General Motors and Koenigsegg Group AB Reach Tentative Agreement on Saab

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General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future. 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. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process. [Source:General Motors – Global]

  1. EMPM, Esq

    Keep Saab Swedish! Swedish automakers bring a little big of crazy to an otherwise mundane automotive landscape, and I appreciate that. GM only damaged the product; keeping the key in the center console doesn’t make it Swedish, GM. Nor does re-badging a Subaru. I guarantee that Koenigsegg will bring back a little bit of that Swedish soul that GM tried to kill. Hats off to you, Koenigsegg and Skal!

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