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Swedish Car Company With 45 Employees Buys Saab

General Motors has agreed to send its Saab unit back home, selling the quirky carmaker to a consortium led by Koenigsegg, a Swedish maker of super-fast custom sports cars, that has 45 employees, The Post's Kendra Marr reports.

What the...? Forty-five employees?

This Saab sale follows GM's offloading of Hummer to Chinese industrial manufacturer Sichuan Tengzhong earlier this month.

Also, racing legend Roger Penske has promised to buy GM's Saturn division. That leaves only Pontiac as the last of the GM cast-offs, and it will be allowed to simply die on its own, an ignominious ending for a name plate that produced the legendary GTO, the glam Trans Am and even the wedge-shaped Fiero.

Penske races. Tengzhong builds bulldozers. What does Koenigsegg do? With its 45 employees?

It builds this:

(If the video won't load in your browser, click here to view.)

It has a top speed of 242 miles per hour. It goes zero-to-60 in 3.1 seconds, which is motorcycle-fast.

It cranks out 806 horsepower and costs $1.4 million, as each one is made by hand. It sold 18 of them last year. It was founded in 1994 by Swedish businessman Christian von Koenigsegg, 36, who wanted to build his dream sports car since he was a boy. His focus is on the California market, where most super-cars are sold.

Saab only sold 98,000 cars last year, but that's 97,982 more than Koenigsegg. This is like a bespoke tailor buying Jos. A. Banks.

It's unclear what Koenigsegg will do with Saab.

Commentators in Sweden have questioned "whether Koenigsegg would have the financial muscle or industrial know-how to run Saab," according to The Local, an English-language paepr in Sweden.

-- Frank Ahrens
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By Frank Ahrens  |  June 16, 2009; 11:44 AM ET
Categories:  The Ticker  | Tags: GM, Koenigsegg, Saab  
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Next: June 16, 2009

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