Saab will debut the 9-5 station wagon at the Geneva auto show in March.
Saab expects the car, which is calls the 9-5 SportWagon, to bring in "significant" extra sales because traditionally half of the 9-5 model's volume comes from the wagon variant.
The 9-5 SportWagon will bring a distinctive, alternative choice to the premium large estate segment, Saab said.
"The launch of the 9-5 SportWagon is a much-awaited next step in the rollout of our new product offensive," Saab CEO Jan Ake Jonsson said in a statement. "It will take Saab back into the large wagon segment where we have established a strong presence in many key markets with our previous offering."
Based on the 9-5 sedan, the wagon will arrive in European and U.S. showrooms in September. It has 1,600 liters of cargo space with the seats down and will be offered with an with optional powered, programmable tailgate.
The wagon will be available with the same range of turbocharged gasoline and diesel engines as the sedan, as well as Saab's XWD all-wheel-drive system, adaptive chassis control, adaptive cruise control, adaptive lighting and a head-up display.
Saab's sales slumped following uncertainty over its future when General Motors Co. threatened to close down the brand, then sold the company to Dutch super car maker Spyker Cars last February.
Saab sold 31,696 cars globally last year, down from 39,800 in 2009. The brand has set a global sales goal of goal of 80,000 units in 2011 and 120,000 units in 2012, when it also targets a profit.
In May, Saab will start selling the 9-4X crossover, which will compete with Audi's Q5 and Q7 and BMW's X3 and X5. The crossover is targeted for North America, China and Brazil. In 2012, the company will replace the aging 9-3.