 7 In 2010 the company acquired Swedish car manufacturer Saab Automobile from General Motors 8 9 Spyker CarsIndustryAutomotive 1 Founded1999 25 years ago 1999 2 FounderMaarten de Bruijn 2 Victor Muller 2 HeadquartersZeewolde Netherlands 3 Key peoplePeter van Erp COO 4 ProductsSports cars 1 Revenue 6 1 million 2012 5 Operating income 13 8 million 2012 5 Net income 114 million 2012 5 Total assets 0 1 million 2012 5 Number of employees37 FTE average 2012 5 ParentSpyker N V 1999 present 6 Websitespykercars com Spyker N V logo In September 2011 Spyker announced the impending sale of its supercar division to Greenwich Connecticut based North Street Capital 10 In an attempt to save Spyker from bankruptcy Swedish Automobile in September 2011 announced the immediate sale of Spyker to American private equity and hedge fund North Street Capital for 32 million US 41 million 11 and subsequently changed its name to Swedish Automobile N V 12 However it was later revealed that the transaction did not occur 13 On December 18 2014 Spyker confirmed that it had gone bankrupt hoping to restructure its finances and getting back on its feet 14 The bankruptcy declaration was reverted early 2015 and the company announced to continue with the production of sports cars 15 In 2021 it went bankrupt again 16 In January 2022 Spyker announced a return to building cars after being backed by Russian investors 17 Contents 1 History 1 1 Early years 1 2 Acquisition of Saab Automobile 1 3 Saab bankruptcy 1 4 Post bankruptcy 2 Models 2 1 Produced 2 1 1 Spyker C8 2 1 2 Spyker C12 2 2 Canceled 2 2 1 Spyker D12 D8 2 2 2 Spyker E8 E12 3 Finances 3 1 Sales 3 2 Financial results 4 Motorsport 4 1 Spyker F1 4 2 Spyker Squadron 5 References 6 External linksHistoryEarly years nbsp The earlier Spyker Silvestris V8 The reborn company clarification needed was founded by Victor Muller and Maarten de Bruijn in 1999 and since 2000 Spyker has been building exclusive sports cars like the C8 Spyder and the C8 Laviolette with its elegant glass roof 18 Spyker s history of producing aero engines is reflected in details in these new cars as well as in the logo 18 Before building the C8 de Bruijn had been building small numbers of the Spyker Silvestris which in many ways foreshadows Spyker s later cars The C8 Laviolette and C8 Spyder have a 4172 cc Audi V8 engine delivering 400 bhp 298 kW 406 PS acceleration 0 60 mph in 4 5 seconds and a top speed of 300 km h 190 mph 19 20 On July 14 2005 Spyker announced that the C8 had been approved for sale in the US market 21 22 nbsp A Spyker C8 at Salon Prive London England Between 2002 and 2006 Spyker built the C8 Double 12 S which was available from the factory with 5 different levels of performance called Stage I 400 h p through Stage V 620 h p depending on the customer s need for performance 23 Between 2003 and 2007 Spyker built the C8 Spyder T with the Twin turbo system being developed in conjunction with Cosworth in England 24 These engines were capable of 525 h p and 0 60 mph acceleration times of 4 0 seconds 25 In 2005 the head designer and founder Maarten de Bruijn left the company and founded Silvestris Aquamotive which builds aluminum space frame speed boats 26 27 In 2006 Spyker built the C12 La Turbie with a V12 engine capable of 500 horsepower and acceleration from 0 60 mph in less than 4 seconds 28 29 In September 2006 Spyker acquired the Midland F1 team 30 which subsequently competed in the final three races of the 2006 season as Spyker MF1 In the 2007 the team competed as Spyker F1 using engines supplied by Ferrari Driver Adrian Sutil was paired with Christijan Albers until the European Grand Prix where the latter was replaced by reserve driver Markus Winkelhock the team then signed Sakon Yamamoto to fill in the slot for the rest of the year The team itself had minimal success suffering from multiple retirements including double retirements in Malaysia Canada and Brazil before Sutil scored the team s first and only point in Japan At the end of the season the team was sold to a consortium named Orange India led by Vijay Mallya and was subsequently renamed as Force India 31 On May 27 2004 Spyker Cars listed on the Euronext Amsterdam Stock Exchange at 15 50 falling to a low of 8 28 in April 2005 32 The stock rebounded sharply in early 2006 to over 22 per share 33 34 Early in 2007 the stock showed a sharp decline to levels beneath 13 because of financing issues 32 As a result several stock issues were announced to big investors Notably all shares have been sold at higher prices than the market price at the moment of announcement citation needed On November 13 2005 Spyker Cars and Mubadala Development Company a principal investment company wholly owned by the government of the United Arab