Saab is one step closer to new ownership, after two decades under General Motors' control. Two months after the announcement that Koenigsegg was a potential buyer of Saab, GM has confirmed they have signed a stock purchase agreement with the Swedish exotic-carmaker to sell 100% of Saab shares. Koenigsegg builds $1 million super-cars with a claimed top speed of 245 mph.

The agreement will be subject to closing conditions including receiving $600 million from the European Investment Bank as well as transitional assistance from GM. GM and Saab will continue to share technology for a defined period of time. In the coming months, Saab is about to launch some new cars designed under GM management, including the Saab 9-3X, a redesign of the outdated 9-5, as well as a new 9-4X small, upscale SUV that have been developed with GM.

Last year Saab lost more than $380 million selling only 90,000 vehicles worldwide. The brand’s return to Swedish ownership will hopefully help the brand forge ahead.

GM says the deal will be done by the end of the year.

—Liza Barth