GM to sell Saab
All of Chrysler's factories have been closed since May 1.
The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank guaranteed by the Swedish government, the companies said in a statement.
Saab was put up for sale by the now-bankrupt GM earlier this year as part of its effort to avoid bankruptcy. Saab sold fewer than 100,000 cars last year, making up only about 1% of GM's total sales in 2008.
GM recently announced a deal to sell its Hummer brand to a Chinese manufacturing company.
In related news, Chrysler, which is also in bankruptcy, said late Monday that it will restart one of its factories -- one that makes the Dodge Viper sports car. The plant employs 115 people.
All of Chrysler's factories have been closed since May 1, the day after the company filed for bankruptcy protection.
Viper has been up for sale since last August. The car has a 600 horsepower V-10 engine and a price tag that starts at about $91,000.
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