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Spyker N.V.

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Spyker Cars
Company typePublic (formerly)
IndustryAutomotive
Founded1999
FounderVictor Muller, Maarten de Bruijn
Headquarters
Zeewolde
,
Netherlands
Key people
Peter van Erp (COO)
ProductsSports car models
Number of employees
37 (average full-time equivalents) (2012)
ParentSpyker N.V.
Websitespykercars.com

Overview

Spyker Cars (pronounced Template:IPAc-en, and in Dutch Dutch pronunciation: [ˈspɛikər]) represents a Dutch marque specializing in sports car manufacturing. It operates under the ownership of the holding entity Spyker N.V., which was previously known as Spyker Cars N.V. and Swedish Automobile N.V.. This contemporary incarnation of Spyker Cars holds the official rights to the brand name.[1] The company’s guiding principle is encapsulated by the Latin phrase Nulla tenaci invia est via, translating to "For the tenacious, no road is impassable".[1] The emblem of the brand features a propeller layered atop a spoked wheel, symbolizing the heritage of the original Spyker firm known for producing both automobiles and aircraft.[2] In 2010, Spyker expanded its portfolio by acquiring Swedish automaker Saab Automobile from General Motors.[3]

In an effort to prevent insolvency, Swedish Automobile announced in September 2011 that it had agreed to sell Spyker immediately to North Street Capital for €32 million (approximately US$41 million).[4] Following this, the company intended to rename itself Swedish Automobile N.V.[5] However, it was later disclosed that this sale did not materialize.[6]

On 18 December 2014, Spyker publicly declared bankruptcy but expressed intentions to reorganize its financial structure and resume operations.[7] This bankruptcy status was overturned in early 2015, with confirmation that production of sports cars would continue.[8] Despite these efforts, the company faced bankruptcy again in 2021.[9] Subsequently, in January 2022, Spyker announced a revival of its car manufacturing activities following investment support from Russian financiers.[10]

Company Profile

Name Spyker Cars
Logo
File:Spyker Cars logo.svg
Founded 1999[1]
Founders
Headquarters Zeewolde, Netherlands[11]
Key Executives Peter van Erp, Chief Operating Officer (COO)[12]
Industry Automotive sector[13]
Products Sports car models[13]
Financials (2012) Revenue: €6.1 million loss[14]

Operating income: €13.8 million loss[14] Net income: €114 million profit[14] Assets: €0.1 million loss[14]

Number of Employees Average of 37 full-time equivalents (FTE) in 2012[14]
Parent Company Spyker N.V. (1999–present)Cite error: The opening <ref> tag is malformed or has a bad name
Website spykercars.com

Early years

File:Spyker Silvestris V8 - Flickr - edvvc (1).jpg
The original Spyker Silvestris V8

The company was reestablished in 1999 by Victor Muller and Maarten de Bruijn, and from 2000 onward, Spyker focused on manufacturing sports cars like the C8 Spyder and the C8 Laviolette.[15] The brand’s legacy in aircraft engine production is reflected both in the intricate design elements of their vehicles and their emblem.[15] The initial prototype created by de Bruijn was the Spyker Silvestris, which laid the groundwork for the development of the C8 series.

The C8 Laviolette and C8 Spyder feature a 4172 cc Audi V8 powertrain producing approximately 400 bhp (298 kW; 406 PS), capable of accelerating from 0 to 97 km/h (0 to 60 mph) in 4.5 seconds, with a maximum speed reaching around 300 km/h (190 mph).Cite error: The opening <ref> tag is malformed or has a bad name On 14 July 2005, Spyker confirmed that the C8 had secured approval for distribution within the US market.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name

File:Broughtonsspyker.jpg
A Spyker C8 displayed at Salon Prive, London, England.

From 2002 through 2006, Spyker produced the C8 Double 12 S, which was offered in five distinct performance tiers ranging from Stage I (400 h.p.) to Stage V (620 h.p.), tailored to customer preferences.Cite error: The opening <ref> tag is malformed or has a bad name

Between 2003 and 2007, the firm developed the C8 Spyder T, equipped with a twin-turbocharged engine system co-engineered with Cosworth in England.Cite error: The opening <ref> tag is malformed or has a bad name These power units delivered 525 h.p. and accelerated from 0 to 60 mph in approximately 4.0 seconds.Cite error: The opening <ref> tag is malformed or has a bad name

In 2005, founding designer Maarten de Bruijn departed Spyker to establish Silvestris Aquamotive, a company specializing in aluminum space frame speed boats.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name

