A consortium led by Swedish supercar manufacturer Koenigsegg has reached agreement with General Motors over the sale of troubled marque Saab.
Yet to be ratified the two groups have entered into a memorandum of understanding, however the sale is expected by the end of the third quarter of the year and includes an expected $600m funding commitment from the European Investment Bank, a long with a guarantee by the Swedish government.
“This is yet another significant step in the reinvention of GM and its European operations,” said GM Europe President, Carl-Peter Forster. “Saab is a highly respected automotive brand with great potential. 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.”
As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during an as yet unknown time period. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.
“The proposed agreement will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Swedish character. Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe, said Jan Åke Jonsson, Managing Director of Saab Automobile AB.
Potentially very exciting news for Saab fans.
