Amid rumors that Swedish car maker Saab could be sold for a nominal $1, Swedish businessman Lars Carlstrom told Dow Jones Newswires Wednesday that his consortium will submit a revised offer for the company.

For the bid to be successful, Carlstrom's consortium, which includes Luxembourg-based investment firm Genii Capital and Formula One motor racing entrepreneur Bernie Ecclestone, will have to convince Saab's parent company General Motors (GM) that it has a sustainable long-term business plan for the brand.

"We will submit a clarification, regarding liquidity, cash, and other things," Carlstrom said Wednesday, adding "we're working on it."

Dutch luxury car maker Spyker Cars is also bidding for Saab.

GM May Sell Saab for $1 - Auto - FOXNews.com

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