Autoblog

One more bidder reported left for Hummer, but is GM listening?

Zach Bowman — Thu, 08 Apr 2010 16:21:00 EST

Filed under: Hybrid, SUV, Truck, Plants/Manufacturing, GM, Hummer, Off-Road

Sure enough, someone out there still wants Hummer. According to a report by The Car Connection, Raser Technologies has put multiple bids in for the General Motors Earth-squishing trucks - both before and after the failed bid from China's Sichuan-Tengzhong. Raser Technologies made a name for itself by converting an H3 into a plug-in hybrid not too long ago, and if the company managed to gain control of the future of the Hummer brand, you could bet your biscuits it wouldn't be too long before a hybrid truck made its way into showrooms.

Raser Technologies already has a prototype extended-range EV platform - the same tech fitted into the electrified H3. According to the company, the truck can cruise up to 40 miles on electric-only power, and should be capable of close to 100 mpg by the time everything's said and done. There's some speculation that GM is shy about handing Hummer over to Raser because of the potential threat to Detroit's own extended-range EV program, though we find that one tough to swallow.

For now, it looks like a dead end for Hummer. With GM already switching off the lights and sallying forth with the wind down, it doesn't look good for the brand, but as we learned with Saab, there's always hope. We'll keep you posted on the next on again/off again deal.

[Source: The Car Connection]

One more bidder reported left for Hummer, but is GM listening? originally appeared on Autoblog on Thu, 08 Apr 2010 16:21:00 EST. Please see our terms for use of feeds.

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Report: Last-ditch sale effort for Hummer post wind-down announcement fading

Jeremy Korzeniewski — Tue, 06 Apr 2010 13:26:00 EST

Filed under: SUV, Truck, Hirings/Firings/Layoffs, GM, Hummer

It's getting tough for even the most ardent supporters of the Hummer brand to continue to keep hope alive. Reports the aficionados at HummerGuy.net: "While many of us were hoping for a last-minute miracle to save the Hummer brand, signs from Detroit are indicating that Hummer production will soon cease indefinitely."

It appears as if General Motors has resigned itself to winding the brand down and letting it die a slow, agonizing death. The automaker says that it's no longer considering offers for the brand and dedicated Hummer staff are reportedly be assigned to serve elsewhere.

Oh, and about that "Save Hummer" summit that's planned for April 11th near Chicago? GM, though it is aware of the rally, has no plans to send representation. That sound that you hear? That's just the tolling of Hummer's death knell. Thanks for the tip, Brian!

[Source: HummerGuy.net]

Report: Last-ditch sale effort for Hummer post wind-down announcement fading originally appeared on Autoblog on Tue, 06 Apr 2010 13:26:00 EST. Please see our terms for use of feeds.

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Hummer plant coming back online to fill 849-unit order?

Chris Shunk — Tue, 09 Mar 2010 10:58:00 EST

Filed under: SUV, Plants/Manufacturing, GM, Hummer, Off-Road

Hummer H3T - Click above for high-res image gallery

Unless a buyer for Hummer materializes in the next few months, General Motors will continue to wind-down its environmental group dart board. The slow death of Hummer has actually been in process since before The General announced that the sale of the brand to China's Sichuan Tengzhong Heavy Industrial Machinery fell through, as the company's Shreveport, LA facility stopped making H3 and H3T models in January.

But while Shreveport has been down for two months, it looks like the plant could dust off the H3 tooling to fill one more big order. Brandcentric site Hummerguy.net is reporting that GM is ramping up production of the H3 from April 12 to May 13 to fill a 849 unit order. The General reportedly didn't announce the purchaser of the reported mega Hummer order, but the Detroit, MI-based automaker did say that the order was not related to the brand's wind-down or sale.

We're thinking this news won't stop Hummer from off-roading into the sunset, but it does at least prove that there are still people that like Hummers. Now all GM needs is a Hummer lover with a spare $150 million laying around the compound to step up and buy the withering brand.

Gallery: Review: 2009 HUMMER H3T Alpha

[Source: Hummer Guy]

Hummer plant coming back online to fill 849-unit order? originally appeared on Autoblog on Tue, 09 Mar 2010 10:58:00 EST. Please see our terms for use of feeds.

