General Motors sold its Swedish car-manufacturing unit Saab to a Koenigsegg Automotive consortium last Tuesday. The deal also packages a Swedish government assured US$600M funding commitment by the European Investment Bank.

Koenigsegg is a small niche-targeting auto maker, employing only 45 workers currently, and producing only a few cars each year.

General Motors and Saab are both declared bankrupt, with Saab being bankrupt since February this year.