Spyker taps into China's luxury sports car market

Spyker Cars N.V., the Dutch luxury sports car maker, is looking for business opportunities in China, the world's largest auto market, and has taken its first step.

The company announced here Sunday that it has signed an agreement with China Automobile Trading Co. (CATC), one of the country's major auto importers, to establish a joint venture in China as Spyker's sole general distributor for its new generation of cars in the region.

Victor Muller, CEO of Spyker Cars, expressed great optimism over China's growing luxury car market at the signing ceremony, as well as a strong will to find Spyker's place in the surging market.

Since China has already become the world's largest auto market, it would be difficult for global auto makers to progress without a clear strategy for the Chinese market, he said.

The joint venture would build a network for Spyker's sales and after-sale service in China, with supercars, luxury sport utility vehicles (SUVs) and luxury commercial vehicles as its major products, according to the agreement.

The two sides are still waiting for formal government approval to complete the establishment of the joint venture.

The Netherlands-based auto manufacturer is one of the world-class luxury car makers and has just taken over General Motors Co.'s Swedish Saab unit in February.

China has replaced the United States as the world's largest auto market as auto sales hit 13.64 million units last year, with world auto giants all busy seeking a bigger share of the market.