Koenigsegg to buy Saab

Swedish supercar maker Koenigsegg reaches agreement with GM to buy Saab

Saab’s future looks to be secured thanks to a buyout from fellow Swedes Koenigsegg. General Motors, Saab’s current owner, has signed a memorandum of understanding for the company’s purchase by Koenigsegg Group.

The latter is the combined efforts of the supercar manufacturer and a consortium of private investors, which has reached a tentative agreement to buy Saab, with an additional $600 million funding commitment (or £365m) from the European Investment Bank, guaranteed by the Swedish government. General Motors are unlikely to receive a fee from Koenigsegg Group for Saab, but will benefit from the loss of another brand (and its debts) from the GM books.

Subscribe to evo magazine

Subscribe today to have every issue of evo delivered straight to you. You'll SAVE 39% on the shop price, and get evo for its original cover price for a whole year!

GM will continue to provide Saab with architecture and powertrain technology for a defined (but undisclosed) time period, something especially key with the launch of the brand-new Saab 9-5 saloon at the end of the year. It’s a very key car to the company’s future, but this buyout should ease worries at Saab’s Trollhattan plant for now.

Saab’s MD, Jan Ake Jonsson, said ‘The proposed agreement will enable us to maximise the brand’s potential through an exciting new product line-up with a distinctly Swedish character. Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe.’

While a Saab supercar is highly unlikely, the buyout could be of great benefit to Koenigsegg as it aims to put its ambitious Quant electric four-seater into production. Read more about that here…

Most Popular

SSC Tuatara hypercar hits 331mph, making it the world’s fastest production car
News

SSC Tuatara hypercar hits 331mph, making it the world’s fastest production car

Over a decade after SSC last entered the record books, its Tuatara has claimed the title of world’s fastest production car
19 Oct 2020
Volkswagen Golf GTI 2020 review – eight generations new, the GTI still has the goods
Volkswagen Golf GTI hatchback

Volkswagen Golf GTI 2020 review – eight generations new, the GTI still has the goods

A very good hot hatch, but a great Golf GTI, the new mk8 excels where required to form a very desirable offering
19 Oct 2020
Range Rover D350 Autobiography 2020 review – new straight-six diesel a great fit
Land Rover Range Rover

Range Rover D350 Autobiography 2020 review – new straight-six diesel a great fit

The Range Rover’s new powertrain improves an admittedly aging package, but age doesn’t inhibit regality and it still has that in excess
17 Oct 2020
Cupra Leon eHybrid 2020 review – are hybrids and hot hatchbacks still mutually exclusive?
Cupra

Cupra Leon eHybrid 2020 review – are hybrids and hot hatchbacks still mutually exclusive?

Cupra’s hybrid hot hatch isn’t really sure what it wants to be – wait for the regular Cupra instead
16 Oct 2020