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Last month, we reported on a rumor that that Saudi Arabia's Public Investment Fund (PIF) was in talks about possibly providing funding to electric car start-up Lucid Motors. The fund would provide an initial investment of $500 million, but would expand it to a billion if certain milestones were met. This morning, Lucid Motors announced that it signed an agreement with the PIF totaling over $1 billion, subject to necessary regulatory approvals. If given the go-ahead, Lucid will use the money to finish building their plant in Arizona, complete development on Air, and begin production by 2020. “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” said a spokesman for the PIF. The PIF made headlines last month when Tesla CEO Elon Musk revealed the fund as being the provider for the automaker to go private. This was based on discussions between the two, along with the fund purchasing a small stake. But as we reported later in the month, officials at the fund were not so keen on this idea. Source: Lucid Motors -
Last month, we reported on a rumor that that Saudi Arabia's Public Investment Fund (PIF) was in talks about possibly providing funding to electric car start-up Lucid Motors. The fund would provide an initial investment of $500 million, but would expand it to a billion if certain milestones were met. This morning, Lucid Motors announced that it signed an agreement with the PIF totaling over $1 billion, subject to necessary regulatory approvals. If given the go-ahead, Lucid will use the money to finish building their plant in Arizona, complete development on Air, and begin production by 2020. “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” said a spokesman for the PIF. The PIF made headlines last month when Tesla CEO Elon Musk revealed the fund as being the provider for the automaker to go private. This was based on discussions between the two, along with the fund purchasing a small stake. But as we reported later in the month, officials at the fund were not so keen on this idea. Source: Lucid Motors View full article
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This morning, General Motors announced that it would be investing $1 billion into their manufacturing operations in the U.S. The investment will go towards “new vehicle, advanced technology and component projects,” that will create or retain 1,500 jobs. GM also announced that it would create at least 5,000 more jobs in the U.S. for various parts of their business, and insource the production of axles for their next-generation of full-size trucks to create 450 jobs. Announcements on where the investments will go will be announced at a later date. “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners. The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” said GM Chairman and CEO Mary Barra in a statement. This news comes on the heels of comments made by President-elect Donald Trump on possibly imposing a 35 percent tariff on vehicles built in Mexico. According to NBC News, various General Motors officials stress these moves were months, and some years in the making. Source: General Motors, NBC News Press Release is on Page 2 GM Announces 7,000 U.S. Jobs, Builds Off Strong Track Record Investing Additional $1 Billion in U.S. Manufacturing Moves Axle Jobs to U.S. from Mexico More than 5,000 New Jobs in Key Growth Areas DETROIT – General Motors today announced that it will invest an additional $1 billion in U.S. manufacturing operations. These investments follow $2.9 billion announced in 2016 and more than $21 billion GM has invested in its U.S. operations since 2009. The new investments cover multiple new vehicle, advanced technology and component projects. A combination of 1,500 new and retained jobs are tied to the new investments. Details of individual projects will be announced throughout the year. The company also announced it will begin work on insourcing axle production for its next generation full-size pickup trucks, including work previously done in Mexico, to operations in Michigan, creating 450 U.S. jobs. “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners,” said GM Chairman and CEO Mary Barra. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.” GM’s announcement is part of the company’s increased focus on overall efficiency over the last four years. With a strategy to streamline and simplify its operations and grow its business, GM has created 25,000 jobs in the U.S. − approximately 19,000 engineering, IT and professional jobs and 6,000 hourly manufacturing jobs – and added nearly $3 billion in annual wages and benefits to the U.S. economy over that period. At the same time, GM reduced more than 15,000 positions outside the U.S., bringing most of those jobs to America. During that period, the company moved from 90 percent of its IT work being outsourced to an insourced U.S.