The year 2006 saw the creation of the C12 La Turbie, powered by a V12 engine capable of producing 500 horsepower and accelerating from zero to 60 mph in under four seconds.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name

In September 2006, Spyker acquired the Midland Formula One team,Cite error: The opening <ref> tag is malformed or has a bad name which competed as Spyker MF1 during the final three races of the 2006 Formula One season. In the subsequent 2007 Formula One season, the team raced under the name Spyker F1, utilizing engines supplied by Ferrari. Initially, drivers included Adrian Sutil and Christijan Albers, with Albers replaced by reserve driver Markus Winkelhock after the European Grand Prix. Later in the season, Sakon Yamamoto filled that seat. Despite facing numerous retirements—including double retirements at Malaysia, Canada, and Brazil—Sutil managed to secure the team’s sole point at Japan. At season’s end, ownership transferred to a consortium named "Orange India," led by Vijay Mallya, resulting in a rebranding to Force India.Cite error: The opening <ref> tag is malformed or has a bad name

On 27 May 2004, Spyker Cars debuted on the Euronext Amsterdam Stock Exchange at €15.50 per share, dipping to a low of €8.28 by April 2005.[16] The stock price surged above €22 early in 2006.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name However, early 2007 saw a steep decline below €13 due to funding challenges.[16] Subsequently, several share offerings targeted major investors, consistently priced above prevailing market values.Template:Fix/category[citation needed] On 13 November 2005, Spyker announced a strategic partnership with Mubadala Development Company, an investment firm fully owned by the government of the United Arab Emirates,Cite error: The opening <ref> tag is malformed or has a bad name whereby Mubadala acquired a 17% stake in Spyker.Cite error: The opening <ref> tag is malformed or has a bad name Mubadala also holds a notable interest in sports cars through its 5% ownership of Ferrari.[17]Cite error: The opening <ref> tag is malformed or has a bad name

In collaboration with Italian design house Zagato, Spyker introduced the C12 Zagato in 2007. This model is based on the C12 La Turbie but features a redesigned exterior, enhanced performance capabilities, and Zagato’s signature double bubble roof.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name It stands as one of Spyker’s most exclusive automobiles to date.Cite error: The opening <ref> tag is malformed or has a bad name

By November 2009, Spyker declared plans to relocate production from its facility in Zeewolde to Whitley, Coventry, partnering with CPP Manufacturing for assembly operations.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name Production commenced in the UK in February 2010.Cite error: The opening <ref> tag is malformed or has a bad name However, due to SAAB’s bankruptcy and disputes with business partners, this transition did not fully materialize.

Acquisition of Saab Automobile

File:Saab 9-5 Aero Turbo XWD.JPG
2011 Saab 9-5, the inaugural Saab model launched under Spyker's ownership

In late November 2009, after the Koenigsegg Group's attempt to acquire Saab Automobile from General Motors (GM) fell through, Spyker submitted its own acquisition proposal for Saab. GM, open to the proposition, engaged in negotiations with Spyker and undertook a thorough due diligence review. This investigation revealed that Swedish financial and security authorities had identified connections between Vladimir Antonov’s family—a significant Spyker shareholder—and criminal organizations involved in money laundering. Partly because of these findings, GM terminated talks with Spyker on December 18, announcing plans to initiate a phased shutdown of Saab Automobile in January unless a buyer was secured.

Spyker’s CEO Victor Muller revitalized the acquisition effort by modifying the offer and purchasing Antonov’s shares through Tenaci, another firm under his control. On January 26, 2010, Spyker successfully reached an agreement with GM to acquire Saab for US$394 million, consisting of US$74 million in cash and US$320 million in Spyker stock, pending regulatory and governmental approvals. Under this deal, GM would continue supplying engines and transmissions to Saab and would manufacture the new Saab 9-4X at its plant in Mexico. To finance the upfront payment, Spyker secured a loan from the European Investment Bank and borrowed an additional US$25 million from Convers Bank, owned by former investor Vladimir Antonov.

Spyker finalized the purchase of Saab Automobile on February 23, 2010, announcing plans to reorganize so that both Spyker and Saab would operate as subsidiaries under a parent entity named Swedish Automobile. This corporate restructuring was completed on June 15, 2011, when shareholders approved changing the company’s official name from Spyker Cars N.V. to Swedish Automobile N.V. at the annual general meeting.