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BREAKING: GM announces Hummer sale cannot be concluded, brand to be wound down

Chris Paukert — Wed, 24 Feb 2010 15:16:00 EST

Filed under: SUV, GM, Hummer, Earnings/Financials, Off-Road

Although it has been evident for some time that General Motors' sale of its Hummer brand to Sichuan Tengzhong Heavy Industrial Machines Co., Ltd., we didn't expect for word to come down today that the negotiations are dead and the brand will be wound down. Unfortunately, judging by a press release just issued by GM, that's exactly what will be happening. According to John Smith, GM's vice president of corporate planning and alliances,

"One year ago, General Motors announced that we were going to divest Hummer, as part of focusing our efforts on Chevrolet, Buick, GMC and Cadillac going forward. We have since considered a number of possibilities for Hummer along the way, and we are disappointed that the deal with Tengzhong could not be completed."

As we learned from the Saab sale saga, GM announcing that the brand will be wound down does not completely extinguish hope for another buyer to slip in in the 11th hour, but it does seem highly improbable that a new party will pick up where the negotiations with China's Tengzhong left off.

In the statement available after the jump, GM does not specify what killed the planned sale of the brand, but rumors in recent months suggested that the Chinese government was not keen to sign off on the deal. At the moment, it is unclear what will happen to Hummer's H2 and H3/H3T models, but it is likely that the tooling and manufacturing rights will be sold off to other companies. It is also unclear how many employees will be out of work as a result of the closure.

As with the wind-down of its Saturn and Pontiac brands, GM has pledged to honor Hummer warranties and continue to supply service and parts.

Gallery: Top 10 Hummer Moments in History

[Source: General Motors | Image: Scott Olson/Getty]

Continue reading BREAKING: GM announces Hummer sale cannot be concluded, brand to be wound down

BREAKING: GM announces Hummer sale cannot be concluded, brand to be wound down originally appeared on Autoblog on Wed, 24 Feb 2010 15:16:00 EST. Please see our terms for use of feeds.

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Hummer deal with China's Tengzhong looking shaky

Jeremy Korzeniewski — Tue, 23 Feb 2010 13:26:00 EST

Filed under: SUV, China, Government/Legal, Hummer, Earnings/Financials

It looks like General Motors' deal to sell its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery is on shaky ground. According to Reuters, the likelihood that the Chinese government will give its approval to Tengzhong has been waning in recent weeks, leading the would-be purchasers to consider making the acquisition using an offshore investment vehicle to skirt the need for Chinese regulatory approval. GM and Tengzhong had originally set a January 31st deadline to complete the sale, later extending that time frame to February 28th.

The Chinese National Development and Reform Commission and the Ministry of Commerce are thought to have taken issue with the idea of such an environmentally unfriendly automaker coming under Chinese ownership. Further, Tengzhong has never actually made a passenger vehicle, and China already has over 100 companies producing automobiles and the government has gone on record saying it would like to reduce that number. Stay tuned.

[Source: Reuters]

Hummer deal with China's Tengzhong looking shaky originally appeared on Autoblog on Tue, 23 Feb 2010 13:26:00 EST. Please see our terms for use of feeds.

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Report: GM, Tengzhong extend Hummer sale deadline until end of February

Chris Paukert — Mon, 01 Feb 2010 09:59:00 EST

Filed under: SUV, China, Government/Legal, GM, Hummer, Earnings/Financials, Off-Road

As readily illustrated by the dramatic and protracted sale of Saab to Spyker - a process that itself is not yet concluded - it's clear that extracting brands from General Motors is a time-intensive process. No surprise, then, that GM and Chinese manufacturer Sichuan Tengzhong Heavy Industrial Machinery have reportedly decided to extend the deadline on a Hummer sale until month's end.

The two companies have been working to sew everything up on the SUV brand deal since it was first announced last October, but the original deadline expired yesterday without a resolution. According to the AFP, the holdup actually stems from the fact that the sale needs to get approval from Chinese regulators, an issue that has been noted before. As you may recall, China's commerce ministry previously went on record as saying that they hadn't received an application for approval from Tengzhong, and it is just one of the Chinese government agencies that need to sign off on the deal.

In a related news, Reuters notes that Suo Lang Duo Ji, a Chinese entrepreneur considered to be the mastermind behind the tie-up, hopes that the Hummer deal can be completed by this spring, an admission that could suggest that further extensions could be in the cards.

