BEIJING -- Dutch luxury car manufacturer Spyker Cars N.V. will distribute its luxury sports cars in China through a joint venture with state-owned car importer China Automobile Trading Co. (CATC).
The two companies signed a joint venture agreement on April 25 in Beijing. The new venture will be the sole distributor of Spyker-badged luxury cars, luxury SUVs and luxury commercial vans.
The new company will be 51 percent owned by CATC and 49 percent by Spkyer, Victor Muller, CEO of Spyker Cars, told Automotive News China.
"It is very clear that any OEM today without a China strategy will be in deep trouble, and I am very happy to say that Spyker has its China strategy and found its partner to develop its business over the coming decade," he said.
Established in 1993, CATC has until now acted mainly as an importer of vehicles made by General Motors Co., Ford Motor Co., Chrysler LLC, Volkswagen AG and Mitsubishi Motors Corp.
Spyker acquired General Motors Co.'s Saab unit in February. In December last year, Beijing Automotive Industry Holding Co. (BAIC), a state-owned Chinese automaker, purchased all rights to the previous generation Saab 9-5 and some technologies from the current Saab 9-3.
Currently, Shanghai GM, a joint venture between GM and Shanghai Automotive Industry Corp. is the importer of Saab cars in China. But the contract expires at the end of this year.
After that, Muller said the China distributor of Saab's might be CATC, BAIC or still Shanghai GM.
"So we are exploring all these options right now and I was meeting all these partners yesterday in order to collect data and make a proper decision over the next two months," he said.