Saab bankruptcy

By the close of 2010, Saab Automobile had depleted its financial resources, and Spyker was unable to cover the accumulating losses. Early in 2011, both companies ceased settling their invoices, which led suppliers to halt deliveries on credit, forcing production to stop on 30 March.[18]

In February 2011, Swedish Automobile—the Dutch parent company of Saab Automobile—announced an agreement to sell its sports car division to Vladimir Antonov, a former Spyker chairman and shareholder. Antonov was anticipated to pay €15 million (approximately US$21 million) for the acquisition.[19][20] However, this transaction collapsed in March 2011,[21] after which Spyker’s manufacturing associate CPP Manufacturing submitted a bid that also failed later that month.[22][23]

On 8 June 2011, Saab Automobile declared a cessation of production due to insufficient parts supply. This stoppage occurred just two weeks after resuming manufacturing following a seven-week break. The interruption in parts supply was attributed to Saab’s failure to pay its suppliers. A restart of production was scheduled for 9 August.[24]

By 23 June, Saab revealed it could not disburse June salaries to its entire workforce of 3,800 employees because of financial shortages.[25][26] The trade union IF Metall issued an ultimatum demanding payment within seven days, warning that failure to comply could lead to forced liquidation.[27][28] On 29 June, the owed wages were finally paid.[29]

In May 2011, Swedish Automobile sought financing through potential collaborations with Chinese automotive firms Hawtai and Youngman, alongside the Chinese dealership network Pang Da. When negotiations stalled by September, Swedish Automobile proposed selling its Spyker Cars unit to the American private equity firm North Street Capital for €32 million (US$41 million), but the offer was declined.[30][31] Saab Automotive then submitted a debt restructuring plan aimed at achieving positive equity by 2014. This plan involved cutting 500 jobs to save €110 million.[32] A Swedish court approved this proposal on 31 October 2011.[33]

On 28 October 2011, Swedish Automobile announced plans to sell Saab Automobile for €100 million (US$140 million) to Youngman and Pang Da, who would hold 60% and 40% ownership stakes respectively.[34][35][36] However, General Motors vetoed the deal on 7 November to prevent transfer of licensed technology. After unsuccessful negotiations throughout December, Saab Automobile filed for bankruptcy on 19 December due to failure to secure another buyer.[37][38][39] Swedish Automotive attempted once more to avoid liquidation by offering Spyker Cars for sale but was unable to find a purchaser.[40][41]

A bankruptcy hearing for Saab took place on 16 April 2012 at the District Court of Vänersborg.[42] The appointed receivers assessed Saab’s assets at US$500 million against debts totaling US$2 billion, resulting in a net liability of approximately US$1.5 billion.[43] In June 2012, ownership transferred to the Chinese-Swedish investment consortium National Electric Vehicle Sweden (NEVS),[44] and Swedish Automotive N.V. subsequently rebranded as Spyker N.V.

Post-bankruptcy

On 6 August 2012, Spyker revealed its intention to initiate legal action against GM concerning the Saab insolvency. CEO Muller commented, "Since we were compelled to declare Saab Automobile bankrupt last December, we have diligently prepared this lawsuit aimed at securing compensation for the substantial losses Spyker and Saab suffered due to GM's unlawful conduct." In June 2013, a $3 billion lawsuit was presented in Detroit, Michigan, before US Federal Judge Gershwin Drain. The judge dismissed the case, ruling that "General Motors possessed a contractual right to approve or reject the proposed transaction" because Spyker had granted GM veto power over any ownership changes in the Saab acquisition contract. Spyker’s appeal was subsequently heard on 24 October 2014 at the 6th U.S. Circuit Court of Appeals in Cincinnati. Judge Eugene Siler upheld GM’s position, stating that GM’s obstruction of the Saab sale was not driven by malice but by "legitimate business concerns" regarding the beneficiaries of Saab’s use of GM technology.

On 27 August 2012, Spyker announced that Youngman had acquired a 29.9% share in the company for €10 million (approximately US$12.5 million). Two joint ventures were established between Spyker and Youngman: Spyker P2P and Spyker Phoenix, with Spyker holding 25% and 20% stakes, respectively. Spyker P2P focused on developing luxury SUVs, while Spyker Phoenix aimed to produce premium vehicles based on the Saab PhoeniX platform.

In March 2013, Spyker introduced the B6 Venator at the Geneva Motor Show, marking its first concept car unveiling in nearly four years. On 16 September 2013, Spyker N.V. was delisted from Euronext Amsterdam after failing to complete a restructuring agreement. Subsequently, on 5 November 2014, the Central Netherlands District Court ordered Spyker to vacate its rented factory within seven days and pay €152,000 in outstanding rent to the property owner Jacques Walch. Despite this eviction notice, CEO Victor Muller asserted that the company would settle its obligations "within days."

