Koenigsegg agrees to buy Saab
* Terms of sale agreed * Deal to be finalised soon * GM to continue to help Saab...
Swedish sports car firm Koenigsegg has agreed to buy Saab from General Motors (GM).
Details have yet to be finalised, with Koenigsegg seeking funding from the Swedish Government and assistance from GM to help in the process of Saab becoming independent.
A deal has also been struck to allow Koenigsegg and GM to share technology, which will ensure that new Saab and GM-developed models, such as the next 9-5 and 9-3X rugged estate, can still go on sale.
The deal should be concluded 'in the next few months', according to spokesman for the concerned parties.
Christian von Koenigsegg, CEO of the sports car company said: 'Our plan is to transform Saab into a stand-alone, 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.'
What about Saab owners?
A Saab spokesman confirmed that finance contracts with existing and new customers will be honoured, even if a car has been purchased through GM finance. The same applies to warranties.
What is Koenigsegg?
The company was founded by Christian von Koenigsegg and its headquarters are in southern Sweden.
The company's first production prototype, the CC, was shown at the Paris motor show in September 2000. The first production model, the CC 8S, was revealed at the Geneva motor show two years later.
The 800bhp CCR was revealed at the same motor show in 2004, and was named as the world's fastest road car the following year.
The CC X was built in 2006, and the so-called 'green supercar', the CC XR which can run on biofuel was launched in 2007.