The engine was a transversly-mounted, water-cooled two-cylinder, two-stroke 764 cc, 25 hp (19 kW) thermosiphon engine based on a DKW design, giving a top speed of . The transmission had three gears, the first unsynchronised. In order to overcome the problems of oil starvation during overrun (engine braking) for the two-stroke engine, a freewheel device was fitted. The suspension was by torsion bars.
In 1952 Greta Molander won the 'Coupe des Dames' of the Monte Carlo Rally in a 92, tuned to 35 hp (26 kW). In 1953, the 92B arrived with a much larger rear window and larger luggage space (with an opening lid). It was now available in grey, blue-grey, black and green. In 1954 the Saab 92 got the new Solex 32BI carburetor and a new ignition coil giving 28 hp (21 kW). The US headlights were replaced with Hella units. Another novelty was that a textile roof (semi-cab or cabrio coach) was offered as an option. The color maroon was also introduced this year. In 1955, it acquired an electric fuel pump and square tail lights installed in the rear fenders. The colors were grey, maroon and a new color, moss green.
The English aviation test pilot 'Bob' Moore, who had helped to develop the Saab Tunnan (J29) jet aircraft, brought a 1955 Saab 92B back to England, when he returned, later to become the first managing director of Saab GB Ltd. This was reputedly the first-ever Saab car imported to the UK.
The Saab 93 was introduced in December 1955, but both the 92B and 93 were produced at the same time, for a while. The last 92 was assembled in late 1956/early 1957. Two new colors, grey-green and beige, were available. A total of 20,128 Saab 92s were made.
The Saab 92 appears on a Swedish postage stamp.
When General Motors in 2008 made a list of their top ten cars the Saab 92 came in first followed by Pontiac GTO (1964), Chevrolet Corvette (1953), EV1 (1996), Opel Olympia (1936), LaSalle (1927), Chevrolet Bel Air (1955), Cadillac V16 (1930), Cadillac Model 30 (1910) and Cadillac (1912).