Swedish supercar manufacturer Koenigsegg has agreed a deal to buy Saab from GM.
Koenigsegg Group AB a consortium led by Koenigsegg Automotive AB - is expected to finalise the paperwork by the end of September. The deal includes an expected $600 million (around 365 million) funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government.
Additional support will be provided by GM and Koenigsegg to fund Saab's operations and product investments. This includes plans to launch several new products that are in the final stages of development.
As part of the proposed deal, GM will continue to provide Saab with technology for a defined time period. Saab has confirmed that the next-generation 9-5 executive car will be produced at its factory in Trollhattan, Sweden.
GM Europe President, Carl-Peter Forster, said: 'This is yet another significant step in the reinvention of GM and its European operations.'
'The proposed agreement will enable us to maximise the brands potential through an exciting new product line-up with a distinctly Swedish character.'
Koenigsegg was founded in 1994 by Christian von Koenigsegg. Its current model line-up consists of the CCX and CCXR, which both have a supercharged V8 engine and a claimed top speed of over 250mph.