Friday, June 19, 2009

BREAKING : Koenigsegg reaches agreement with GM to buy Saab

With General Motors selling out all their 'unprofitable' brands, like Hummer and Saturn, to emerge out of bankruptcy and called 'New GM'. Words now are all around the Swedish-originated, Saab. Well earlier reports were looming on China's Geely to buy Saab. However, with the help of the Swedish Government, the supercar maker Koenigsegg got into the bid, and won it.

Yes, it's official! General Motors announced that it has reached a preliminary agreement to sell the Saab brand to supercar manufacturer Koenigsegg. GM did not release any details on the price tag of the agreement, but said that the sale will include guaranteed financing by the Swedish Govenment.

“The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government,” GM said in a statement.

However, GM still has some stake in Saab. Therefore, GM will still provide Saab with platforms, engines, and technologies. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.

“Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments.” GM said in another statement

As for the new owner, Koenigsegg was founded in 1994, and has 45 employees and output of only a handful of cars a year. However with the match power of Swedish luxury and power, we'll probably see new Saab cars, that have some supercar inspiration.

Source : [General Motors]

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