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General Motors has reached an agreement to sell Saab to a group of investors led by Koenigsegg, the Swedish supercar maker.

As part of the deal GM said there would be $600m (£367m) of funding from the European Investment Bank (EIB), guaranteed by the Swedish government. It is possible that no money will change hands between GM and its new owner for Saab and its assets.

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The buyer is called Koenigsegg Group, and consists of what is described as "a consortium of private investors led by Koenigsegg Automotive AB."

The sale is expected to close by the end of the third quarter of this year. Saab filed for bankruptcy protection on 20 February and has been restructuring since then to improve its appeal to potential new owners.

GM Europe President, Carl-Peter Forster said Saab is a brand with “great potential”. “Closing this deal represents the best chance for Saab to emerge a stronger company,” he added.

“Koenigsegg Group's unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg's proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors."

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