GM Reaches Sale Agreement On Hummer

General Motors has officially reached an agreement to sell its Hummer off-road brand to a yet-to-be named buyer. The term sheet signing was announced by GM in a press release early Tuesday.

“GM has signed a memorandum-of-understanding with an investor,” Hummer spokesman Nick Richards told PickupTrucks.com. “Both parties have agreed to the basic terms [of the purchase] but the financial details and buyer's name are not being released at this time. That’s expected to be announced some time in the near future.”

Richards said the buyer meets all of GM’s criteria to purchase and operate the Hummer brand’s civilian truck production: They have a proven track record in international business; they know the Hummer brand can perform better globally; and they have a long-term development plan and are willing to invest in future products.

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fatandsassy - 6/2/2009 9:46:36 AM

+1 Boost

Good Luck to them. Especially trying to make the MPG criteria with those Hummer things

mpwr - 6/2/2009 9:48:35 AM

+1 Boost

Well I guess after three years on the chopping block they finally gave it away to someone, good luck with that

bfghemicuda - 6/2/2009 10:08:17 AM

-1 Boost

The H2 and H3 were never a big hit anyway. There built on a tahoe chassis. Personally these spinoffs tainted the whole humvee ora Why continue. Better off buying a tahoe. And what proven track record???

91z4me - 6/2/2009 10:21:51 AM

+1 Boost

FYI, the H3 is built on the GMT345 chassis, the H2 is built on a modified GMT800 chassis that is shared with the last generation Tahoe.

inspirion7 - 6/2/2009 2:39:50 PM

+2 Boost

Are you on crack? The H2 and H3 before petrol issues and imposing moral relativist, sold very well.

SteedPub - 6/2/2009 12:26:38 PM

+1 Boost

I am speculating a China or Arab buyer. The "global" reference is likely a telling hint.

Diesel power, that is Hummer's path through the muck. Should have have had the option since day one.

PlanB - 6/2/2009 1:57:11 PM

+2 Boost

CNN is reporting from a "source" the buyer is Chinese.

inspirion7 - 6/2/2009 2:40:31 PM

+1 Boost

totally.

Joe_Limon - 6/2/2009 3:49:38 PM

+1 Boost

Lol, that way the Rip off Humvee they were showing off at their motor show will not be legit :P

Joe_Limon - 6/2/2009 3:50:00 PM

+1 Boost

errr will be legit*

thstone - 6/2/2009 5:29:55 PM

+1 Boost

The H2 made Hummer. The H3 sank it.

No real Hummer customer cared a lick about gas prices, they could afford 10 mpg at $5 a gallon (and were proud of it). Hummer (and GM) harpooned themselves by trying to extend the brand downmarket by selling a crappy mass market knockoff. This ruined their credibility with their core market.

Lots of car companies make this mistake (classic examples are the Porsche 924 and Mercedes Benz 190) but the final blow was that Hummer had nothing else in the pipeline to keep the hard core H2 owners from defecting to other competitors vehicles. Result: End of game.

mpwr - 6/4/2009 6:44:44 PM

+1 Boost

I'm just wondering if those that own the true H1 agree with that statement. And it would seem that the average hummer buyer did care about gas prices (although I'm not sure how that makes any sense) because they have all felt the building. Just remember there where allot of people that could only buy hummers because of low gas prices/tax incentives/pulling equity out of there over inflated house prices. Otherwise hummers success was completely sound.

vwrules - 6/2/2009 9:02:08 PM

+1 Boost

But the 190E was cool had the spoiler.

theman440 - 6/3/2009 2:23:53 AM

+1 Boost

Boy did GM find themselves a SUCKER ! Just like all the suckers who bought Hummers just so they could say "I got one" More than anything, the Hummer was a status symbol - well untill gas prices went sky high and Hummer sales went in the toilet.