-based model. “We will continue our commitment to driving a more efficient business,” said Barra, “as shown by our insourcing of more than 6,000 IT jobs that were formerly outside the U.S., streamlining our engineering operations from seven to three, with the core engineering center being in Warren, Michigan, and building on our momentum at GM Financial and in advanced technologies. These moves, and others, are expected to result in more than 5,000 new jobs in the U.S. over the next few years.” GM has also been facilitating its supplier base to do the same. The company has been executing a strategy to create supplier parks adjacent to its U.S. manufacturing sites (already accomplished at GM’s Fairfax Assembly Plant in Kansas, Spring Hill Assembly Plant in Tennessee, Fort Wayne Assembly Plant in Indiana, and Lordstown Assembly Plant in Ohio), and will continue to expand this effort. Supplier parks locating near assembly plants result in significant savings from reduced transportation costs, higher quality communications and continuous improvement activities as suppliers are located closer to the final assembly location. In addition, GM is confirming that another supplier has committed to make components for GM’s next-generation full size pick-up trucks in Michigan, moving 100 supplier jobs from Mexico to the U.S. View full article
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This morning, General Motors announced that it would be investing $1 billion into their manufacturing operations in the U.S. The investment will go towards “new vehicle, advanced technology and component projects,” that will create or retain 1,500 jobs. GM also announced that it would create at least 5,000 more jobs in the U.S. for various parts of their business, and insource the production of axles for their next-generation of full-size trucks to create 450 jobs. Announcements on where the investments will go will be announced at a later date. “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners. The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” said GM Chairman and CEO Mary Barra in a statement. This news comes on the heels of comments made by President-elect Donald Trump on possibly imposing a 35 percent tariff on vehicles built in Mexico. According to NBC News, various General Motors officials stress these moves were months, and some years in the making. Source: General Motors, NBC News Press Release is on Page 2 GM Announces 7,000 U.S. Jobs, Builds Off Strong Track Record Investing Additional $1 Billion in U.S. Manufacturing Moves Axle Jobs to U.S. from Mexico More than 5,000 New Jobs in Key Growth Areas DETROIT – General Motors today announced that it will invest an additional $1 billion in U.S. manufacturing operations. These investments follow $2.9 billion announced in 2016 and more than $21 billion GM has invested in its U.S. operations since 2009. The new investments cover multiple new vehicle, advanced technology and component projects. A combination of 1,500 new and retained jobs are tied to the new investments. Details of individual projects will be announced throughout the year. The company also announced it will begin work on insourcing axle production for its next generation full-size pickup trucks, including work previously done in Mexico, to operations in Michigan, creating 450 U.S. jobs. “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners,” said GM Chairman and CEO Mary Barra. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.” GM’s announcement is part of the company’s increased focus on overall efficiency over the last four years. With a strategy to streamline and simplify its operations and grow its business, GM has created 25,000 jobs in the U.S. − approximately 19,000 engineering, IT and professional jobs and 6,000 hourly manufacturing jobs – and added nearly $3 billion in annual wages and benefits to the U.S. economy over that period. At the same time, GM reduced more than 15,000 positions outside the U.S., bringing most of those jobs to America. During that period, the company moved from 90 percent of its IT work being outsourced to an insourced U.S.