Emirates 35 announced their strategic alliance with Mubadala acquiring 17 of Spyker 36 Mubadala has a strong relationship with sports cars also controlling 5 of Ferrari 37 38 In 2007 Spyker in collaboration with the Italian car design firm Zagato produced the C12 Zagato based on the C12 La Turbie but with more appealing bodywork faster speeds and the Zagato trademark roof bubbles 39 40 This is perhaps the more exclusive Spyker car to date 41 In November 2009 Spyker announced that it would be moving production from Zeewolde to Whitley Coventry where assembly would be done in partnership with CPP Manufacturing 42 43 UK production began in February 2010 44 Due to the bankruptcy of SAAB and a falling out with business partners the production was not moved to the UK Acquisition of Saab Automobile nbsp 2011 Saab 9 5 the first Saab vehicle released under Spyker ownership In late November 2009 following the collapse of Koenigsegg Group s acquisition of Saab Automobile from General Motors GM Spyker placed a bid of its own to acquire Saab General Motors GM receptive to the offer entered into negotiations with Spyker and conducted an extensive due diligence effort From this they learned that the Swedish monetary and security agencies had uncovered ties between the family of Vladimir Antonov a major Spyker shareholder and organized crime syndicates engaged in money laundering In part due to this GM ended negotiations with Spyker on December 18 stating that it would begin a staged wind down of operations at Saab Automobile in January if a buyer for it couldn t be found 45 Spyker CEO Victor Muller revived the deal by revising the company s acquisition bid and acquiring Antonov s shares via Tenaci another company he owned 46 47 On 26 January 2010 Spyker reached an agreement with GM to purchase Saab for US 394 million 48 49 50 comprising US 74 million in cash and US 320 million in Spyker stock subject to regulatory and government approval General Motors would continue to supply Saab with engines and transmissions and would produce the new Saab 9 4X at GM s Mexican factory To pay the upfront acquisition cost Spyker took out a loan from the European Investment Bank and borrowed US25 million from Convers Bank owned by former investor Vladimir Antonov 51 On February 23 2010 Spyker completed its acquisition of Saab Automobile and announced it would restructure to make both Spyker and Saab subsidiaries of a parent company called Swedish Automobile 52 53 The restructure was completed on June 15 2011 when shareholders agreed at the company s annual shareholder meeting to change its official name from Spyker Cars N V to Swedish Automobile N V 12 Saab bankruptcy By the end of 2010 however Saab Automobile ran out of money and Spyker was unable to fund the losses The companies stopped paying their bills in early 2011 resulting in the halting of production on March 30 due to suppliers refusing to deliver parts on credit 54 In February 2011 it was announced that Swedish Automobile the Dutch owner of Saab Automobile agreed to sell its sports car unit to Vladimir Antonov Antonov a former Spyker chairman and shareholder was expected to pay 15 million euros US 21 million for the company 55 56 However in March 2011 the deal fell through 57 with Spyker s manufacturing partner CPP Manufacturing placing a bid but this deal fell through later that month 58 59 On June 8 2011 Saab Automobile said it had stopped production due to an insufficient supply of parts This occurred only two weeks after resuming production following a seven week hiatus The supply of parts stopped because Saab did not pay its suppliers Production was due to start again on August 9 60 On June 23 Saab announced that it was unable to pay June salaries to the entire workforce of 3 800 due to lack of funding 61 62 The trade union IF Metall gave Saab seven days to pay the salaries to their employees otherwise IF Metall threatened to force a liquidation of the company 63 64 On June 29 Saab employees were paid 65 Swedish Automobile initially tried to secure funding in May 2011 via proposed joint ventures with Chinese automotive manufacturers Hawtai and Youngman and the Chinese car dealership chain Pang Da As negotiations had not progressed by September Swedish Automobile offered to sell its Spyker Cars division to the American private equity firm North Street Capital for 32 million US 41 million but was declined 66 67 Saab Automotive submitted a debt restructuring plan that would put the company on track to have positive equity by 2014 via a process that would involve terminating 500 employees to save 100 000 68 The proposal was accepted by a Swedish court on October 31 2011 68 On October 28 2011 Swedish Automobile announced that it would sell Saab Automobile