On 2 December 2014, the Central Netherlands District Court granted Spyker NV a moratorium on payments to protect it from creditors amid liquidity challenges. Victor R. Muller explained that "Spyker has encountered significant difficulties over recent years due to factors including the legacy of its Formula 1 involvement and the acquisition of Saab Automobile AB." That same day, Spyker filed for voluntary financial restructuring ("surseance van betaling"), equivalent to Chapter 11 bankruptcy protection in the United States. Although initially declared bankrupt on 18 December, this decision was overturned on 29 January 2015 after Spyker’s appeal. The court approved the restructuring petition and appointed an administrator to collaborate with management during the process, granting a moratorium that shielded assets from creditor seizure.

By 13 May, Spyker reached an agreement with creditors owed a total of €44 million; each creditor consented to receive €12,000. Saab GB, holding the largest claim of €24.9 million, agreed to accept €61,000. A subsequent claim by Latvian bank Lizings for additional funds was dismissed by the court.

Spyker finalized its restructuring plan on 29 July 2015 and recommenced normal operations. In March 2016, during the Geneva Motor Show, the company announced production plans for a new model named C8 Preliator.

In January 2021, Spyker once again filed for bankruptcy protection. Mr. D. Steffens was appointed as trustee overseeing bankruptcy proceedings.

By 2023, trustee Steffens disclosed potential plans to press charges against Victor Muller for bankruptcy fraud. At this stage, Spyker no longer possessed manufacturing facilities, employees, components, or equipment; these assets had been previously liquidated or lost. Only trademark rights and intellectual property remained under company control.

In his August 2025 bankruptcy report, trustee Dennis Steffens confirmed the sale of Spyker’s trademark rights. This transaction effectively prevented any revival attempts by Muller and represented a key milestone toward finalizing the company’s liquidation process.

Models

File:Spyker C8 Aileron (edit).jpg
Spyker C8 Aileron

Spyker C8

Template:Main article The initial flagship was the C8 Spyder, featuring an Audi 4.2-litre V8 engine. Since its debut in 2000, the lineup expanded to include twelve distinct versions. In 2008, a long-wheelbase variant named the CA Aileron was unveiled at the Geneva Motor Show, with a convertible edition introduced the following year.[45] Power output varied from 400 horsepower in the original C8 Spyder to 620 horsepower in the C8 Double 12S.

The latest addition, the C8 Preliator, made its official debut at the 2016 Geneva Motor Show. Production was limited to just 50 units. It is powered by a supercharged 4.2-litre Audi V8 delivering 525 hp, enabling acceleration from 0 to 100 km/h in 3.7 seconds and reaching a maximum speed of 322 km/h. Buyers could choose between a 6-speed Getrag manual gearbox or a 6-speed ZF automatic transmission. Consistent with Spyker’s aviation-inspired design philosophy, this model incorporates features such as NACA-style air intakes. Technological enhancements include a heads-up display and bluetooth phone connectivity, elevating driver convenience compared to earlier models.[46][47]

Spyker C12

File:STA42533.JPG
Spyker C12 Zagato.

The Spyker C12 represents a high-end sports car offered in two versions.[45] Although Spyker initially intended limited production, only one prototype of each variant was completed.

Spyker D12/D8

File:Spyker d12 gv 04.jpg
Spyker D12 Peking-to-Paris.

In 2006, Spyker introduced the high-performance SUV concept named D12 Peking-to-Paris at the Geneva Motor Show.[48] Originally scheduled for production commencement in mid-2008, the launch was postponed. The concept’s V12 engine was replaced by a Volkswagen W12 engine generating approximately 500 bhp (373 kW; 507 PS), and the vehicle was renamed as the D8.[49]

At that time, Spyker anticipated that support from its then-owner Saab would facilitate bringing the D8 into production.[49] Muller indicated that by April 2011, production was projected to start in early 2013 with an estimated price of £186,000.[50] However, by March 2013, production plans were deferred to 2016, with a prototype expected in 2014.[51] Ultimately, the project was discontinued and no production ensued.


