The green light is on for super car maker Koenigsegg to take over General Motors' Saab subsidiary.

Both companies may be Swedish, but consider that Koenigsegg, with 45 employees, only made a handful of its million-dollar cars, including the 800 hp CCX, last year compared to Saab, with 3,400 employees, which made more than 93,000.

But Saab Chief Executive Jan Ake Jonsson told Reuters: "This group has the financial strength and a long-term view which is key in the car industry."

"Smaller firms like Koenigsegg have a somewhat different take on how to drive development and production, and they have cutting-edge know-how that we can benefit from," he added.

"Our ambition is to turn the company around and keep it for the long term," added Koenigsegg president, Christian von Koenigsegg.

Saab, which has not made a profit since 2001, filed for bankruptcy protection in February after General Motors, itself now bankrupt, said it would cut ties to the brand by the end of the year, according to Reuters.

But a Swedish court has approved a 75 percent writedown of Saab's $1.3 billion debt and the deal includes $600 million in loans from the European Investment Bank that are guaranteed by the Swedish government.

"This is neither a luxury or a people's car, but it has its own niche - a bit of postmodern comfort, sporty, but with environmental thinking," von Koenigsegg told Swedish TV, according to The Associated Press.

- Peter C.T. Elsworth