Car Industry

New day dawns over Saab

There is relief all around in Saabs hometown Trollhättan after the American owner GM on Tuesday announced that it has found a buyer for the Swedish car manufacturer. But there is still a long way to go before the deal is done.

For the deal to go through, Saab needs a big loan from the European Investment Bank (EIB) and it is only now that the bank can start evaluating the new owners in Koenigsegg Group. If they receive a green light, the EIB wants the Swedish government to guarantee the loan. On Tuesday, the Swedish Trade Minister Maud Olofsson refused to make any promises.

Meanwhile, the front man of the new owners, Christian von Koenigsegg has been doing the rounds in the Swedish media. Although cagey about the financial details, Koenigsegg insists that the group has a long-term commitment.

To begin with, it wants to continue with Saabs existing business plan, but Keonigsegg made clear that he in the longer run hopes to bring home more of the production to Trollhättan and Sweden. Asked by the daily Dagens Nyheter what Koenigsegg's main contribution is, apart from money, he answered: "Never before has Saab been owned by entrepreneurs, and that will be the big difference".