(November 24, 2009) Swedish supercar maker Koenigsegg Group AB has terminated its agreement to buy the Saab brand from General Motors Co.

"We're obviously very disappointed with the decision to pull out of the Saab purchase," GM CEO Fritz Henderson said today in a statement announcing Koenigsegg's decision. "Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."

The future of its loss-making subsidiary appears grim, since GM has said it will not put any more money into the operation.

Koenigsegg, the ultra small Swedish sports car maker, was trying to put together a deal with Beijing Automotive Industry Holdings Company Ltd, which would become a partner.