Embattled automaker General Motors has signed a preliminary agreement that would sell its Saab subsidiary to Koenigsegg, the BBC reported on Tuesday.
Koenigsegg is a Swedish car manufacturer that focuses exclusively on ‘supercars,’ which are extremely high-end, high-performance sports cars.
The Swedish firm employs only 45 people and produces 18 vehicles each year. By comparison, Saab 3,400 people in Sweden alone, where an additional 12,000 workers depend on Saab’s continued operation for employment.
Some analysts have expressed concern regarding Koenigsegg’s ability to expand the scope of its operation enough to effectively manage Saab. However, European GM president Carl-Peter Forster cited the Swedish automaker’s fiscal stability and independence as evidence of its capacity to take on the task:
“Koenigsegg Group's unique combination of innovation, entrepreneurial spirit, and financial strength... made it the right choice for Saab as well as for General Motors.”
Koenigsegg will also receive $600 million from the European investment bank as part of the deal.
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