Spyker To Finance Saab With $1 Billion

To become profitable, Saab will launch the 9-5 this summer, the 9-4X in early 2011, and the redesigned 9-3 in 2012. They will be marketed as rivals to Audi and BMW, with the support of a “re-energized” sales and distribution approach.

Spyker plans to rename the company from Spyker Cars N.V. to Saab Spyker Automobiles NV (“Saab Spyker”). Discussions are on between Spyker and GMAC to make out an arrangement that would allow the lender for financing of their new and used car sales, plus provide a floor plan financing for Saab dealers.

Spyker estimates Saab will need approximately $1 billion dollars in funding. Saab and Spyker should both benefit from the deal by sharing engineering know-how, assets and technology, and as GMAC’s statement says it “welcomes the opportunity” to endorse Saab.

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