Saab is currently developing its first hybrid model based on technology gained from parent company General Motors. Speaking with Reuters at this week’s Geneva Motor Show, Saab’s Managing Director Jan Ake Jonsson told reporters that the decision will allow it to reduce development costs thanks to parts sharing with other models within the GM family.

GM partnered with DaimlerChrysler and BMW to co-develop the new hybrid technology, which are also developing hybrid vehicles of their own. Mercedes-Benz revealed on Tuesday that it will be releasing a hybrid car by 2009, while BMW made the statement that it would start production of its own hybrid in two years time.

Jonsson wasn’t willing to give a launch date for the new Saab hybrid but said that it was just one avenue of green technology that it was currently investigating. Saab also used the Geneva event to showcase its new enviro-friendly 9-5 SportCombi sedan powered by a 300hp turbocharged engine that can run on 100% ethanol.