Spyker E8/E12

Spyker's CEO, Victor Muller, along with the company's shareholders, suggested plans to create a competitor to the Maserati Quattroporte and Porsche Panamera featuring either a V8 engine (E8) or a V12 engine (E12). Nevertheless, challenges encountered during the production launch of the D8 caused this project to be postponed. It was not until 2009 that Muller expressed optimism about reviving the saloon model, stating he "believes now could be the time to resurrect the saloon".[52] He projected that bringing the E8/E12 from concept to manufacturing would require approximately four years. Ultimately, this model never entered production.[52]

Sales

The highest annual sales volume Spyker achieved was in 2006, when 94 vehicles were sold. Over the decade spanning 2000 to 2010, total sales amounted to roughly 290 units.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name

Year Units Sold
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

Starting in 2007, Spyker experienced annual financial losses. The following table highlights essential financial metrics for Spyker Cars from 2007 through 2012, based on figures published in the company's Annual Reports for those years.[14]

Amounts in millions
Year Revenue Operating
Result
Net
Result
Equity
Stock Price
Year-End
Employees
(FTE count)
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


Motorsport

Spyker F1

On 9 September 2006, Spyker acquired Midland F1 Racing, a Formula One team previously owned by Canadian entrepreneur Alex Shnaider. The purchase price was US$106.6 million.[53] Following the acquisition, the team was rebranded as the Spyker MF1 Team for the final three races of the 2006 Formula One calendar. During this period, the cars featured an updated livery reflecting the new ownership.

On 14 August 2007, Spyker Cars revealed plans to divest either part or all of its Formula One team amid considerations to separate from its parent company.[54]

Subsequently, on 3 September 2007, Indian magnate Vijay Mallya, chairman and CEO of Toyota-sponsored Kingfisher Airlines, together with Dutch businessman Michiel Mol, Spyker's Formula One Director, announced that their bid had been accepted by Spyker’s board. This transaction transferred ownership of the team to them.[55] For the 2008 season, the team was renamed as the Force India Formula One Team.

Spyker Squadron

The factory-backed racing outfit of Spyker, known as the Spyker Squadron, competed in prestigious endurance events including the 24 Hours of Le Mans, the Le Mans Series, occasional appearances in the FIA GT Championship, and the 12 hours of Sebring. Additionally, Spyker provided a vehicle to its Swiss distributor, Speedy Garages, which raced under the banner Speedy Racing Team.

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 Cite error: Invalid <ref> tag; no text was provided for refs named Spykercars.nl
  2. ↑ Heritage reference
  3. ↑ Acquisition reference
  4. ↑ Sale announcement
  5. ↑ Name change announcement
  6. ↑ Failed transaction report
  7. ↑ Bankruptcy announcement
  8. ↑ Resumption confirmation
  9. ↑ Second bankruptcy report
  10. ↑ Revival announcement
  11. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named C4Wauto-8991016
  12. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Annual Report 2011
  13. ↑ 13.0 13.1 Cite error: Invalid <ref> tag; no text was provided for refs named motorauthority1
  14. ↑ 14.0 14.1 14.2 14.3 14.4 14.5 Cite error: Invalid <ref> tag; no text was provided for refs named Annual Report 2012
  15. ↑ 15.0 15.1 Cite error: Invalid <ref> tag; no text was provided for refs named Company | Spykercars
  16. ↑ 16.0 16.1 Cite error: Invalid <ref> tag; no text was provided for refs named euroinvestor.com
  17. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named mabudala_ferrari
  18. ↑ ...
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  28. ↑ ...
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  30. ↑ ...
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  32. ↑ ...
  33. ↑ ...
  34. ↑ ...
  35. ↑ ...
  36. ↑ ...
  37. ↑ ...
  38. ↑ ...
  39. ↑ ...
  40. ↑ ...
  41. ↑ ...
  42. ↑ ...
  43. ↑ ...
  44. ↑ ...
  45. ↑ 45.0 45.1 Cite error: Invalid <ref> tag; no text was provided for refs named Models | Spykercars
  46. ↑ Spyker Official website (2016) - World Debut for the Spyker C8 Preliator Archived 2016-03-05 at the Wayback Machine, article retrieved March 2, 2016
  47. ↑ 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
  48. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  49. ↑ 49.0 49.1 Cite error: Invalid <ref> tag; no text was provided for refs named motorauthority2
  50. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  51. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Vijayenthiran
  52. ↑ 52.0 52.1 Cite error: Invalid <ref> tag; no text was provided for refs named carsuk1
  53. ↑ Midland sells MF1 Racing to Spyker, GrandPrix.com, September 9, 2006
  54. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  55. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).

External links

Template:Spyker Cars Template:Spyker F1 Template:Swedish Automobile Template:Automotive industry in the United Kingdom Template:Automotive industry in the Netherlands Template:Saab Automobile