[Sources: Just-Auto, Reuters | Image: Scott Olson/Getty]

Report: GM, Tengzhong extend Hummer sale deadline until end of February originally appeared on Autoblog on Mon, 01 Feb 2010 09:59:00 EST. Please see our terms for use of feeds.

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Report: GM to idle Hummer production on Monday until China deal goes through

Chris Shunk — Thu, 14 Jan 2010 09:58:00 EST

Filed under: Sedan, Truck, Plants/Manufacturing, GM, Hummer

2009 Hummer H3T Alpha - Click above for high-res image gallery

Lost in the hoopla surrounding General Motors' attempted sale/wind-down of Saab and Ford's situation with Volvo and Geely has been any word surrounding the sale of Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery. Whatever the state of the Hummer transaction, it appears The General is done waiting. The Detroit News reports that GM plans to halt Hummer production at its Shreveport, LA assembly plant on Monday until a sale of the brand is complete. The factory builds the H3 and H3T (models that account for about 25-percent of the plant's overall production) and the General says it's premature to speculate how much the facility's 1,120 workers will be affected.

Hummer dealers currently have a stockpile of about 2,100 H3 variants on lots - enough of a supply to last seven months at the model's current take rate. Hummer spokesman Nick Richards told the DetNews that H3 production will ramp back up after the sale "once marketing kicks back in and there is new interest and enthusiasm." Of course, if the Hummer sale ends anything like GM's Saab and Saturn debacles, that date could be never.

Gallery: Review: 2009 HUMMER H3T Alpha

[Source: The Detroit News]

Report: GM to idle Hummer production on Monday until China deal goes through originally appeared on Autoblog on Thu, 14 Jan 2010 09:58:00 EST. Please see our terms for use of feeds.

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REPORT: Hummer getting plans in order for H4 and H5 models

Chris Shunk — Tue, 17 Nov 2009 18:29:00 EST

Filed under: SUV, Truck, GM, Hummer, Rumormill, Off-Road

Hummer HX concept - click above for high-res image gallery

As a brand, Hummer has been in limbo since General Motors announced it was selling the downtrodden marque to China's Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd. Speculation remains that the sale could be completed on or around December 1, pending approval from GM and the Chinese government. For now, everything is on hold, though Tengzhong and new Hummer CEO Jim Taylor are apparently still working hard to plan Hummer's future.

First on the "Honey Do" list is to arrest the free-fall of Hummer sales. Right now, sales are down 64% on the year to about 8,500 units, but Hummer is looking for 25,000 sales in 2010. That will be a tough nut to crack, but Automotive News reports that the company optimistically plans to get things done in part with some aggressive marketing. Ultimately, however, new product will be needed to get dealerships buzzing with customers again. In the meantime, Hummer's 154 U.S. dealers need more inventory in the showrooms to help move metal. AN says that dealers only have 1,300 units in stock, compared to the 7,400 vehicles at the same time in 2008.

The last piece of the Hummer reclamation project is adding those new models. When Tengzhong gets the keys to the Hummer kingdom, it will also receive engineering plans for the H4, a new smaller model that is reportedly based on the HX Concept from the 2008 Detroit Auto Show. Taylor reportedly told AN that Hummer's Jeep Wrangler fighter could arrive within three years. Also possible is an even smaller Hummer H5, which would help the SUV automaker to meet future CAFE requirements. Taylor even goes as far as to say that the smaller H4 and H5 could one day replace the brand's heavier and thirstier H2 and H3 mainstays. The next big challenge for Hummer once the sale becomes final is to find a manufacturing partner to build these vehicles. GM will reportedly cease building Hummer models as early as the end of 2010.

Gallery: Detroit 2008: HUMMER HX Concept

[Source: Automotive News - subs req'd]

REPORT: Hummer getting plans in order for H4 and H5 models originally appeared on Autoblog on Tue, 17 Nov 2009 18:29:00 EST. Please see our terms for use of feeds.

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Recork the Champagne? China says Hummer paperwork not submitted yet

Jonathon Ramsey — Mon, 12 Oct 2009 16:29:00 EST

Filed under: SUV, China, Government/Legal, GM, Hummer

2008 Hummer HX concept - Click above for high-res gallery

Last week, it was reported that General Motors had signed a definitive agreement to sell Hummer to Chinese machinery manufacturer Tengzhong. The Chinese company and its partner in the deal, Lumena Resources Corp., would pay $150 million and receive Hummer and its intellectual property, ownership of U.S. franchise agreements, and manufacturing, business, and component assistance during a four- or five-year transition period.