for 100 million US 140 million to Youngman and Pang Da who would acquire 60 and 40 percent of Saab s shares respectively 69 70 71 On November 7 GM rejected the deal with Youngman and Pang Da to prevent them from benefiting from technology Saab had licensed from it On December 19 following a month of unsuccessful negotiations with GM Saab Automobile filed for bankruptcy due to being unable to find another company to acquire it 72 73 74 Swedish Automotive attempted to prevent the liquidation of Saab by putting Spyker Cars up for sale again but was unable to find a buyer 13 75 On 16 April 2012 a meeting regarding Saab s bankruptcy was held at the District Court of Vanersborg 76 The official receivers in charge of the Saab liquidation valued its assets and debt at US 500 million and US 2 billion respectively leaving it with a debt of US 1 5 billion 77 In June 2012 the company was sold to the Chinese Swedish investment group National Electric Vehicle Sweden NEVS 78 after which Swedish Automotive N V was renamed Spyker N V Post bankruptcy On August 6 2012 Spyker announced that it would sue GM over the Saab bankruptcy 79 with CEO Muller stating Ever since we were forced to file for Saab Automobile s bankruptcy in December of last year we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM s unlawful actions In June 2013 the US 3 billion claim was heard in Detroit Michigan before US federal Gershwin Drain who dismissed it on the basis that General Motors had a contractual right to approve or disapprove the proposed transaction due to Spyker having given GM the right to veto any change of ownership in the Saab acquisition agreement 80 Spyker s appeal of the ruling was heard at the 6th U S Circuit Court of Appeals in Cincinnati on October 24 2014 Judge Eugene Siler ruled in favor of GM stating that the company s blocking of the sale of Saab had not been malicious but rather based upon legitimate business concerns about who would benefit from Saab s use of GM technology 81 On August 27 2012 Spyker announced that Youngman had acquired a 29 9 stake in the company for 10 million US 12 5 million 82 83 84 Two joint ventures between Spyker and Youngman were announced Spyker P2P and Spyker Phoenix with Spyker having 25 and 20 stakes in them respectively 85 Spyker P2P would develop new luxury sports utility vehicles 84 while Spyker Phoenix would develop a range of premium cars based on the Saab PhoeniX platform 84 In March 2013 the B6 Venator was unveiled at the Geneva Motor Show the B6 Venator was noted as Spyker s first concept car in nearly four years 86 On September 16 2013 Spyker N V lost its listing on Euronext Amsterdam after failing to undergo a restructuring agreement 87 On November 5 2014 the Central Netherlands District Court ordered Spyker to leave the factory it had been renting within seven days and pay its owner 152 000 in overdue rent 88 The claim was made by Jacques Walch the owner of the factory rented by Spyker Despite this CEO Victor Muller insisted the company would be able to pay its bills in a matter of days 89 On 2 December 2014 Spyker NV was granted a moratorium of payment financial restructuring by the Central Netherlands District Court Spyker needed protection from creditors for its liquidity problems Victor R Muller Spyker founder and chief executive said Over the past few years Spyker has faced a number of serious difficulties and challenges resulting from among others the legacy of the F1 era and the acquisition of Saab Automobile AB 90 On December 2 2014 Spyker filed a voluntary petition to financially restructure surseance van betaling to address short term operational and liquidity challenges the Dutch equivalent of Chapter 11 bankruptcy 91 The Central Netherlands District Court initially declared the company bankrupt on 18 December but reversed course on 29 January 2015 after Spyker appealed the decision The court granted Spyker s petition and appointed an administrator to work with the Board of Management in managing the company s affairs until the completion of its restructure The court s ruling granted the company a moratorium of payment to protect its assets from seizure by creditors for the duration of the restructure On May 13 Spyker closed a deal with the creditors to whom it owed a combined 44 million to pay them 12 000 each Saab GB the largest creditor with 24 9 million at stake agreed to receive a payment of 61 000 92 A later attempt by the Latvian bank Lizings to claim more money was declined by the court 93 94 On July 29 2015 Spyker completed its restructuring plan and resumed regular business operations 95 In March 2016 Spyker announced the production of a new model the C8 Preliator at the Geneva Motor Show In January 2021 Spyker filed for bankruptcy