Koenigsegg Pulls out of Saab Deal

General Motors has just confirmed that Koenigsegg has backed out of buying Saab. "We're obviously very disappointed with the decision to pull out of the Saab purchase," said GM President and CEO Fritz Henderson.

"Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB," said Henderson. "Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."

Earlier this year GM's sale of the Saturn brand fell apart and the brand was immediately killed. Hopefully Saab is spared a similar fate, as the new 9-5 sedan was finally poised to debut.

The Hummer brand has been unofficially sold to the Chinese Tengzhong Heavy Industrial Machinery, but a deal has not yet been finalized. We're told to expect more info in the coming weeks.

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