GM Reaches Deal For Sale of SAAB to Koenigsegg

General Motors has finalized the deal that transfers ownership of the SAAB brand to supercar maker, Koenigsegg. Koenigsegg is a small Swedish company with about 45 employees who came out of nowhere to be the front runner in the bidding for SAAB. It is estimated that the transaction will close in the third quarter of this year.

This adds to GM's housecleaning list of brands that it wanted to sell. Hummer has been sold to an overseas company, Saturn has been sold to Penske and now Saab is a done deal. Pontiac will be phased out over time leaving Buick, GMC, Chevrolet and Cadillac. These four brands will be the core of GM's new company emerging from bankruptcy. Whether or not GM can succeed remains to be seen.

What we would like to see is General Motors being committed to producing alternate energy vehicles and shedding the old paradigm of the internal combustion engine. They have a good start with the Chevy Volt, but they need many more models, including EV's, better hybrids, CNG and even biodiesel.