Confirmed: Koenigsegg Buys Saab

General Motors has just confirmed that Koenigsegg will be the new owner of Swedish manufacturer Saab, with the deal expected to close by the end of the third quarter. The European Investment Bank (EIB) will provide $600 million financing with state guarantee by the Swedish government, but additional support will also come from the luxury sports car manufacturer.

According to details of the memorandum of understanding, Koenigsegg will help Saab launch new products which are currently in the final stages of development and are supposed to help the Swedish ailing brand get back in business.

Furthermore, General Motors will also provide Saab with engines and other parts for a defined period of time, the American manufacturer said, with the Swedish manufacturer to produce the next-generation 9-5 version in its local facility in Trollhättan, Sweden.

“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."

“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.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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