General Motors has sold its Swedish unit, Saab to the Dutch sportscar maker Spyker.
GM has been trying to sell Saab, which has not made a profit since 2001, since January last year, and had started to close it while still looking for a buyer.
No price has been disclosed, but it's reported Spyker will pay $US400 million: $US74 million in cash and the rest in deferred shares.
The deal is subject to a Swedish government guarantee on a $US564 million loan from the European Investment Bank, which Sweden told GM it is reviewing.
Analysts are sceptical that a tie up between Spyker, which has not made a profit since being resurrected in 2001, and Saab, will revive the fortunes of both firms.
They say Spyker hopes to benefit from Saab's technical resources and distribution network, while Saab will get funds to survive and an injection of entrepreneurial spirit.