Early years
In 1999, the reborn company was founded by Victor Muller and Maarten de Bruijn, and since 2000, Spyker has been building sports cars such as the C8 Spyder and the C8 Laviolette.[17] Spyker's history of producing aero engines is incorporated in the details in these new cars as well as in the logo.[17] The first car built by de Bruijn was the Spyker Silvestris prototype, which inspired the C8 model.
The C8 Laviolette and C8 Spyder have a 4172 cc Audi V8 engine delivering 400 bhp, acceleration from 0 to 60 mph in 4.5 seconds, and a top speed of 300 km/h.[18][19] On 14 July 2005, Spyker announced that the C8 had been approved for sale in the US market.[20][21]
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.[22]
Between 2003 and 2007, Spyker built the C8 Spyder T, with the twin-turbo system developed in conjunction with Cosworth in England.[23] These engines were capable of 525 h.p. and 0–60 mph acceleration times of 4.0 seconds.[24]
In 2005, the head designer and founder, Maarten de Bruijn, left the company and founded Silvestris Aquamotive, which builds aluminum space frame speed boats.[25][26]
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.[27][28]
In September 2006, Spyker acquired the Midland F1 team,[29] which subsequently competed in the final three races of the 2006 season as Spyker MF1. During the 2007 Formula One season, the team competed as Spyker F1 using engines supplied by Ferrari. Driver Adrian Sutil was paired with Christijan Albers until the European Grand Prix, after which 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 Force India.[30]
On 27 May 2004, Spyker Cars listed on the Euronext Amsterdam Stock Exchange at €15.50, falling to a low of €8.28 in April 2005.[31] The stock rebounded sharply in early 2006 to over €22 per share.[32][33] Early in 2007 the stock showed a sharp decline to levels beneath €13 because of financing issues.[31] 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. On 13 November 2005, Spyker Cars and Mubadala Development Company, a principal investment company wholly owned by the government of the United Arab Emirates,[34] announced their strategic alliance, with Mubadala acquiring 17% of Spyker.[35] Mubadala has a strong relationship with sports cars, also controlling 5% of Ferrari
In 2007, Spyker, in collaboration with the Italian car-design firm Zagato, produced the C12 Zagato, based on the C12 La Turbie, but with a restyled body, increased performance, and the Zagato trademark double bubble roof.[38][39] This is perhaps the most exclusive Spyker car to date.[40]
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.[41][42] UK production began in February 2010.[43] Due to the bankruptcy of SAAB and a falling out with its business partners, the production was not moved to the UK.
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 30 March due to suppliers refusing to deliver parts on credit.[53]
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 (US$21 million) for the company.[54][55] However, in March 2011, the deal fell through,[56] with Spyker's manufacturing partner CPP Manufacturing placing a bid, but this deal fell through later that month.[57][58]
Post-bankruptcy
On 6 August 2012, Spyker announced that it would sue GM over the Saab bankruptcy,[78] 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 Judge Gershwin Drain. Drain 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.[79] Spyker's appeal of the ruling was heard at the 6th U.S. Circuit Court of Appeals in Cincinnati on 24 October 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.[80]
On 27 August 2012, Spyker announced that Youngman had acquired a 29.9% stake in the company for €10 million (US$12.5 million).[81]
