Industry news: GM to sell Saab to Koenigsegg

June 16, 3:54 PMChicago Autos ExaminerTim Healey

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  2009 Saab 9-3

General Motors has finalized a sale of its Saab brand to Swedish supercar-maker Koenigsegg, according to Automotive News. The deal includes $600 million worth of financing from the European Investment Bank that will be backed by the Swedish government, according to Automotive News. The deal should close by the end of the third quarter.

The Examiner's Take

Saab, like GM, has been in bankruptcy protection. This could help it emerge from Swedish bankruptcy protection as a more viable company. Not to mention it means the historically quirky brand will be around for a while, which is good news for Saab loyalists. Returning to Swedish control may also appease those Saab loyalists who were uncomfortable with GM's ownership of the company.

For GM, this means that it will be able to trim its number of brands from eight to four, meaning it will be leaner as it emerges from it's own bankruptcy. Cutting from eight brands to four was one of GM's stated restructuring goals, and with the sales of Hummer, Saab, and Saturn and the discontinuation of Pontiac, it looks like the company will achieve that goal.