GM says reaches deal to sell Saab to Koenigsegg

GM says reaches deal to sell Saab to Koenigsegg
AFP
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First Published: Tue, Jun 16 2009. 01 37 PM IST
Updated: Tue, Jun 16 2009. 01 37 PM IST
Stockholm: US automaker General Motors has signed a peliminary agreement to sell its loss-making unit Saab Automobile to Swedish luxury sports car maker Koenigsegg, GM said in a statement on Tuesday.
“General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future,” GM said.
GM, now in bankruptcy protection in the United States, put Saab up for sale in February as it bids to slim down its range of brands and become profitable again.
Koenigsegg, founded in 1994 by Swedish businessman Christian von Koenigsegg, has just 45 employees and produces 18 high-end sports cars a year for more than a million euros ($1.4 million) each.
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First Published: Tue, Jun 16 2009. 01 37 PM IST