DETROIT — A small Dutch automaker will try to do what U.S. auto giant General Motors Co. couldn't — make money by selling Saab brand automobiles in an increasingly competitive global marketplace.

GM signed a deal Tuesday to sell Saab to Spyker Cars NV for $74 million in cash plus $326 million worth of preferred shares in Saab.

The deal hinges on a $550 million loan from the European Investment Bank, which the Swedish government on Tuesday committed to guaranteeing.

The sale is a coup for Spyker, which is based in Zeewolde, Netherlands, and a lifeline for Saab, which has lost money ever since GM bought a 50 percent stake and management control for $600 million in 1989. The Detroit automaker gained full ownership in 2000 for $125 million more.

Saab employs around 3,500 people in Sweden and was within days of liquidation as part of GM's restructuring.

Now GM will continue providing vehicles and parts to the new company, to be called Saab Spyker Automobiles NV.

Spyker CEO Viktor Muller knows that Spyker faces a huge challenge to turn Saab into a money maker, but said he's confident it can be done.

"I think what we can bring to the table is entrepreneurship and tenacity," he told reporters.