General Motors Sells Saab to Koenigsegg...and Volvo?

Scott Benjamin

(AP Photo/Ferdinand Ostrop)

Louise Nordstrom of the Associated Press reported today that General Motors' Swedish brand, Saab, "was rescued Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny luxury carmaker which produces only a dozen custom-made models a year." The deal is worth hundreds of millions of dollars and you can read all of the details in this press release from GM.

But here's a crazy plot twist that you probably didn't see coming...

As reported in an article published by Johan Nylander in The Swedish Wire, "In early 2000 Koenigsegg hired a wind tunnel to perform tests in Volvo's facilities. In return Volvo was paid 3,750 shares of stock in Koenigsegg. For that reason Volvo still appears on the list of owners, according to Euroclear, a provider of settlement and related services for bond, equity, fund and derivative transactions."

In other words, now that GM's deal to sell Saab to Koenigsegg is nearly complete, Volvo owns a small (very small) part of rival Swedish automaker Saab. As it turns out, the stock that Volvo holds in Koenigsegg amounts to just a little more than $1,000 in value. So is this in any way a threat to Saab? According to Nylander, it's clear that "the tiny ownership share in Koenigsegg is not of any major importance to Volvo." How does he know? Well, the Volvo spokesperson told him, "I don't know of any holdings [in Koenigsegg] and I haven't been able to find any information."

As insignificant as some of these finer points seem, I think details like this are interesting. If nothing else, it makes for good water-cooler conversation.

More related stuff: Saab Sports Cars Volvo Sports Cars History of Sweden New Saab Prices & Reviews