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Sports car maker buys Saab: report

Sports car maker buys Saab: report

Published: 11 Jun 2009 17:15 GMT+02:00
Updated: 11 Jun 2009 17:15 GMT+02:00

Sporty Swedish car maker Koenigsegg has teamed up with a group of Norwegian investors to buy Saab from General Motors, according to state broadcaster Sveriges Television's news show Rapport.

Koenigsegg has signed a declaration of intent with regard to the purchase, with more detailed negotiations set to continue over the coming months.

The sports car maker, based in Ängelholm in southwest Sweden, has secured the backing of Norwegian investors, according to Rapport.

Koenigsegg has long been named as one of the parties interested in snapping up the ailing Swedish auto giant.

Earlier on Thursday, the Swedish trade ministry indicated that a sale was near when it released a statement to the effect that negotiations could now begin over state guarantees for loans to Saab. The Swedish National Debt Office (Riksgälden) is to act on behalf on the Swedish state in opening loan negotiations with Saab Automobile in order to pave the way for lending from the European Investment Bank (EIB).

"We have always said that when Saab got a new owner Riksgälden would be given the task of negotiating loan guarantees, if such are required. Following today's decision we are well prepared for that," said state secretary Jöran Hägglund in a statement.

Koenigsegg was founded in 1994 by Swede Christian von Koenigsegg, 36.

Video: Jeremy Clarkson test drives a Koenigsegg

TT/The Local (news@thelocal.se)

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Your comments about this article

17:38 June 11, 2009 by Random Guy
same saab, just sounds funny when it runs.......

"is that a yo-yo in your engine?"

.
17:57 June 11, 2009 by Gower76
This is really sensational news - great for patriotic Swedes that Saab will remain ostensibly Swedish, albeit backed by Norwegian dosh.
18:08 June 11, 2009 by Beavis
Koenigsegg make class cars, but I guess they are not selling. Probably want a budget car to sell instead.Bit like Ferrari buying Lada...

One is an engineering masterpiece, the others a piece of scrap
18:14 June 11, 2009 by karex
It wasn't scrap when it was still entirely Swedish - same goes for Volvo cars...

Now it will have a fighting chance to regain Swedish quality.

Good for them!
23:41 June 11, 2009 by martell
My comment got rejected due to "profanity".

Okay.
04:58 June 12, 2009 by AWH
I have owned 2 SAAB vehicles that I loved. When I attempted to buy my third a couple of months ago the dealer here in Sydney, Australia, didn't want to know me. I bought a Honda instead. The first task the new owner has for the Australian marketplace is to shake up the dealer network and get sales moving. What was once a great and innovative vehicle is now a sad and plastic American wannabe.
08:34 June 12, 2009 by Rick Methven
I have owned 10 SAAB Cars over the past 30 years and have been happy with all of them. BUT the quality of my current 9-5 Aero is not as good as my 9000 Aero which was the last of the truely Swedish SAABs and is still going well. The GM influence with typical American cost cutting has lowered the standard to fit in with the rest of the GM crap. Now it is time to re-build the Saab image for quality and innovation. First step - get rid of the 9-3 (Opel look alike), which has really dragged the SAAB image down. With the change in ownership there is now a strong possibilty that my next car will be a SAAB
08:59 June 12, 2009 by Nemesis
This is very good news. SAAB should never have went to a quality and jobs destoyer like General Motors.

This will hopefully save jobs, keep investment in engineering in Sweden and help strengthen the European car manufacturing market.

The quality of SAAB cars has dropped while under ownership by GM. That needs to be reversed and anyone brought in by GM, should be immediately fired as they are anti quality and completely useless.

I look forward to seeing SAAB innovation and quality again.

At last, some high quality and highly innovative European manufacturing may be allowed to flourish again.
14:28 June 12, 2009 by High Priestess Kang - Slut
Thank goodness!!!
16:21 June 12, 2009 by Mzungu
Shame that, VEB Sachsenring Automobilwerke Zwickau didn't buy SAAB,pehaps we would then had a car to be proud of...lol.

*time for a beer,bye!*
16:52 June 12, 2009 by jack sprat
A bigger more experienced company would probably be a better bet.

Theres a big question mark over wether a small co.producing a handful of specialised cars which have produced mixed feedback,can design and mass produce a quality popular car at a competitive price and operate efficiently on a large scale to World-wide markets
17:16 June 12, 2009 by Bender B Rodriquez
I don't know about that, but I think Saab needs a visionary leader and not just another giant car manufacturer. Sabb should not compete by massproducing boring mainstream cars; they should be the Google, Skype and Spotify of cars...
17:32 June 12, 2009 by jack sprat
After the drop in quality,reliability and confidence under General Motors,...designing,producing and marketing new up-market models will be no easy task.

There can be no short term quick fix.

Just hope the finance,determination and know how are there to see it through long term.
17:59 June 12, 2009 by High Priestess Kang - Slut
Agreed.

I think GM's total failure with SAAB lies in the fact that GM tried to market the product as a mass, rather than the niche product it is.
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