The questions being raised now concern what is happening on the other side of the Pacific. The Chinese Commerce Ministry reportedly hasn't received Tengzhong's application to officially bring Hummer home, which has led observers to wonder if there will be a holdup or reversal of the deal. According to a Hummer representative, however, Tengzhong had to finalize the deal with GM before it could present it for approval to the Chinese authorities:

The closing of the transaction is subject to customary closing conditions and regulatory approvals and/or review by agencies in China and the U.S. Tengzhong has started communicating with the relevant regulatory bodies and will continue to support the application process in accordance with the requirements. Formal engagement was only able to begin with the signing of the definitive agreement.

If all goes well, Tengzhong hopes to have the deal closed by early 2010.

Gallery: Detroit 2008: HUMMER HX in the design studio

[Source: Automotive News, sub. req'd.]

Recork the Champagne? China says Hummer paperwork not submitted yet originally appeared on Autoblog on Mon, 12 Oct 2009 16:29:00 EST. Please see our terms for use of feeds.

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REPORT: GM close to offloading Hummer for as little as $150 million

Sam Abuelsamid — Fri, 09 Oct 2009 10:30:00 EST

Filed under: SUV, Government/Legal, Hummer, Earnings/Financials

Hummer H3T - click above for high-res image gallery

Not so many years ago, Hummer appeared to be one of General Motors' most potentially lucrative brands. Now, the fallen brand looks poised to fall into the hands of the Chinese very soon. Bloomberg is reporting that a deal to sell Hummer could be finalized in the coming days as Sichuan Tengzhong Heavy Industrial Machinery Co. hammers out a purchase price. During its bankruptcy proceedings, GM estimated the Hummer brand to be worth $500 million, but last week's collapse of the Saturn deal with Roger Penske appears to have made the Detroit automaker ready to accept whatever it can get. The final tab paid by Sichuan Tengzhong could be as low as $150 million.

The Chinese government has thus far been reluctant to approve Sichuan Tengzhong's move for Hummer, in part because of the brand's image as a gas guzzler. The hope is that once a purchase agreement is complete, the regulators will allow it to move forward. For its part, GM likely just wants the deal done and some extra cash in its coffers so it can move on with its streamlining efforts plans.

Gallery: Review: 2009 HUMMER H3T Alpha

[Source: Bloomberg]

REPORT: GM close to offloading Hummer for as little as $150 million originally appeared on Autoblog on Fri, 09 Oct 2009 10:30:00 EST. Please see our terms for use of feeds.

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HUMMER hanging on: Tengzhong in talks with Chinese government to clear sale

Jonathon Ramsey — Sun, 05 Jul 2009 18:08:00 EST

Filed under: SUV, China, Hummer

Chinese National Radio recently reported that Tengzhong wouldn't be allowed to purchase Hummer due to environmental concerns. The company released a statement after that news broke saying that while there was no "definitive agreement," the CNR report wasn't based on facts from the government regulatory body in question, and Tengzhong is still working on the deal.

Last week, in a report titled "Tengzhong may get green light from the regulators for its acquisition of Hummer," CNR's take on where things appears to back up Tengzhong's view that the game is not yet played. The company's discussions with the National Development and Reform Commission (NDRC) and the Ministry of Commerce -- it needs approval from both parties -- have begun, and three options for concluding a deal were proposed.

If Tengzhong can convince the authorities of its expertise and business blan, and gets approval from both parties, it wants to set Hummer up in Sichuan province. If there is resistance to setting Hummer up directly, Tengzhong could try to base the company in one of China's ten bonded areas -- harbor points where the vehicles aren't officially "in" the country until taxes and fees are paid -- but this could impact the company's ability to sell Hummers in China. Or, the company could simply become a foreign investor in Hummer.

It isn't clear whether those options are Tengzhong's take on the purchase, or if that was just more speculation from CNR. Hummer had no comment on the matter.

[Source: Hummer]

HUMMER hanging on: Tengzhong in talks with Chinese government to clear sale originally appeared on Autoblog on Sun, 05 Jul 2009 18:08:00 EST. Please see our terms for use of feeds.

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Hummer buyer to start talks with Chinese gov't to win sale?

