GM agrees to sell Saab to Koenigsegg

Saab has confirmed that its will shortly be owned by a consortium called Koenigsegg Group - a group of private investors led by Swedish supercar maker Koenigsegg.

The details aren't finalised yet, but the move means Saab essentially stays in Swedish hands when the sale goes through officially - likely in September. Around £360m in funding will be provided by the European Investment Bank and guaranteed by the Swedish Government, though GM itself isn't getting any money from the sale, despite relinquishing all of Saab's assets

It is understood that Saab's plan to unveil a new 9-5 saloon at the Frankfurt Show in September will go ahead, before the new 9-4X SUV hits showrooms in 2010. Speculation will be rife about the possibility of a Saab supercar, or at least some very high performance versions of existing cars, given Koenigsegg's current output, though the supercar maker hasn't yet detailed its plans for Saab.

Whatever happens, Saab is in good hands. In a statement, GM Europe President Carl-Peter Forster said: "Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group's unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg's proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors."

Mark Nichol