Saab Automobile, General Motors’ struggling Swedish unit known for its family cars, was rescued on Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny company which produces only a dozen custom-made super cars a year.

GM said that the sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by the Swedish government. Additional funding for Saab’s operations and investments would be provided by GM and Koenigsegg. The sale is expected to be completed by the end of the third quarter and is subject to regulatory approvals by authorities.

“This is yet another significant step in the reinvention of GM and its European operations,” GM Europe president Carl-Peter Forster said. “Closing this deal represents the best chance for Saab to emerge a stronger company,” he added.

The company behind the consortium, Koenigsegg, was founded in 1994 by Christian von Koenigsegg, a Swedish sports car fanatic and entrepreneur, who remains the chief executive. It makes luxury sports cars at its headquarters, a former air force base near Angelholm, in southern Sweden. With a full-time staff of 45, Koenigsegg makes around a dozen cars a year, customised for every buyer. The company doesn’t advertise prices for its models, but they are believed to range between 8 million and 18 million kronor ($1 million-$2.3 million) each. Saab, on the other hand, has more than 4,000 staff worldwide, is represented in some 50 countries, and typically produces more than 100,000 cars a year.