Frank Filipponio — Mon, 29 Jun 2009 10:58:00 EST

Filed under: SUV, Truck, China, Government/Legal, Hummer, Earnings/Financials

China's Sichuan Tengzhong Heavy Industrial Machinery, the company that recently surfaced as the top bidder for Hummer, is about to start talks with Chinese regulators to secure the deal. While General Motors has a tentative agreement with Tengzhong, the two companies have yet to receive the state's blessing, which is necessary for the sale to go through.

Tengzhong, GM and Hummer have been working on a proposal to present to the National Development and Reform Commission, despite speculation that the deal will be blocked by those Chinese officials. Tengzhong reportedly remains optimistic, saying they haven't heard anything from the authorities and don't expect to until their proposal is actually submitted.

Speculation that the deal was in jeopardy began when a China National Radio station reported that government regulators would block the deal based on environmental concerns about Hummer vehicles and the fact that Tengzhong doesn't have much experience as an automaker. Tengzhong is better known as a manufacturer of special-use vehicles, structural components for highways and bridges, construction machinery and energy equipment, so some have suggested this is little more than a publicity stunt for the company, but it certainly sounds like they are serious about the deal now.

[Sources: Reuters, Wall Street Journal]

Hummer buyer to start talks with Chinese gov't to win sale? originally appeared on Autoblog on Mon, 29 Jun 2009 10:58:00 EST. Please see our terms for use of feeds.

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REPORT: China to block HUMMER sale to Tengzhong

Jeremy Korzeniewski — Fri, 26 Jun 2009 14:57:00 EST

Filed under: SUV, China, Government/Legal, Hummer, Earnings/Financials

2008 Hummer H2 - Click above for high-res gallery

General Motors' pending deal to offload its unwanted HUMMER brand may have hit a major snag. Although no official word has come from the Ministry of Commerce or the National Development and Reform Commission, state-run radio organizations are reporting that the Chinese government will indeed block the sale of HUMMER from GM to Sichuan Tengzhong Heavy Industrial Machinery Co. It's impossible to know exactly how this whole mess will play out, but these reports clearly jive with the general sentiments we've been hearing since the deal was first announced.

According to Chinese radio reports (via the BBC), there are two main objections to the HUMMER deal. First, the brand's environmental credentials don't match up with the direction the Chinese government wants its automakers to head. Second, there are questions as to whether Tengzhong has the expertise to properly manage a large automaker as it's business dealings so far have all been in the construction equipment segment.

Not so fast, says Tengzhong. In a newly-released statement regarding these latest reports, the company had this to say:

Some people may have views and speculation, but the Chinese government has a process that we respect... The view expressed on China National Radio's website did not quote or source anyone at NDRC. We do not yet have a definitive agreement, but are developing our proposals with GM and Hummer and we will continue to engage with the appropriate authorities in an appropriate manner.

At this point, it seems equally as possible that a decision could either come down in short order or come only after a long series of protracted negotiations. Stay tuned. Thanks for the tip, Dave S!

Gallery: 2008 HUMMER H2

[Source: BBC]

REPORT: China to block HUMMER sale to Tengzhong originally appeared on Autoblog on Fri, 26 Jun 2009 14:57:00 EST. Please see our terms for use of feeds.

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Critics from China berate proposed HUMMER sale, rekindled automaker could be based in Nashville

Jeremy Korzeniewski — Thu, 25 Jun 2009 10:26:00 EST

Filed under: SUV, China, Government/Legal, Hummer

2008 Hummer H2 SUT - Click above for high-res gallery

As Chinese media outlets continue to voice derision over GM's agreement to sell its unwanted HUMMER division to Sichuan Tengzhong Heavy Industrial Machinery Co., there are real questions as to whether or not the Chinese government will even approve of the purchase.

State-run media outlet Xinhua News Agency has suggested that Tengzhong's interest in HUMMER may be little more than a publicity stunt, saying, "It couldn't achieve this result (of raising its profile) even if it spent $100 million on advertising." Commenting on Tengzhong's deal to purchase HUMMER, China's Minister of Commerce Chen Deming said:

We hope Chinese companies learn more about international market rules and development trends in their industries and make prudent investments.

While none of that sounds particularly promising, it doesn't necessarily mean the deal won't be approved, and HUMMER CEO Jim Taylor is reportedly moving forward with the automaker's future plans as it looks for a new location outside GM's corporate headquarters in the Renaissance Center to call home. According to the Nashville Business Journal, HUMMER could stay in the Detroit area or possibly join Nissan by taking root in Tennessee.

