Luxury sportscar maker Koenigsegg said on Wednesday that China's BAIC would take a stake in the group to help finance its purchase of Saab Automobile from General Motors. Koenigsegg said in a statement that the memorandum of understanding signed with Beijing Automotive Industry Holding (BAIC) would see the Chinese firm take a minority stake in Koenigssegg Group, which in turn would own 100 percent of Saab.

"This is an important step on the road toward a new Saab. We have a well prepared business plan, an important partnership and we are ready to proceed without state financing," Koenigsegg Chief Executive Christian von Koenigsegg said in the statement.

Koenigsegg, backed by U.S. and Norwegian investors, struck a deal earlier this year with GM to buy the Detroit automaker's loss-making Saab Automobile business, but questions remained regarding the financing of the deal.

BAIC, ranked fifth in China, dropped out of bidding for Opel in July and had been tipped by some as a possible bidder for Ford-owned Volvo Cars.