-based model. “We will continue our commitment to driving a more efficient business,” said Barra, “as shown by our insourcing of more than 6,000 IT jobs that were formerly outside the U.S., streamlining our engineering operations from seven to three, with the core engineering center being in Warren, Michigan, and building on our momentum at GM Financial and in advanced technologies. These moves, and others, are expected to result in more than 5,000 new jobs in the U.S. over the next few years.” GM has also been facilitating its supplier base to do the same. The company has been executing a strategy to create supplier parks adjacent to its U.S. manufacturing sites (already accomplished at GM’s Fairfax Assembly Plant in Kansas, Spring Hill Assembly Plant in Tennessee, Fort Wayne Assembly Plant in Indiana, and Lordstown Assembly Plant in Ohio), and will continue to expand this effort. Supplier parks locating near assembly plants result in significant savings from reduced transportation costs, higher quality communications and continuous improvement activities as suppliers are located closer to the final assembly location. In addition, GM is confirming that another supplier has committed to make components for GM’s next-generation full size pick-up trucks in Michigan, moving 100 supplier jobs from Mexico to the U.S. -
(UPDATED) Rumorpile: Apple Considers A Takeover of McLaren
William Maley posted an article in McLaren
Update: In a statement to Mashable, a McLaren spokesperson said "We can confirm McLaren is not in discussion with Apple in respect of any potential investment," So those hoping for an Apple 570S or something else, we're going to be bursting that bubble now. Update 2: Tim Bradshaw, one of the reporters behind the Apple/McLaren story has gone on Twitter saying the FT stands behind its original report. Apple has eyes set on acquiring the McLaren Technology Group - the folks who brought us the F1 supercar and more recently the 570S. The Financial Times reports that Apple and McLaren have been in talks for the past few months about either a full takeover or strategic investment. Why is Apple interested in McLaren? The FT says Apple is interested in McLaren's technology and knowledge of using light-weight materials such as carbon fiber and aluminum. The deal if it goes through is likely to be valued between $1.3 billion and $1.95 billion. For the past few years, rumors have been swirling around of Apple building their own self-driving electric vehicle. Apple brought in engineers from various automotive companies such as Diamler and Tesla, and began work on Project Titan two years ago. But the New York Times reports that Apple has hit a few snags in this project and has decided to reset the project. Dozens of employees were laid-off and parts of the project were shuttered. The report goes on to say the Apple is now focusing on building the underlying technology for an autonomous vehicle. Sources tell the FT that the deal might not go through because of the change in strategy. Apple declined to comment when asked by Roadshow. McLaren hasn't issued a comment at this time. See Update. Source: Financial Times (Subscription Required), Bloomberg, New York Times, Roadshow -
Update: In a statement to Mashable, a McLaren spokesperson said "We can confirm McLaren is not in discussion with Apple in respect of any potential investment," So those hoping for an Apple 570S or something else, we're going to be bursting that bubble now. Update 2: Tim Bradshaw, one of the reporters behind the Apple/McLaren story has gone on Twitter saying the FT stands behind its original report. Apple has eyes set on acquiring the McLaren Technology Group - the folks who brought us the F1 supercar and more recently the 570S. The Financial Times reports that Apple and McLaren have been in talks for the past few months about either a full takeover or strategic investment. Why is Apple interested in McLaren? The FT says Apple is interested in McLaren's technology and knowledge of using light-weight materials such as carbon fiber and aluminum. The deal if it goes through is likely to be valued between $1.3 billion and $1.95 billion. For the past few years, rumors have been swirling around of Apple building their own self-driving electric vehicle. Apple brought in engineers from various automotive companies such as Diamler and Tesla, and began work on Project Titan two years ago. But the New York Times reports that Apple has hit a few snags in this project and has decided to reset the project. Dozens of employees were laid-off and parts of the project were shuttered. The report goes on to say the Apple is now focusing on building the underlying technology for an autonomous vehicle. Sources tell the FT that the deal might not go through because of the change in strategy. Apple declined to comment when asked by Roadshow. McLaren hasn't issued a comment at this time. See Update. Source: Financial Times (Subscription Required), Bloomberg, New York Times, Roadshow View full article
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Toyota Wonders If It Makes Sense To Still Offer Diesels In Europe
William Maley posted an article in Toyota