Gallery: 2008 HUMMER H2

[Sources: Autocar, Nashville Business Journal]

Critics from China berate proposed HUMMER sale, rekindled automaker could be based in Nashville originally appeared on Autoblog on Thu, 25 Jun 2009 10:26:00 EST. Please see our terms for use of feeds.

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Is selling Hummer the morally correct thing to do? [w/POLL]

Sebastian Blanco — Tue, 09 Jun 2009 14:57:00 EST

Filed under: SUV, Truck, Etc., GM, Hummer, Earnings/Financials

General Motors' potential sale of Hummer to Tengzhong is probably good news for those interested in seeing the company return to independent and profitable status as quickly as possible. The move should see enable GM to shed the negative political and social association of the star-crossed SUV brand and get some money in return. There is actually a better option, says The New York Times' Ethicist.

The Ethicist frames the issue as figuring out which is more important: GM's employees and shareholders (i.e., the American public) or the environment. Hummer vehicles are too heavy and use too much gas and, the Ethicist says, hazardous products should be regulated by the government. Now that the government basically owns Hummer, there is "an opportunity to reconsider transportation policy, including from a moral perspective. Such an analysis urges not merely discontinuing the Hummer but also significantly reducing our reliance on the private car." Here's more:

Shutting down Hummer could even turn out to be cost-effective. The sale price, perhaps as much as $500 million, may well be dwarfed by the long-term costs - in environmental damage, in public health - to us taxpayers, G.M.'s majority owners, of keeping those three tons of steel on the road. [...] The restructuring of G.M. gives us a chance to avert the fate of being laid low by our own automobiles, the grand manifestation of America's industrial might. The first thing we do, let's kill all the Hummers.

So, what's the right thing to do here?

View Poll

[Source: The Ethicist]

Is selling Hummer the morally correct thing to do? [w/POLL] originally appeared on Autoblog on Tue, 09 Jun 2009 14:57:00 EST. Please see our terms for use of feeds.

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Chinese government unlikely to approve Hummer purchase deal?

Jeremy Korzeniewski — Fri, 05 Jun 2009 15:28:00 EST

Filed under: SUV, China, Government/Legal, Hummer, Earnings/Financials

According to a report from Bloomberg, state-owned Chinese news agency Shanghai Securities News is predicting that it is unlikely the Chinese government will approve the purchase of Hummer from General Motors by Sichuan Tengzhong Heavy Industrial Machinery Co. Why? Apparently, China actually wants to reduce the number of automakers operating within its borders and favors keeping manufacturers with an eye towards fuel efficiency. Of all the labels people have put on the Hummer brand, fuel efficient hasn't exactly been one of them. According to Tim Payne, a spokesman for Tengzhong:

"Some people may have views and speculation but the Chinese government has a process that we respect. We have only just signed an MOU but as we develop our proposals with GM and Hummer we will continue to work with the appropriate authorities."

In other words, it's too early to draw conclusions about whether or not China will approve of the purchase of Hummer. However, it does seem unlikely that Tengzhong would enter into the deal with the belief that the Chinese government would squash it, no?

[Source: Bloomberg]

Chinese government unlikely to approve Hummer purchase deal? originally appeared on Autoblog on Fri, 05 Jun 2009 15:28:00 EST. Please see our terms for use of feeds.

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REPORT: GM has three possible offers for Hummer between $100-$200M; SAIC may buy Buick

Chris Shunk — Thu, 09 Apr 2009 10:39:00 EST

Filed under: Buick, GM, Hummer

General Motors has been mandated by the U.S. government to shed brands as part of its restructuring process. Recent reports indicate that the General is hard at work, as three buyers are reportedly seeking to purchase Hummer, while a Chinese company may have interest in Buick.

The Hummer fire-sale has been ongoing, but a brutal economy and non-existent credit markets have made a sale even less probable. Reuters is reporting that GM has than three bidders for the Sierra Club's symbol of excess, with one potential buyer from the U.S. and two others overseas. The price of Hummer is reportedly somewhere between $100-$200 million in cash, plus assurances that the buyer will pump money into engineering, sales and marketing. Whichever firm takes the reigns would also take over responsibility for Hummer's 125 dealers. GM would in turn continue to build the H3 at its Shreveport plant, and turn over future plans for the brand.

