2012 Honda CR-Z

Saab Sale To Koenigsegg Gets $610 Million Backing From Sweden

 
3 1,458 views October 6, 2009

2010 Saab 9-5

2010 Saab 9-5

Enlarge Photo

2010 Saab 9-5

2010 Saab 9-5

Enlarge Photo

2010 Saab 9-5

2010 Saab 9-5

Enlarge Photo

Koenigsegg's purchase of Saab had been rumored to be in trouble due to financing issues, but the Swedish government's decision to guarantee the $610 million loan sought from the European Investment Bank today shores up the purchase.

General Motors and Koenigsegg reached an agreement for the sale of Saab back in August, but the deal hasn't been completed as Koenigsegg has struggled to come up with the funding to buy out 100% of GM's interest under the terms of the deal.

Sweden's eagerness to keep Saab, as well as Volvo, within its borders, no doubt plays into the decision to back the Koengigsegg Group's purchase of the brand.

Even after the sale of Saab, however, GM will continue to share technology and services through an agreement like that between Penske and GM for the Saturn brand. Unlike the failed Penske-Saturn deal, Koenigsegg's purchase isn't dependent upon further supply contracts from other carmakers.

Saab is already planning to launch three new models over the next 18 months, including the 9-3X, 9-4X and the recently revealed next-gen 9-5 (pictured).

[Reuters]





Tags:
Posted in:
 
Contribute
Send us a tip Comment Contact the editor
Follow Us

 

Have an opinion?Join the conversation!

  • Posting indicates you have read this site's Privacy Policy and Terms of Use
Comments (3)

  1. By bepsf Posted: 10/6/2009 4:35pm PDT

    That new 9-5 sure would have looked smart with a 9000-Style liftback.
     
    Post Reply
    Vote
    Bad stuff?

  2. By Stevano Posted: 10/14/2009 3:50pm PDT

    It would look better yet with two less doors and a hatch. We can still continue to hope for the revival of the last real Saab -- the 1993 900 Turbo 3-door. :-)
     
    Post Reply
    Vote
    Bad stuff?

  3. By  vitamin c Posted: 12/12/2009 1:56am PST

    Koenigsegg has said it is looking for additional investors in the company and recently announced that China’s Beijing Auto would become a partial investor.
     
    Post Reply
    Vote
    Bad stuff?

 

Have an opinion?Join the conversation!

Research New Cars

Go!


More from High Gear Media

 
 
MotorAuthority
  • Follow Us
  • Twiiter
  • Facebook
 
 
© 2011 MotorAuthority. All Rights Reserved. MotorAuthority is published by High Gear Media. Stock photography by Homestar, LLC. Send us feedback.
 

Use the form below to send us a tip, give us feedback, or just say hello.

(max 750 characters)