With the Volkswagen diesel emission scandal hanging a dark cloud over the fuel, many automakers are considering whether or not they want to continue with diesel. Karl Schlicht, executive vice-president of Toyota Europe tells Autocar the company is wondering whether or not they should stop offering diesels. He uses the example of the Yaris Diesel. At the moment, the option makes "up less than 10%” of total sales for Europe. Dropping this model is a real possibility. “I think that anyone looking at investing in a new diesel plant, which might have a lifespan of 10 to 15 years, will have to look long and hard at whether they would get payback,” said Schlicht. This comes as stricter emission standards and tests are on the horizon for Europe. Source: Autocar -
With the Volkswagen diesel emission scandal hanging a dark cloud over the fuel, many automakers are considering whether or not they want to continue with diesel. Karl Schlicht, executive vice-president of Toyota Europe tells Autocar the company is wondering whether or not they should stop offering diesels. He uses the example of the Yaris Diesel. At the moment, the option makes "up less than 10%” of total sales for Europe. Dropping this model is a real possibility. “I think that anyone looking at investing in a new diesel plant, which might have a lifespan of 10 to 15 years, will have to look long and hard at whether they would get payback,” said Schlicht. This comes as stricter emission standards and tests are on the horizon for Europe. Source: Autocar View full article
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Volkswagen CEO Matthias Mueller told a group of 20,000 employees today in Germany that the company will be cancelling and delaying a number of projects in light of the diesel emission scandal. "Therefore we are putting all planned investments under review. What is not urgently needed will be scrapped or delayed. And therefore we will adjust our efficiency program. I will be very open: this won't be painless," said Muller. Fixing around 11 million vehicles around the world that are affected by the rigged software is a costly prospect for Volkswagen. Muller says the $7.29 billion set aside for repairs will not be enough to pay for fines and lawsuits. Volkswagen has been criticized for being an “incredibly inefficient” company. Last year, the automaker had set aside $17.4 billion research and development. That is higher than what Ford and General Motors spent on r&d combined last year. “Where’s the innovation? Obviously not in diesel engines. There’s a culture of spending and a lack of focus on efficiency in favor of striving to be bigger,” said Arndt Ellinghorst, an analyst with Evercore ISI. Source: Bloomberg -
Volkswagen CEO Matthias Mueller told a group of 20,000 employees today in Germany that the company will be cancelling and delaying a number of projects in light of the diesel emission scandal. "Therefore we are putting all planned investments under review. What is not urgently needed will be scrapped or delayed. And therefore we will adjust our efficiency program. I will be very open: this won't be painless," said Muller. Fixing around 11 million vehicles around the world that are affected by the rigged software is a costly prospect for Volkswagen. Muller says the $7.29 billion set aside for repairs will not be enough to pay for fines and lawsuits. Volkswagen has been criticized for being an “incredibly inefficient” company. Last year, the automaker had set aside $17.4 billion research and development. That is higher than what Ford and General Motors spent on r&d combined last year. “Where’s the innovation? Obviously not in diesel engines. There’s a culture of spending and a lack of focus on efficiency in favor of striving to be bigger,” said Arndt Ellinghorst, an analyst with Evercore ISI. Source: Bloomberg View full article
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For many years, Lincoln has been known as the brand that sells glorified Fords. But according to Reuters, that could be changing in the near future. Mark Fields, the blue oval's new chairman is is going ahead multiyear, multibillion-dollar overhaul of Lincoln that will include a new premium vehicle platform. Ford's board and executive chairman Bill Ford have given the go ahead in this plan. "It's really important for us to have a relevant and vibrant luxury brand. You need to make the investment and build this brand over time," said Fields. Sources tell Reuters that the new platform, named D6, will be able to be configured in front, rear, and all-wheel drive. This platform will underpin a number of new sedans and crossovers when it goes into production in 2019. In the meantime, Lincoln will be updating its current lineup. First up will be the MKX crossover in the spring, followed by the MKS sedan in 2016. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
