Koenigsegg buys Saab – Confirmed

We’ve been running stories on the fate of Saab ever since GM’s trouble became apparent. First off it looked as if Fiat were at the head of the queue to take over Saab, but more recently we reported that Koenigsegg – the quirky Swedish Supercar maker – was in the running. That belief was compounded by a report that Koenigsegg had signed an MOU with Saab, and this morning we can confirm that the MOU has been signed and that Koenigsegg should complete the deal to buy Saab by the end of the third quarter this year.

Which is great news not just for Saab and Koenigsegg, but for car lovers and the Swedish Government. Saab has a long history and it would have been a crying shame to see it go under in the aftermath of GM’s collapse. And to end up in the hands of someone as innovative as Christian von Koenigsegg can only bode well for the future.

Under the terms of the MOU, GM will continue to supply Saab with architecture and powertrain technology for a defined period of time. The European Investment bank will provide £370 million of funding which will be guaranteed by the Swedish Government, and GM and Koenigsegg will provide support and funding for ongoing product development and operations.

GM’s European President, Carl-Peter Forster, said:

This is yet another significant step in the reinvention of GM and its European operations. Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group’s unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg’s proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors.

And we couldn’t agree more. This is the best result for Saab and the Swedish Car Industry. In an interesting aside, it turns out that the other Swedish car maker – Volvo – actually owns a nominal shareholding in Saab after taking shares in exchange for the use of its facilities a number of years ago. The shares amount to tuppence of nothing, but it does tenuously tie in three Swedish Car makers quite nicely.

Now it’s over to you, Christian. Show us what you can do!