2009 Spyker Announces that Vehicle Assembly will move to UK

ZEEWOLDE, The Netherlands (November 20, 2009) – Spyker Cars N.V., manufacturer of exclusive premium sports cars, announces today that it will relocate vehicle assembly to its supplier, CPP (Manufacturing) Ltd, UK.

By relocating its assembly lines from Zeewolde to Coventry, Spyker will achieve considerable improvements in efficiency and substantial cost-reductions. The relocation is expected to be completed by the end of this year.

Of the 135 Spyker employees in the Netherlands, approximately 45 jobs will be directly affected. A full social plan will be prepared in consultation with the trade unions, and Spyker will work with the trade unions to assist the employees concerned in finding a new job. Engineering, Corporate staff functions, Sales, After-Sales, Marketing and "Spyker Squadron", the company's Works' GT race team, will remain in Zeewolde. Management will continue its efforts to reduce costs and further headcount reduction may not be excluded.

Victor R. Muller, CEO of Spyker Cars stated: "In these challenging times, a small manufacturer like Spyker has to find ways to reduce costs as well as improve its efficiency. By relocating vehicle assembly to CPP (Manufacturing), which was Spyker's very first contracting partner at the inception of our company in 2000 and has been one of our most trusted partners ever since, we secure the future of our business".

"With approximately half of our vehicles' parts and components sourced in the UK, and virtually all key suppliers being located there, moving closer to our suppliers and engineering partners will result in substantial savings and tangible efficiency improvements".

"We realise that jobs will be affected in the Netherlands but we believe this move is necessary under the current economic circumstances and is in the best interest of the company and all of its stakeholders," he added.

Brendan O'Toole, Managing Director of CPP (Manufacturing), stated: "We have worked closely with Spyker since 2000 when we built their very first prototype chassis, and have grown with Spyker to become one of the leading low-volume manufacturers in the industry. We will maintain the highest standards of quality in the assembly of Spyker vehicles, while at the same time achieving significant cost reductions and operational efficiencies for Spyker".