A separate report from China Business News states that GM's partner in China, Shanghai Automotive Industry Corp. (SAIC), is looking to purchase Buick outright. The report values the Buick brand at $1 billion, mainly due to its popularity in the Land of the Great Wall. We're more skeptical about this report, however, because it's short on details and just quotes "sources." GM has also never said it would consider selling Buick. The brand is also one of the most popular marques in China, making a sale, unless the price was right, seem like a bad idea.

[Sources: Reuters, China Knowledge]

REPORT: GM has three possible offers for Hummer between $100-$200M; SAIC may buy Buick originally appeared on Autoblog on Thu, 09 Apr 2009 10:39:00 EST. Please see our terms for use of feeds.

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REPORT: Hummer's fate to be decided by Tuesday in a few weeks

Jeremy Korzeniewski — Mon, 30 Mar 2009 17:29:00 EST

Filed under: SUV, Truck, Government/Legal, GM, Hummer, Earnings/Financials

General Motors has been trying to unload its Hummer division for nearly a year now. Despite assertions late last year indicating that it hoped to have the troubled brand off its books for good before 2009 rolled around, we are now nearing the end of the first quarter of '09 and Hummer is still wholly owned by GM.

According to a new report by the Associated Press, tomorrow is the day that we'll finally find out what the future holds for Hummer and its 160 or so dealers across the United States. We've heard all along that there are multiple parties interested in the brand, and that's apparently still the case.

A GM spokesperson has said that companies from "all different parts of the world" are in the mix to purchase Hummer and the automaker is "cautiously optimistic" that a sale will be made. If a decision to sell Hummer isn't made by tomorrow, it sounds like the brand will likely be abandoned to die a quiet death. Thanks for the tip, Avinash!

UPDATE: Automotive News is reporting that the decision has been postponed "a few weeks" to assess bidders for the brand and possibly complete a sale.

[Source: The Associated Press (via Google)]

REPORT: Hummer's fate to be decided ~~by Tuesday~~ in a few weeks originally appeared on Autoblog on Mon, 30 Mar 2009 17:29:00 EST. Please see our terms for use of feeds.

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Changfeng, AM General bidding on Hummer

Jeremy Korzeniewski — Mon, 15 Dec 2008 14:32:00 EST

Filed under: SUV, Hummer, Military

Rejoice GM, somebody wants HUMMER! In fact, AM General, the company that created the original mil-spec HMMWV for American troops back in 1983 is rumored to be in the mix of bidders, joining forces with China's Hunan Changfeng Motor Co. Despite earlier reports, Changfeng has remained interested in the brand since GM first put HUMMER up on the auction block, but had desired a bidding partner. It appears that it found one shortly after touring the automaker's facilities a few months back.

This is an intriguing move, especially since it was AM General that first launched the HUMMER marque in America before selling marketing rights for the brand to General Motors in 1999. Despite the presence of a Chinese partner, rumors indicate that HUMMER would remain an American brand that's marketed predominately towards the United States. It's an interesting footnote, though possibly completely unrelated, that news of HUMMER's impending sale rise and fall in unison with global fuel prices. In any case, this announcement seems to reaffirm GM's stated goal of selling the off-road brand by 2009.

[Source: Gasgoo via Hummer Guy]

Changfeng, AM General bidding on Hummer originally appeared on Autoblog on Mon, 15 Dec 2008 14:32:00 EST. Please see our terms for use of feeds.

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Wagoner: HUMMER is the only brand for sale

John Neff — Fri, 14 Nov 2008 11:59:00 EST

Filed under: GM, Hummer, Saab

General Motors CEO Rick Wagoner has confirmed that HUMMER is the only brand in the automaker's portfolio that's up for sale. Many believed that Saab's days were also numbered and the Swedish brand would be getting out from under the corporate umbrella as soon as a buyer could be found. Not so says the Ricker. Other brands thought to have been out on the lawn behind a For Sale sign included Opel-Vauxhall, GM of China and Holden. While HUMMER may be the only GM brand for sale, the automaker is certainly keen to sell other assets weighing it down. Wagoner didn't elaborate on which assets those might be, but his company's remaining 49% stock in GMAC doesn't seem to be doing it any good.

[Source: Autocar, Photo by Bill Pugliano/Getty]

Wagoner: HUMMER is the only brand for sale originally appeared on Autoblog on Fri, 14 Nov 2008 11:59:00 EST. Please see our terms for use of feeds.

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