For many years, Lincoln has been known as the brand that sells glorified Fords. But according to Reuters, that could be changing in the near future. Mark Fields, the blue oval's new chairman is is going ahead multiyear, multibillion-dollar overhaul of Lincoln that will include a new premium vehicle platform. Ford's board and executive chairman Bill Ford have given the go ahead in this plan. "It's really important for us to have a relevant and vibrant luxury brand. You need to make the investment and build this brand over time," said Fields. Sources tell Reuters that the new platform, named D6, will be able to be configured in front, rear, and all-wheel drive. This platform will underpin a number of new sedans and crossovers when it goes into production in 2019. In the meantime, Lincoln will be updating its current lineup. First up will be the MKX crossover in the spring, followed by the MKS sedan in 2016. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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By William Maley Staff Writer - CheersandGears.com April 4, 2013 General Motors announced today a new investment of $331.8 million in four manufacturing sites to produce more fuel-efficient engines and transmissions. GM said in a press release today that some parts of the investment will help prepare its factories to produce a new eight-speed automatic transmission and increase capacity for an existing six-speed gearbox. Other parts will go towards support the production of a new V6 engine (no details given in the release) and a new EcoTec engine that will be part of a new family of 3- and 4-cylinder variants with displacements ranging from 1.0 to 1.5 liters.. Here is a breakdown of the investments: $215 million in Flint Engine Operations $55.7 million in Toledo Transmission Operations $31.7 million in Bay City Powertrain $29.4 million in Bedford Castings GM will also increase a previous $600 million investment in its Saginaw Metal Castings Operations and Romulus Engine Operations by $46 million. Source: General Motors Press Release is on Page 2 GM Invests $332 Million for New Fuel-Efficient Powertrains Brings to $1.2 billion amount of U.S. facility investment announced this year DETROIT – General Motors Co. will invest nearly $332 million in four manufacturing sites to produce more fuel-efficient engines and transmissions, demonstrating GM's commitment to deliver what customers want: technology-driven performance and fewer trips to the pump. The investments – announced today at GM plants in Flint and Bay City, Mich.; Toledo, Ohio, and Bedford, Ind. – will support production of a new Ecotec small gas engine, a new V6 engine, 8-speed transmission, and tooling for an existing 6-speed transmission. GM also is increasing previously announced powertrain investment in plants in Romulus and Saginaw, Mich., to $646 million – an increase of $46 million – to support production of the new V6 engine. Since 2009, GM has announced nearly $1.8 billion of investments for the six Powertrain facilities. “We are investing in technologies and manufacturing capabilities that produce high-quality, fuel-efficient vehicles and components for our customers,” said Diana Tremblay, vice president of GM North American Manufacturing. “Today’s announcement demonstrates GM’s commitment to growing the business and strengthening the plant communities where we receive so much support.” Combined, the two investments will retain about 1,650 jobs at the six facilities. “The selection of these plants and the opportunity for the United Auto Workers to build the next generation of engines and transmissions reflects the great efforts of our work force,” said UAW Vice President Joe Ashton, who directs the union’s GM department. “This investment goes a long way to ensuring GM remains a marketplace leader and our members can continue to support and share in the company’s growth.” GM’s newly announced $331.8 million investment includes: $215 million in Flint Engine Operations for a new small Ecotec gasoline engine, which is part of a new family of engines that includes 3- and 4-cylinder variants with displacements ranging from 1.0 to 1.5 liters. Details of what variants the plant will build will be announced later. The plant will also upgrade tooling for its current V6 engine. $55.7 million in Toledo Transmission Operations for increased capacity and tooling to produce an all-new, advanced 8-speed automatic transmission and an existing 6-speed transmission. The Toledo-based 8-speed will be used in numerous GM vehicles by the end of 2016. $31.7 million in Bay City Powertrain including $19.2 million to produce components for a new V6 engine and $12.5 million to produce components for the small