General Motors Inks Conditional Deal to Sell Saab

GM plans to sell its floundering Saab unit to the Swedish luxury sports carmaker Koeningsegg. Questions remain regarding the financing of the deal. Koenigsegg is a tiny Swedish outfit that makes high-performance sports cars that can sell for $1 million.

Copyright © 2009 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.


The business news starts with GM planning to sell one of its brands.

(Soundbite of music)

INSKEEP: This was expected: General Motors peeling off some parts of the giant company. And GM has reached an agreement to sell its floundering Saab unit to a Swedish luxury sports carmaker. A formal announcement is expected today, according to the Wall Street Journal. The Swedish company still needs $300 million to finalize the agreement and it's in talks with the Swedish government for some additional money. Saab was unprofitable for GM and last year fewer than 100,000 Saabs were sold. Under the new ownership, Saab hopes to launch three new models, including electric car, by 2012.

Copyright © 2009 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.