In the News: Don’t Sob for Saab – They’re Sold!
Swedish car maker Koenigsegg has agreed to buy GM’s Saab unit for an undisclosed sum much to the, what I would imagine, relief of GM. The sale is expected to close at the end of the third quarter and will include a $600 million funding commitment from the European Investment Bank guaranteed by the Swedish government. Saab has been a loser for several nears under the GM umbrella (selling just 783 cars in May), and has lost more market share than any of the other units being sold or closed by GM.
Koenigsegg, based in Angelholm, southern Sweden, was founded by 22-year-old entrepreneur Christian von Koenigsegg in 1994 to make exclusive sports cars for the super-rich – in other words, watch out, because Saab is soon to be rivaling the Ferrari and the Lamborghini. I know that when I think of elite sports cars, I always think of Saab – maybe now more people will think this way as well.
