Koenigsegg is of "no use" to Saab, Swedish professor said, as the sport car maker is said to become the new owner of General Motor's loss-making Saab.

Koenigsegg has in collaboration with Norwegian investors signed a declaration of intent with GM to acquire the Sweden-based car manufacturer Saab, according to Swedish state television SVT. But critics say that Koenigsegg doesn't have the financial muscles needed and so merely is used as a facade.

“Saab needs a financially strong owner that can handle negative cash flow for several years”, said Christer Karlsson, auto industry expert and professorat the Copenhagen Business School, to business daily Dagens Industri.

“The fact that Koenigsegg is in on this is uninteresting. The persons who are the capital investors are the interesting ones”.

According to Bloomberg, it takes Koenigsegg a year to sell as many cars as General Motors does in a minute. Besides, Koenigsegg and Saab have little in common in terms of production, material or structure.

“I want to make it clear that Koenigsegg in no way can be of any use to Saab”, Christer Karlsson said to DI.

The critic has been hard in Swedish media. “It sounds like a joke,” wrote the tabloid Aftonbladet’s automotive reporter. Expressen’s automotive reporter wrote that it’s “totally unrealistic” that Koenigsegg could pull off a deal likely to be worth 5 - 10 billion kronor (€467 – 952 million).

However, the disputed potential takeover has a number of positive sides. After GM's failure to make Saab profitable, a young challenger like Koenigsegg, and it's manager and founder 36-year-old Christian von Koenigsegg, just might be the one to pull it off. Koenigsegg is financially backed up by Norwegian industrial designer Bård Eker, who owns 49 percent of the carmaker. He is described as a workaholic who has turned around bankrupt companies before.

“It’s quirky and Swedish, and those are the brand values that Saab needs to return to,” said Paul Newton, an automotive analyst with IHS Global Insight in London, to Bloomberg. “GM hasn’t handled Saab well. It’s a damaged brand, but there’s potentially great value there.”

The sports car manufacturer produces just 20 of its deluxe sports cars a year and sells each one for more than a million euros. The Saab auto maker sold 93,000 cars worldwide last year.