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Go Back   Hummer Forums by Elcova > Hummer H3 Discussion Forums > General H3 Discussion

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  #1  
Old 06-02-2009, 06:50 AM
life is good life is good is offline
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Default Hummer sale Jun 1st news. Hummer is alive!

This sounds like good news to me. Hope all works out.

GM to Announce Tentative Hummer Sale


By JOHN D. STOLL
General Motors Corp., fresh off filing for bankruptcy protection Monday, will start its second day of court proceedings by announcing the tentative sale of the Hummer brand, according to people familiar with the matter.

GM has been studying strategic alternatives for the brand for a year, and has settled on a buyer that could take over the brand by the end of the third quarter, these people said. GM will continue producing Hummer H2 and H3 trucks and SUVs at plants in Louisiana and Indiana for the buyer.

GM is withholding the name of the buyer until a later date, and will only say on Tuesday that this investor is committed to continuing to develop the Hummer portfolio and build alternative-fuel models for the brand at some point. The purchase price will also be withheld.

GM had until recently been entertaining offers for Hummer from various parties, including a Chinese investor. Bids were in the sub-$500 million range.

If GM had not found a buyer by early June, Hummer would likely have been killed in bankruptcy court, one person involved in the deal. GM found an investor for its Opel brand over the weekend -- Magna International Inc. -- and is seeking buyers for Saturn and Saab.

Write to John D. Stoll at john.stoll@wsj.com
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  #2  
Old 06-02-2009, 01:41 PM
gc2488 gc2488 is offline
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

Any guesses as to what company is buying Hummer? Funny that it is secret.
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  #3  
Old 06-02-2009, 05:49 PM
life is good life is good is offline
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

read this on Hummerguy.net that Raser Technologies may have been bidding....But that is speculation. Hope to find out soon!

Raser Technologies, the same Utah-based company that was instrumental in designing the 100 MPG Electric HUMMER H3, is reportedly one of the companies bidding to purchase HUMMER from General Motors according to KSL TV in Utah, who spoke with Raser CEO Brent Cook.

The Raser Technologies team was in Washington DC earlier this week showing off the Electric HUMMER, and Senator Orin Hatch (above) went for a quick spin. But they weren?t in Washington solely for a PR visit ? they?re also reportedly looking for federal subsidies to retool HUMMER factories.
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  #4  
Old 06-02-2009, 06:23 PM
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

Quote:
Originally Posted by life is good
...GM will continue producing Hummer H2 and H3 trucks and SUVs at plants in Louisiana and Indiana for the buyer.

that would be very good news indeed
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  #5  
Old 06-02-2009, 06:41 PM
chisox05 chisox05 is offline
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

Hummer has been bought by the Chinesse it looks

http://www.autoblog.com/2009/06/02/r...-manufacturer/
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  #6  
Old 06-02-2009, 07:33 PM
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

yep
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Old 06-02-2009, 07:44 PM
life is good life is good is offline
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

Quote:
Originally Posted by chisox05
Hummer has been bought by the Chinesse it looks

http://www.autoblog.com/2009/06/02/r...-manufacturer/


You got it!.....a source identified the buyer as Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. in China.
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  #8  
Old 06-02-2009, 10:12 PM
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

It appears that it will still be built here for the forseeable future.
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  #9  
Old 06-03-2009, 12:04 AM
Hummer3 Hummer3 is offline
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

http://www.msnbc.msn.com/id/31059625/

This is a good article.
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  #10  
Old 06-03-2009, 12:41 AM
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

..Chinese owned, but manufactured here in the US (at least for the next couple of years); while I would much rather see domestic buyer to acquire the brand, this is probably better outcome then if GM would completely shut down the brand? I hope they won't move production to China after 2010... GM really should've kept the Hummer, but with Messiah at the helm apparently impossible...
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  #11  
Old 06-03-2009, 01:14 AM
Yarjammer Yarjammer is offline
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Default Re: Hummer sale Jun 1st news. Hummer is alive!

Her Green Majesty (Diane Feinstein) certainly didn't help matters along with California's ongoing attempts to make dino fueled trucks/SUV's go the way of the dinosaur. Heck, an American made Hummer is probably the among the most "green" cars in China. Let's hope the jobs stay over here long past 2010 in some capacity.
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