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China Car Times offers more details on our earlier report that no company seems to want a Hummer from GM, giving us the low-down on insider reasons why Changfeng's in denial. The Chinese automaker was apparently interested enough — and GM open enough — to visit the Hummer production facilities, but subsequently determined the hulking SUV's "gasoline consumption was too high" for Chinese customers. China's new tax on large vehicles, particularly imports, would have further weakened demand, adding as much as 30% to the retail price of a Hummer. CCT closes with a mutually beneficial recommendation for the General: More »
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A new report in the Detroit News states that, while the automaker has received a number of inquiries about the brand, General Motors has neither solicited offers for Hummer nor engaged in discussions with potential buyers. GM is trying to downplay recent reports of interest in Hummer by Russian businessman Oleg Deripaska (now denied by Deripaska), and India's Mahindra & Mahindra. Although General Motors has said it's working on a "strategic review" of the Hummer brand that could lead to a sale, the automaker insists its current focus is on aiding dealer profitability on a case-by-case basis; considering that dealers sold an average of 11 Hummers each last month, that's probably a good place to focus. [Detroit News] More »
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Russian billionaire Oleg Deripaska, owner of Moscow-based Russian Machines, is in the hunt for the Hummer brand, according to Russian business magazine Vedomosti. Should Deripaska end up the high bidder, GM is going to have to take the paperwork to him: He's been barred by the US State Department from entering the country due to his alleged ties to organized crime and possible false statements made to the FBI, and he's been accused by business associates of extortion, kidnapping, and "unsavory business practices." We know: On the surface, Deripaska sounds like the perfect suitor for Hummer, but some statements made by one of his associates have us a little concerned. More »
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Automotive News reports that General Motors is bribing incentivizing moribund Hummer dealers by prepaying them second- and third-quarter bonuses based upon 2007 sales. The company is also reportedly talking to many dealer principals behind-the-scenes about buyout options, attempting to smooth the transition to a brand sale or closure and avoid some of the expensive legal issues that plagued its Oldsmobile shutdown. Dealers could use all the help they can get: Hummer sales plummeted nearly 60% in June, compared with a year earlier. More »
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