Ecotec gasoline engine. $29.4 million in Bedford Castings including $19 million to produce components for the small gas engine and $10.4 million to produce components for the new 8-speed and existing 6-speed transmissions. The additional $46 million brings the total to $646 million for the V6 project including: A $41 million increase to $256 million for Saginaw Metal Castings Operations to produce castings for the new V6 engine. A $5 million increase to $390 million for Romulus Engine Operations to build the new V6 engines. The new small Ecotec gasoline engine is part of a global engine family that could top 2 million engines a year by the end of the decade, based on production in Flint and other locations around the world. The new engines will offer improved fuel economy, higher quality, better performance and reduced carbon dioxide emissions. The 8-speed automatic transmission will assist in improved fuel economy and performance. Details about the new V6 engine program will be announced later. Since 2009, GM has announced investments of more than $8.5 billion in its U.S. operations - $1.2 billion so far in 2013 – creating or retaining more than 24,700 jobs. View full article
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General Motors Announces A $332M Powertrain Investment
William Maley posted an article in General Motors
By William Maley Staff Writer - CheersandGears.com April 4, 2013 General Motors announced today a new investment of $331.8 million in four manufacturing sites to produce more fuel-efficient engines and transmissions. GM said in a press release today that some parts of the investment will help prepare its factories to produce a new eight-speed automatic transmission and increase capacity for an existing six-speed gearbox. Other parts will go towards support the production of a new V6 engine (no details given in the release) and a new EcoTec engine that will be part of a new family of 3- and 4-cylinder variants with displacements ranging from 1.0 to 1.5 liters.. Here is a breakdown of the investments: $215 million in Flint Engine Operations $55.7 million in Toledo Transmission Operations $31.7 million in Bay City Powertrain $29.4 million in Bedford Castings GM will also increase a previous $600 million investment in its Saginaw Metal Castings Operations and Romulus Engine Operations by $46 million. Source: General Motors Press Release is on Page 2 GM Invests $332 Million for New Fuel-Efficient Powertrains Brings to $1.2 billion amount of U.S. facility investment announced this year DETROIT – General Motors Co. will invest nearly $332 million in four manufacturing sites to produce more fuel-efficient engines and transmissions, demonstrating GM's commitment to deliver what customers want: technology-driven performance and fewer trips to the pump. The investments – announced today at GM plants in Flint and Bay City, Mich.; Toledo, Ohio, and Bedford, Ind. – will support production of a new Ecotec small gas engine, a new V6 engine, 8-speed transmission, and tooling for an existing 6-speed transmission. GM also is increasing previously announced powertrain investment in plants in Romulus and Saginaw, Mich., to $646 million – an increase of $46 million – to support production of the new V6 engine. Since 2009, GM has announced nearly $1.8 billion of investments for the six Powertrain facilities. “We are investing in technologies and manufacturing capabilities that produce high-quality, fuel-efficient vehicles and components for our customers,” said Diana Tremblay, vice president of GM North American Manufacturing. “Today’s announcement demonstrates GM’s commitment to growing the business and strengthening the plant communities where we receive so much support.” Combined, the two investments will retain about 1,650 jobs at the six facilities. “The selection of these plants and the opportunity for the United Auto Workers to build the next generation of engines and transmissions reflects the great efforts of our work force,” said UAW Vice President Joe Ashton, who directs the union’s GM department. “This investment goes a long way to ensuring GM remains a marketplace leader and our members can continue to support and share in the company’s growth.” GM’s newly announced $331.8 million investment includes: $215 million in Flint Engine Operations for a new small Ecotec gasoline engine, which is part of a new family of engines that includes 3- and 4-cylinder variants with displacements ranging from 1.0 to 1.5 liters. Details of what variants the plant will build will be announced later. The plant will also upgrade tooling for its current V6 engine. $55.7 million in Toledo Transmission Operations for increased capacity and tooling to produce an all-new, advanced 8-speed automatic