REPORT: GM to announce tentative sale of Hummer tomorrow
According to a report by the Wall Street Journal, General Motors plans to announce a tentative sale of the Hummer brand less than a day after filing for Chapter 11 bankruptcy protection. Although GM won't release the name of Hummer's (possible) future owner(s) on Tuesday, the WSJ's sources say that a deal could be struck by the end of the third quarter and the H2 and H3 will continue to be produced at GM's plants in Indiana and Louisiana.
It's been widely accepted that if GM couldn't offload Hummer this month, it would be killed during the bankruptcy proceedings, and the General has been entertaining bids from a interest parties, including a Chinese firm, for somewhere in the sub-$500 million range since late last year. When the announcement is made tomorrow, expect GM to be hyping the sale as part of its turnaround efforts and that the SUV purveyor's new parent will continue to work on expanding the Hummer line, including the production of future alternative-fuel models.
[Source: Wall Street Journal]
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Reader Comments (Page 1 of 3)
falcon5768 8:37PM (6/01/2009)
Who cares about HUMMER. Where is Saturn in this. Everyone wants to know if the rumormill is true and Saturn is going with Opel/Magna along with 2 US plants for production!
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VW GTi 9:17PM (6/01/2009)
Yes, good riddance Hummer.
Rob 10:23PM (6/01/2009)
Gee golly darn. What will all the gangsta rappers and wannabe thugs drive now? What will the rich trophy wives drive while they yap on cell phones and cut people off? What will the men with tiny penises drive now?
I hate that hummer went from the badass H1 to the joke of the H2 and H3. Let it burn, and while we're at it, let's burn all the idiots who bought them. It'd cleanse the human race of the lowest, dumbest possible denominators.
Ed 8:38PM (6/01/2009)
I don't understand the logic behind anybody looking to pick up Hummer.
I mean, if the brand was nothing but trouble for what was, up until recently, the world's largest automaker, why would a significantly smaller owner entertain taking on the burden?
Pontiac or Saturn I could easily see attracting a few parties. But Hummer?
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MM 9:22PM (6/01/2009)
The benefit to picking up Hummer (provided the buyer is not currently doing business in the US) is the immediate ability to produce vehicles and an distribution channel of over 150 dealers in every major market across the country. This is more valuable than the name HUMMER.
ale 9:47PM (6/01/2009)
Mahindra anyone?
Tagg 9:57PM (6/01/2009)
Hummer also occupies a unique niche that could better exploited. Figure Hummer competes with Jeep and perhaps Land Rover but that might be a stretch. What does Saturn and Pontiac compete with? Chevy, Ford, Toyota, Honda, Hyundai, Kia, Nissan, and on and on. So competiton for Hummer is far lighter than for Saturn and Ponitac.
That's why I think GM is willing to kill of Pontiac. GM is afraid of someone bought the Pontiac name and turned it into something decent it would become competiton for Chevy. If Hummer turns into something worth while it's no big deal because GM will no longer compete in that segment.
mcampasini 9:56PM (6/01/2009)
i agree screw hummer someone save pontiac and saturn.
tankd0g 10:07PM (6/01/2009)
Maybe a couple Saudis need some golf carts for their new 5000 sq. mile golf course.
Jake B 4:38AM (6/02/2009)
I wonder what the chances are that an American buyer might be interested?
Slim to Zero. American Industry is not expanding, it is retracting. Why oh why can't we have a government that supports domestic industry? *Sobs*
RandyMarsh980 8:44PM (6/01/2009)
Why would anyone want that train wreck known as Hummer?
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notYou 10:17PM (6/01/2009)
Because Hummer is a viable product in countries that actually utilize their own resources. Unlike the US, where we artificially limit what we can domestically drill and refine, which forces us to rely on imports from volatile regions that subject the resources to speculation and unnatural pricing fluctuations.
In the US, if we'd just drill gas would be consistently cheap and Hummers would be aok. We won't, so they aren't. But that doesn't mean the aren't elsewhere, much to the consternation and dismay of the greenies.
XJ 8:57PM (6/01/2009)
"'I'll buy that for a dollar!"
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Level 8:58PM (6/01/2009)
I for one am going to buy me a Hummer My Current M-Benz does 12 mpg I could live with the Hummers mpg...I'm still one of the last few people that still buys what "he" Likes as appose to being a tool...
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EU_reader 9:21PM (6/01/2009)
Yeah, because everyone is as wealthy as you apparently are, to pay for those mileage numbers once gas reaches 4 dollar/gallon again.
Idiot.
If you come down from that ivory tower of arrogance, you might see what is going on in the real world with normal consumers.
You make it sound as if everyone who is not buying 12 mpg cars are idiots themselves, because obviously a car that doesn't do 12 mpg isn't worth buying at all. "not sexy enough". Everyone has different tastes...
Rob 10:24PM (6/01/2009)
You can't even spell "oppose", so go ahead and get your hummer. That way the rest of the world can clearly see what an idiot you are, without noticing all your 4th grade spelling mistakes.
PS: You have a dinky wang.
Level 1:31PM (6/02/2009)
EU_reader
LMAO now i know why people are getting scared from driving big V8 they get hated on lol...Funny thing is I could care less what you think, I'm going to drive whatever the hell I'm going to drive and want and can live with..there's only one person I need to satisfy and that sure as hell ain't you. I have been living with 12 mpg since 2003 and so what, whats your problem?? I could live with it, I'm not attacking anybody who can't unlike you!. I sure as hell know what is going on in this world people are jumping on bandwagons left and right out of the need to belong and preach their beliefs. Please save your foreign oil is bad BS propaganda for CNN....
Rob
I'm so sorry Mr.Professor, please forward future concerns in writing to the opinion box so I can have some paper to wipe my a** with since I'm trying to go green and recycle.
Sea Urchin 9:00PM (6/01/2009)
Finally you guys started reading WSJ, how about an investment advise? Should i invest into that Bizarro GM (bad GM).
Seriously, Hummer can be a very popular SUV again, they just need to refresh their cars. I was on auto shows for many years, and year after year young people were all over the Hummers, Hummers are cool, hip, people want them. Right now the design is a little stale, as i said they need to refresh the brand a little and see young and spoiled snap Hummers again.
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Dave 9:02PM (6/01/2009)
I suspect that there is still value in the Hummer name before it was watered down. Perhaps the new owner(s) have an idea in mind and they'll go with that.
The H's are largely bulletproof off-road, though too big for the tastes of the FJ and Wrangler crowd. Maybe that's where they will go. The showy-ness (choose your big word for it) will have to go.
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andy 9:15PM (6/01/2009)
As far as I'm concerned Hummer died when they stopped making the H1