again 96 Models nbsp Spyker C8 Aileron Produced Spyker C8 Main article Spyker C8 The C8 Spyder was the original base model with an Audi 4 2 litre V8 engine Since the start of its production in 2000 twelve different variants have been sold A long wheelbase version was presented at the 2008 Geneva Motor Show called the C8 Aileron A year later a convertible version was presented 97 Horsepower ranges from 400 for the original C8 Spyder to 620 for the C8 Double 12S The most recent model the C8 Preliator was officially announced at the 2016 Geneva Motor Show Only 50 vehicles will be produced The car has a 4 2l supercharged Audi V8 producing 525 hp resulting in a 0 100 km h time of 3 7 seconds and a top speed of 322 km h The car either comes with a 6 speed manual Getrag or a 6 speed ZF automatic transmission As with previous Spyker models the car has typical aviation inspired design elements such as NACA styled air inlets Driver technology has been upgraded as well compared to previous models with the C8 Preliator gaining a heads up display and bluetooth connectivity for phones 98 99 Spyker C12 nbsp Spyker C12 Zagato The Spyker C12 is a luxury sports car of which there were two variants 97 Spyker originally planned a small production run but only one prototype of each car was built Spyker C12 La Turbie 2006 Spyker C12 Zagato 2007 Canceled Spyker D12 D8 nbsp Spyker D12 Peking to Paris In 2006 the Spyker D12 Peking to Paris high performance SUV was announced at the Geneva Motor Show 100 But the mass production which was slated for a mid 2008 production was delayed and the V12 engine from the concept car has been changed to a Volkswagen W12 engine at around 500 bhp 373 kW 507 PS Its name was then changed to the D8 101 Spyker hoped that the assistance of Saab which they owned at the time would help the D8 reach production 101 According to Muller in April 2011 the D8 should have started production in early 2013 with a price tag of 186 000 102 However in March 2013 production was scheduled for 2016 with a production prototype due by 2014 86 Eventually plans to produce the model were discontinued Spyker E8 E12 Spyker shareholders and CEO Victor Muller hinted at a Maserati Quattroporte Porsche Panamera rival with an eight cylinder the E8 or a twelve cylinder the E12 engine but due to problems getting the D8 into production the idea was ignored until 2009 when Muller has said he believes now could be the time to resurrect the saloon 103 Muller believed it would take about four years from the time that the E8 E12 is revealed to actual production It was never produced however 103 FinancesSales Spyker s all time high was achieved in 2006 with 94 cars sold about 290 cars were sold between 2000 and 2010 104 105 106 Calendar Year Total Sales 2000 1 2001 2 2002 3 2003 12 2004 31 2005 48 2006 94 2007 26 2008 43 2009 36 2010 Pending 2011 12 2012 2 2013 0 2014 0 Financial results Spyker lost money each year since 2007 This table summarizes the key figures of Spyker Cars from 2007 to 2012 The figures originate from the Spyker Annual Report in 2011 and 2012 5 in millions Year Turnover Company result Netresult Capital Stockper year end Number employeesin FTE x 1 2007 5 1 29 7 71 3 25 6 9 7 166 2008 7 9 21 8 24 8 24 9 15 6 132 2009 6 8 19 2 22 9 2 6 15 9 131 2010 3 3 64 1 218 3 206 5 17 5 55 2011 1 5 13 8 16 1 151 2 36 0 56 2012 0 7 6 1 114 4 0 1 373 9 37 2014 0 0 0 0 44 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 0 0 0Motorsport nbsp Adrian Sutil driving for Spyker F1 at the 2007 Brazilian Grand Prix nbsp Spyker Squadron s Spyker C8 Laviolette GT2 R at the 2008 1000 km of Silverstone Spyker F1 Main article Spyker F1 On September 9 2006 Spyker bought Midland F1 Racing a Formula One team from Canadian businessman Alex Shnaider Spyker paid US 106 6 million for the team 107 which was renamed Spyker MF1 Team for the last three races of the 2006 Formula One season As part of the deal the cars had a revised livery for the final three races of 2006 On August 14 2007 Spyker Cars announced that it would have to sell all or part of the team due to a potential split of the team from its parent company 108 On September 3 2007 Indian billionaire Dr Vijay Mallya Chairman and CEO of Toyota sponsors Kingfisher Airlines and Dutch entrepreneur Michiel Mol Spyker s Formula One Director stated the Spyker board had accepted their offer and became the new owners of the Spyker Formula One team 109 which was renamed as Force India Formula One Team for the 2008 season Spyker Squadron See also Spyker Squadron The Spyker Squadron was the factory racing team competing in events such as the 24 Hours of Le Mans the Le Mans Series occasional entries in the FIA GT Championship and the 12 hours of Sebring Spyker also supplied