transmission and an existing 6-speed transmission. The Toledo-based 8-speed will be used in numerous GM vehicles by the end of 2016. $31.7 million in Bay City Powertrain including $19.2 million to produce components for a new V6 engine and $12.5 million to produce components for the small Ecotec gasoline engine. $29.4 million in Bedford Castings including $19 million to produce components for the small gas engine and $10.4 million to produce components for the new 8-speed and existing 6-speed transmissions. The additional $46 million brings the total to $646 million for the V6 project including: A $41 million increase to $256 million for Saginaw Metal Castings Operations to produce castings for the new V6 engine. A $5 million increase to $390 million for Romulus Engine Operations to build the new V6 engines. The new small Ecotec gasoline engine is part of a global engine family that could top 2 million engines a year by the end of the decade, based on production in Flint and other locations around the world. The new engines will offer improved fuel economy, higher quality, better performance and reduced carbon dioxide emissions. The 8-speed automatic transmission will assist in improved fuel economy and performance. Details about the new V6 engine program will be announced later. Since 2009, GM has announced investments of more than $8.5 billion in its U.S. operations - $1.2 billion so far in 2013 – creating or retaining more than 24,700 jobs. -
William Maley Staff Writer - CheersandGears.com August 28, 2012 From the 'oh not this again' file; Spyker and Chinese automaker, Youngman have signed a new agreement for a joint venture to develop new vehicles. The deal has Youngman Automotive investing €10,000,000 (about $12.5 million ) for a 29.9% stake in Spyker. Youngman will also invest €25,000,000 (about $31 million) for the development of an all-new Spyker vehicle, the D8 P2P (Peking to Paris). You might remember this vehicle as the 2006 D12 Peking-To-Paris Concept. This was one of vehicles floated out by Spyker CEO, Victor Muller back in April when he looking for investors for the company. The agreement also has the two companies cooperating on developing a new vehicle on Phoenix platform (the platform that was to underpin the next 9-3). "Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward," said CEO Victor Muller in a statement. Source: Spyker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 SPYKER AND YOUNGMAN SIGN FRAMEWORK AGREEMENT FOR 29.9 PERCENT STAKE, JOINT VENTURE FOR SPYKER D8 SSUV AND JOINT VENTURE FOR NEW PRODUCT RANGE BASED ON PHOENIX PLATFORM Zeewolde, the Netherlands, 27 August 2012 Spyker N.V. ( Spyker ) announces that it signed a Framework Agreement with the Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ( Youngman ) today. Today's Framework Agreement entails the following : Subject to satisfactory completion by Youngman of a due diligence on Spyker and the satisfaction of relevant conditions to be set forth in the definitive transaction documentation, Youngman will invest Euro 10,000,000 in Spyker of which approximately Euro 6,700,000 as subscription for such number of Class A shares in Spyker as will constitute 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis for a price of Euro 0.05 per share, and the remaining approximately Euro 3,300,000 shall be provided to Spyker in the form of a shareholder loan. Youngman undertakes to not exceed the 29.9 percent threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker. Youngman shall pay the first tranche of the share subscription in an amount of Euro 2,300,000 to Spyker within 7 days as of today. Youngman shall pay the remaining Euro 7,700,000 no later than 45 days after the execution of the definitive transaction documentation. Youngman and Spyker will jointly invest in a Joint Venture to be called Spyker P2P B.V. ( Spyker P2P ) in which Youngman will make a cash contribution in the amount of Euro 25,000,000 and will hold 75% of the shares whilst Spyker will make its contribution by transferring the technology it developed for the Spyker D8 Peking-to-Paris, a $ 250,000 four door Super Sports Utility Vehicle ( SSUV ) as well as the Spyker trademarks and will hold 25% of Spyker P2P's shares. Youngman's contribution shall be paid in installments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014.Additional models on the SSUV technology are being contemplated. Youngman and Spyker will jointly incorporate a second Joint Venture to be called Spyker Phoenix B.V.( Spyker Phoenix ) in which 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% of Spyker Phoenix' shares whilst Spyker will hold 20% of Spyker Phoenix' shares which shareholding will be exempt from dilution. Spyker Phoenix 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. Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge. Victor R. Muller, Spyker's CEO said: Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward . Pang Qingnian, Youngman's CEO said: We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiedly lost the opportunity to restructure Saab Automobile AB as a going concern and jointly develop its business, however, we secured Saab Automobile's technology. With this Agreement, many of our original intentions with the "Saab" brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile's Phoenix platform technology both in China as well as in the rest of the world. View full article
