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Victor Muller sells Spyker sports cars to CPP
Thu, 24 Feb 2011Supercar maker Spyker is to be sold. Coventry-based coachbuilder CPP has announced a memorandum of understanding (MOU) to buy Spyker Cars from Spyker Cars N.V, the holding company which owns Spyker and Saab. No. Saab remains under the ownership of Dutch company Spyker Cars N.V. This sale is of Spyker, the manufacturer of flamboyantly detailed mid-engined supercars. CPP has been supplying chassis and body panels for Spyker since the brand was relaunched in 2000, and completed an agreement to handle full manufacturing of the current range in 2009 – the production of Spyker cars moved from the Netherlands to Coventry in 2010. The MOU, valued at €32m, will mean that CPP Global Holdings Ltd will become manufacturer and owner of Spyker – €15m will be paid straight away, with the remaining €17m paid over a six year 'earn-out' period.
New Peugeot 208 production cut as sales disappoint
Tue, 09 Oct 2012Peugeot is cutting back on production of the new 208 as its sales fail to reach expectations, just six months on from launch. It’s not enough when Europe is ion the midst of an economic crisis and car buyers are polarised between ‘budget’ cars that offer more for less than mainstream offerings and ‘Premium’ models that are bought on the back of a preconceived notion of more kudos. That leaves car makers like Peugeot (and Renault, Citroen, Vauxhall, Ford, Opel, Fiat…) between a rock and a hard place, unable – or unwilling – to compete with the offerings from Korea and saddled with a brand that doesn’t have the ‘class’ of an Audi or a BMW or a Mercedes or even a VW.
Fiat 500 in New York
Sat, 06 Jun 2009The Fiat 500 on Wall Street - Image by AP Fiat has obviously taken a good look at what BMW has managed with the MINI and thought ‘We can do that’. After all, the Fiat 500 is a car very similar in concept to the MINI. Designed to evoke a motoring icon, but made very much 21st century in its execution, both the MINI and the Fiat 500 have gone down a storm in Europe.