Saab has moved a step closer to securing its future after Swedish supercar manufacturer Koenigsegg agreed to buy the company from GM.

The deal, which is subject to several financial stipulations including a funding commitment from the European Investment Bank, is expected to be resolved by the end of the year.

As part of the deal, GM and Saab will continue to share technology and services through licences and service agreements. This will include providing the underpinnings and engines for the new Saab 9-5 which is due to arrive next year.

"The closure of the deal is contingent on funding from the European Investment Bank, guranteed by the Swedish government," explained Carl-Peter Forster, president of GM Europe.