General Motors (GM) has reached a stock purchase agreement to sell its loss-making Saab unit to Swedish luxury sports car manufacturer Koenigsegg Automotive.
The agreement permits GM and Saab to continue sharing technology and services for a defined time period. This will allow Saab to launch a range of cars developed with GM, which is currently in the final stages of development.
Carl-Peter Forster, president of GM Europe, said: ‘This contract is an important step in the journey to a potential deal. Saab’s great cars, its unique design, safety and engine technology, as well as its excellent brand image, combined with Koenigsegg Group’s unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand.
‘We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months.’
Christian von Koenigsegg, chief executive of Koenigsegg, added: ‘Our plan is to transform Saab into a standalone vibrant entrepreneurial company and make it “sustainable” by making it profitable. We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation and “fun-to-drive” experience.’
According to GM, the deal is subject to the approval of loans by the European Investment Bank (EIB), which must then be guaranteed by the Swedish government. The EIB is expected to make a decision later this year.