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AUTOS: GM Signs To Sell Saab To Koenigsegg
Written by: Bob Golfen   
08/18/2009
Trollhattan (SWE)
 
General Motors signed an agreement Tuesday to sell its Saab division to Koenigsegg Group AB, a consortium led by the small Swedish builder of million-dollar Koenigsegg supercars.

Saab unveiled the 2010 9-3X at this year's New York Auto Show. (Photo: Saab) ยป More Photos
The sale will conclude by the end of the year, when the group takes over 100 percent of the Saab company, which has been a perennial money loser for GM. The Detroit automaker purchased the Swedish company about two decades ago.

Saab is one of the brands that GM is shedding as it emerges from bankruptcy. Deals are pending to sell Saturn to the Penske group and Hummer to a Chinese machinery company. Pontiac will be discontinued next year.

“This is excellent news for everyone connected to Saab around the globe,” said Jan Åke Jonssson, managing director of Saab. “This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X.”

Saab Automobiles AB, based in Trollhattan, Sweden,
filed for bankruptcy protection in February while GM shopped for a buyer for the innovative car company. Saab is expected to come out of bankruptcy this week.

No dollar amount was revealed for the sale, although the deal is contingent on the purchasing group getting more than $400 million in loan guarantees from the Swedish government.

GM will provide transitional assistance for Saab, which is about to launch several new cars developed with GM that are nearly production ready. As part of the proposed deal, GM will provide Saab with architecture and powertrain technology for a limited period of time.

"We have now concluded another important step in realizing the great potential of Saab,” said Christian von Koenigsegg, CEO of Koenigsegg Group. “Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it sustainable by making it profitable.

“We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation and fun-to-drive experience."
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