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Spyker and Youngman Sign A Deal To Develop New Vehicles
William Maley posted an article in Automotive Industry
William Maley Staff Writer - CheersandGears.com August 28, 2012 From the 'oh not this again' file; Spyker and Chinese automaker, Youngman have signed a new agreement for a joint venture to develop new vehicles. The deal has Youngman Automotive investing €10,000,000 (about $12.5 million ) for a 29.9% stake in Spyker. Youngman will also invest €25,000,000 (about $31 million) for the development of an all-new Spyker vehicle, the D8 P2P (Peking to Paris). You might remember this vehicle as the 2006 D12 Peking-To-Paris Concept. This was one of vehicles floated out by Spyker CEO, Victor Muller back in April when he looking for investors for the company. The agreement also has the two companies cooperating on developing a new vehicle on Phoenix platform (the platform that was to underpin the next 9-3). "Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward," said CEO Victor Muller in a statement. Source: Spyker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 SPYKER AND YOUNGMAN SIGN FRAMEWORK AGREEMENT FOR 29.9 PERCENT STAKE, JOINT VENTURE FOR SPYKER D8 SSUV AND JOINT VENTURE FOR NEW PRODUCT RANGE BASED ON PHOENIX PLATFORM Zeewolde, the Netherlands, 27 August 2012 Spyker N.V. ( Spyker ) announces that it signed a Framework Agreement with the Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ( Youngman ) today. Today's Framework Agreement entails the following : Subject to satisfactory completion by Youngman of a due diligence on Spyker and the satisfaction of relevant conditions to be set forth in the definitive transaction documentation, Youngman will invest Euro 10,000,000 in Spyker of which approximately Euro 6,700,000 as subscription for such number of Class A shares in Spyker as will constitute 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis for a price of Euro 0.05 per share, and the remaining approximately Euro 3,300,000 shall be provided to Spyker in the form of a shareholder loan. Youngman undertakes to not exceed the 29.9 percent threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker. Youngman shall pay the first tranche of the share subscription in an amount of Euro 2,300,000 to Spyker within 7 days as of today. Youngman shall pay the remaining Euro 7,700,000 no later than 45 days after the execution of the definitive transaction documentation. Youngman and Spyker will jointly invest in a Joint Venture to be called Spyker P2P B.V. ( Spyker P2P ) in which Youngman will make a cash contribution in the amount of Euro 25,000,000 and will hold 75% of the shares whilst Spyker will make its contribution by transferring the technology it developed for the Spyker D8 Peking-to-Paris, a $ 250,000 four door Super Sports Utility Vehicle ( SSUV ) as well as the Spyker trademarks and will hold 25% of Spyker P2P's shares. Youngman's contribution shall be paid in installments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014.Additional models on the SSUV technology are being contemplated. Youngman and Spyker will jointly incorporate a second Joint Venture to be called Spyker Phoenix B.V.( Spyker Phoenix ) in which 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% of Spyker Phoenix' shares whilst Spyker will hold 20% of Spyker Phoenix' shares which shareholding will be exempt from dilution. Spyker Phoenix 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. Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge. Victor R. Muller, Spyker's CEO said: Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward . Pang Qingnian, Youngman's CEO said: We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiedly lost the opportunity to restructure Saab Automobile AB as a going concern and jointly develop its business, however, we secured Saab Automobile's technology. With this Agreement, many of our original intentions with the "Saab" brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile's Phoenix platform technology both in China as well as in the rest of the world.
