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.

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STEVE INSKEEP, host:

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

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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.

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