General Motors announced today that the company is putting the HUMMER brand up for sale along with a manufacturing plant in France. According to GM’s treasurer Walter Borst, the company hopes to distribute sales material on the two assets in October. The two assets combined are said to be worth between $2 billion and $4 billion.
“We believe that we can monetize certain assets without impacting the strategic direction of the company,” said Borst. “We’re making changes to compete and win in what we think is an industry
revolution.”
GM has not announced what they think each individual asset is worth at this time, and probably made the joint announcement to bolster ambiguity and encourage interested parties to inquire directly, rather than make a decision based on media coverage.
Although GM has made it clear they’d like to sell HUMMER soon, and now has put it up for sale, don’t rule out the possibility of a joint venture between another company and GM, where GM could retain a significant portion of the HUMMER brand.
Related posts:
- HUMMER Brand Sale On Track & Stage 10 Dakar Update
- HUMMER Brand Sale Narrows to Two Bidders
- HUMMER Brand Sale Could be Complete by June 2009
- General Motors Officially Enters ‘Sale Option’ Stage of HUMMER Brand Review
- Denials Aplenty Surrounding HUMMER Brand Sale
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September 24th, 2008 at 8:16 pm
Damn IT!!!!!
September 24th, 2008 at 9:45 pm
So GM wants to sell it, but keep making them for someone else? WTF is up with that?! Keep Hummer or pass it on! Let someone who WANTS it keep it going strong. Jeez!
September 24th, 2008 at 11:56 pm
Keep in mind keeping part of Hummer is an option…It would be difficult to sell 100% of Hummer assets as they are so intertwined with the rest of GM. (e.g. the H3/H3T plant that also makes the Colorado and Canyon)
September 26th, 2008 at 10:49 am
What does this mean to somebody’s who’s considering buying the H3T — like me? I’m wondering, would have to go to my Mihindra tractor dealer (or whoever else buys the brand) to have it serviced, repairs, etc.? New models could be discontinued, etc.
September 26th, 2008 at 1:45 pm
Good question, Rocket. The service work would still be done at an area GM dealership — like Cadillac, Chevy, GMC, etc. The H3T is very much a GM vehicle, and they will continue to produce parts while they’re still on the line for the 4 year/50,000 warranty. For instance, you can still get Oldsmobile parts and service through GM dealerships, and they’ve been kaput for a few years now.