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Koenigsegg saves Saab

Date: 21 August 2009

Saab appears to have sealed its future with confirmation that fellow Swedish car maker Koenigsegg has signed a stock purchase agreement with current owner General Motors, with completion of the deal expected by the end of this year. Koenigsegg is famous for its low-volume supercars, and will acquire 100% of Saab from troubled GM, which is also still in negotiations to sell-off its GM Europe arm.

Saab uses several GM platforms and engines, and the announcement said they'll "continue sharing technologies and services during a defined time period", although there's no word yet on how GM UK Fleet will be affected.

GM UK Fleet boss Maurice Howkins said earlier this month he was looking for "excellent growth" from Saab Contract Hire after GM's own-brand leasing operation switch from Masterlease to ALD Automotive. But there is a strong likelihood that Saab's UK operation will be separated from GM after the deal is concluded. The agreement is still subject to Swedish government backing being delivered as promised.

"Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it 'sustainable' by making it profitable," said Koenigsegg chief exec Christian von Koenigsegg.