GM Postpones Decision on Hummer Brand's Future
During a dealer call today, GM executives said that they are postponing a final decision regarding its Hummer brand for “a few weeks,” due to interest from potential buyers.
“Our efforts to sell Hummer are proceeding, and there are several parties interested – and I would say really interested – in the brand,” said Troy Clarke, GM’s president of North America, during the call. “We’re still very much in the process, although that process is maturing.”
Hummer has been up for sale for 11 months. On February 17, former Chairman and CEO Rick Wagoner said that a decision would be made by March 31 regarding Hummer’s future. Clarke said a final decision would be made “in the next few weeks rather than months,” a statement that was echoed by CEO Fritz Henderson in a separate press conference this morning.
Clark also said that GM doesn’t have “a determination” on whether it will sell or shut down Hummer. “We feel it’s worth some additional time to see if a transaction can be made.”
Henderon said in his press conference that GM has “been in dialogue with several interested parties.”
“We are still in talks and will likely know if we have a buyer or not in a few weeks.”
Source: Automotive News