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Koenigsegg Returns to US with NYC Location

Starting at $1.5 million, buyers can get new Agera.

by on Mar.17, 2014

Koenigsegg plans to build just six copies of the Agera One:1, at nearly $2.9 million apiece.

Tired of being limited to Ferraris, Lamborghinis and even the Bugatti Veyron when deciding which supercar to buy? Good news! Swedish-maker Koenigsegg is back in the U.S. again.

After being out of the U.S. market for a few years, the specialty maker is now partnering with Manhattan Motorcars in New York to sell its Agera R and S models as well as its new One:1 Mega.

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“We are truly delighted by the opportunity to work with such a passionate and well respected dealer like Manhattan Motorcars,” said Christian von Koenigsegg, CEO & Founder, Koenigsegg Automotive AB, in a statement. “We will do our outmost to support Manhattan Motorcars in the best possible way and are looking forward to a fruitful long-term relationship.” (more…)

Koenigsegg Reveals New Saab Investor Tomorrow

Insiders say sale of Saab will close by October 31st.

by on Sep.08, 2009

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If things proceed as expected, the controversy around the future of Saab will be resolved in time for the reveal of the Saab 9-5 model next week at the Frankfurt Auto Show.

The Koenigsegg Group has secured the additional  financing needed to complete the acquisition of Saab Automobiles from the General Motors Corporation, insiders close to the deal told TheDetroitBureau.com today.

Tomorrow morning in Europe  Koenigsegg will issue a release identifying a new investor, which should  allow the deal to close next month, according to our sources.

GM has not thus far been able to close the sale of its Saab, Opel, Hummer or Saturn brands as part of its reorganization and paring.

Press reports coming out of Sweden say that the Swedish government confirms it is scrutinizing a new financing package, but won’t reveal any details.

However, it is likely to reverse its previous opposition to the plan announced by General  Motors less than a month ago because more private equity is involved, diminishing the perception that the Swedish government is subsidizing the rich backers of the exotic car maker.

Frankfurt Coverage Free!

Frankfurt Coverage Free!

What remains to make the deal go through is a loan from the European Investment  bank, and Swedish government loan guarantees.

If things proceed as expected tomorrow, the controversy surrounding the future of Saab will be resolved in time for the reveal of the Saab 9-5 model next week at the Frankfurt Auto Show.

Saab filed for reorganization under Swedish Law on 20 February 2009, after GM said no more funding would be provided for the loss-making operation. As part of the plan, Saab said its design, engineering and manufacturing would be consolidated in Sweden.

(more…)

GM and Koenigsegg Group Sign Stock Purchase Agreement

The sale of Saab should close by the end of the year.

by on Aug.18, 2009

Saab 9-3X

The 9-3 is one of three new GM developed models along with the 9-5 and 9-4 coming during the next 18 months.

In Zurich this morning General Motors announced that it had signed stock purchase agreement for the sale of Saab Automobile AB to the tiny exotic car maker Koenigsegg, which has about 50 employees. The announcement confirmed GM’s earlier statement that it had secured a buyer for loss-making Saab. Year-to-date Saab sales are off almost 60% in the U.S.

Saab filed for reorganization under Swedish Law on 20 February 2009, after GM said no more funding would be provided for the loss-making operation. As part of the plan, Saab said its design, engineering and manufacturing would be consolidated in Sweden.

Conditions that must be met to close the sale include funding of more than $700 million from the European Investment Bank with Swedish government loan guarantees, and transitional assistance from GM, as Saab becomes independent. Saab is about to launch several new cars, including the 9-3X this month, developed with General Motors, that are in the final stages of development.

(more…)

General Motors Sells Saab to Koenigsegg Group AB with Swedish Government Loan Guarantees

The companies, one giant the other tiny, reach a tentative purchase agreement that is said to secure Saab's future.

by on Jun.16, 2009

Koenigsegg CCGT

Koenigsegg Automotive AB makes limited-edition exotic, carbon fiber sports cars.

Bankrupt General Motors Corporation and Koenigsegg Group AB confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB this morning. The deal had been rumored for months.

The Saab sale to a consortium led by Koenigsegg Automotive AB should close by the end of the third quarter of this year, depending on how the GM bankruptcy proceeds in the U.S. The sale includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government.

Tiny Koenigsegg Automotive a few limited-edition exotic sports cars each year. It has sales representatives in Africa, Asia, Europe, the Middle East, North America, and Oceania. The company was founded in 1994 and is based in Ängelholm, Sweden with 50 employees.

Saab filed for reorganization under Swedish Law on 20 February 2009, after GM said no more funding would be provided for the loss-making operation. As part of the plan, Saab said its design, engineering and manufacturing would be consolidated in Sweden.

“We have been consistently unprofitable with the Saab brand since our acquisition,” said Fritz Henderson, CEO of GM, in a web chat with media after the announcement. He said there were “myriad reasons for this, but the brand has outstanding appeal, incredibly loyal customers and dealers, and we ran out of money just on the eve of launching the newest generation of Saabs, which we think will be outstanding.”

Saab 9-4x Concept

Henderson said, that under the terms of the MOU, he expects GM will build the new, mid-size 9-4 crossover model for Koenigsegg in Mexico.

The Saab bankruptcy announcement came on the eve of the Geneva Auto Show last March, where Saab unveiled the 2010 9-3X model, one of three new models (9-5, 9-3X and 9-4X) due to appear during the next 18 months.

Henderson also said that under the terms of the MOU he expects GM to build the new mid-size 9-4 crossover model for Koenigsegg and continue to supply powertrains. The 9-4 is due to go into production in Ramos Arizpe, Mexico, in 2010.  It is closely related to the Cadillac SRX.

The Swedish government in public statements made at the time of the bankruptcy filing did not appear to be interested in providing additional capital to Saab, but the ongoing Great Recession and massive job losses across the European auto sector has pressured national governments to do something in the face of protests from angry voters. The European Union central government has protested in vain as countries such as Germany, Belgium, Spain and the UK provided varying degrees of support to local auto operations.

This tentative agreement should allow Saab to successfully emerge from its reorganization process. It also might ease the way for the sale or reorganization of Ford Motor Company’s loss-making Volvo unit if the Swedish Government can guarantee funding. (more…)