Saabs, apparently, are going to get a whole lot faster.

CNN Money reports, "General Motors Corp's Saab Automobile AB has signed a letter of intent to be sold to Koenigsegg, a Swedish maker of exclusive sports cars, Swedish television station SVT reported Thursday." 

Koenigsegg, a name foreign to many Americans, manufacturers a tiny number of supercars annually, which rank among the world's fastest automobiles.  The AFP reports, "Koenigsegg, set up in 1994, produces just 20 of its deluxe sports cars a year and sells each one for more than a million euros (1.4 million dollars)."  Saab, on the other hand, "sold 93,000 cars worldwide in 2008, according to its website."

Reports say it may take weeks to complete the sale, with Koenigsegg requiring outside financing for the purchase.

The Detroit News notes, "A deal would be the latest in a flurry of moves by GM to sell or dump unprofitable assets as the automaker undergoes a court-ordered restructuring. Since filing Chapter 11 bankruptcy, GM has reached tentative deals to sell its Hummer and Saturn brands and on Monday announced it would drop its medium-duty truck business after a fruitless four-year search."  The company has plans to phase its Pontiac brand out of existence at the end of the year.

If you're in the market for a new car, check out the U.S. News rankings of this year's best cars as well as this month's best car deals.