a car to Swiss Spyker distributor Speedy Garages running under the name Speedy Racing Team References a b Spyker makes its first ever profit Motorauthority com 2007 04 03 Archived from the original on 2016 08 11 Retrieved 2012 03 11 a b c d e Brief history of Spyker Spykercars Spykercars nl Archived from the original on 2012 10 15 Retrieved 2012 03 11 Spykercars spykercars com March 17 2014 Archived from the original on March 18 2014 Retrieved March 17 2014 Annual Report 2011 PDF Archived from the original PDF on 2016 03 12 Retrieved 2013 01 02 a b c d e f Spyker Annual Report 2012 Spyker Cars 2013 04 29 Archived from the original on 2014 02 21 Retrieved 2014 02 12 Swedish Automobile Swedish automobile nl Retrieved 2012 03 11 Heritage Spykercars Spykercars nl Archived from the original on 2012 04 15 Retrieved 2012 03 11 General Motors and Spyker Cars Reach Agreement on Saab PDF Press release Spyker Cars January 26 2010 Archived PDF from the original on March 23 2012 Retrieved January 28 2010 GM Reaches Agreement to Sell Saab to Spyker Press release General Motors January 26 2010 Archived from the original on December 24 2016 Retrieved January 28 2010 Spyker sold to U S private equity firm Archived from the original on 2020 03 09 Retrieved 2011 10 30 Lavrinc Damon Spyker sold to U S private equity firm Autoblog com Archived from the original on 2020 03 09 Retrieved 2012 03 11 a b Spyker to change name into Swedish Automobile MarketWatch Dow Jones Newswires 7 June 2011 Archived from the original on 17 October 2012 Retrieved 22 June 2011 a b Autoweek Autoweek 2012 01 18 Archived from the original on 2012 03 23 Retrieved 2012 04 06 Joseph Noah 18 December 2014 Autoblog is now a part of Oath Autoblog Archived from the original on 23 December 2014 Retrieved 20 December 2014 Court vacates Spyker bankruptcy plans for merger Venator and electric cars 2014 01 29 Archived from the original on 2015 02 27 Retrieved 2015 03 04 rtlnieuws nl 14 January 2021 Archived from the original on 2022 12 31 Retrieved 2022 12 31 Spyker Is Returning Yet Again To Build Sports Cars Jalopnik 2021 01 01 Archived from the original on 2022 01 02 Retrieved 2022 01 02 a b Company Spykercars Spykercars nl Archived from the original on 2012 03 14 Retrieved 2012 03 11 Spyker C8 Laviolette Seriouswheels com Archived from the original on 2012 03 11 Retrieved 2012 03 11 Review 2009 Spyker C8 The Truth About Cars 2009 02 17 Archived from the original on 2012 04 14 Retrieved 2012 03 11 Spyker C8 Aileron to Make US Debut at Pebble Beach Worldcarfans com Archived from the original on 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electric car plans Archived from the original on 2015 08 16 Retrieved 2015 08 10 Spyker revival put on ice as CEO files for bankruptcy Archived from the original on 2021 01 18 Retrieved 2021 01 18 a b Models Spykercars Spykercars nl Archived from the original on 2012 07 29 Retrieved 2012 03 11 Spyker Official website 2016 World Debut for the Spyker C8 Preliator Archived 2016 03 05 at the Wayback Machine article retrieved March 2 2016 Jonathon Klein for Automobilemag 2016 A Mechanical Beauty the Spyker C8 Preliator Archived 2016 03 04 at the Wayback Machine article retrieved March 2 2016 Spyker D12 Peking to Paris Concept Cars Diseno art com Archived from the original on 2012 09 03 Retrieved 2012 03 11 a b Vijayenthiran Viknesh 2010 03 05 Spyker D12 Peking to Paris SSUV Development On Track Motorauthority com Archived from the original on 2012 04 20 Retrieved 2012 03 11 Spyker D12 Peking to Paris SUV Heading for Production Worldcarfans com 2008 11 03 Archived from the original on 2012 04 23 Retrieved 2012 03 11 a b Spyker planning four door coupe saloon E8 E12 Carsuk net 2009 04 25 Archived from the original on 2012 04 26 Retrieved 2012 03 11 Spyker production and sales Spyker Owner Forum Spykerowner com Archived from the original on 2010 08 12 Retrieved 2012 04 06 News Spykercars Spykercars nl Archived from the original on 2012 10 12 Retrieved 2012 04 06 Spyker preparing to increase production substantially over coming years Midland sells MF1 Racing to Spyker Archived 2012 02 06 at the Wayback Machine GrandPrix com September 9 2006 Spyker considers selling F1 team autosport com 2007 08 14 Archived from the original on 2016 06 05 Retrieved 2007 08 14 Mallya and Mol set for Spyker takeover F1 2007 09 03 Archived from the original on 2012 04 14 Retrieved 2007 09 03 External links nbsp Wikimedia Commons has media related to Spyker Cars Spyker Cars official website Spyker N V Archived 2012 12 03 at the Wayback Machine Retrieved from https en wikipedia org w index php title Spyker Cars amp oldid 1221775903, wikipedia, wiki, book, books, library,

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