GENERAL Motors has tentatively agreed to sell its Hummer brand, a day after the US car manufacturer filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within only 30 days, the firm said yesterday.
GENERAL Motors has tentatively agreed to sell its Hummer brand, a day after the US car manufacturer filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within only 30 days, the firm said yesterday.
US-based GM did not name the proposed buyer or the price, but said the sale would likely save more than 3000 US jobs in manufacturing, engineering and at various Hummer dealerships.
GM South Africa said yesterday: "It is our understanding from this announcement that future assembly of the Hummer will be consolidated into a single location at Shreveport in the US where right- and left-hand drive petrol and diesel variants will continue to be produced.
"As a result, SA will import H3 products from the newly formed Hummer entity and will distribute these vehicles through our premium dealerships in South Africa."
The unnamed buyer is planning to "aggressively" finance Hummer's future product programmes according to GM.
GM is also trying to sell its Saab and Saturn brands and will phase out its Pontiac brand as it concentrates on its Chevrolet, Cadillac, Buick and GMC nameplates. - AFP and Reuters
GM setto sell Hummer
GENERAL Motors has tentatively agreed to sell its Hummer brand, a day after the US car manufacturer filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within only 30 days, the firm said yesterday.
GENERAL Motors has tentatively agreed to sell its Hummer brand, a day after the US car manufacturer filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within only 30 days, the firm said yesterday.
US-based GM did not name the proposed buyer or the price, but said the sale would likely save more than 3000 US jobs in manufacturing, engineering and at various Hummer dealerships.
GM South Africa said yesterday: "It is our understanding from this announcement that future assembly of the Hummer will be consolidated into a single location at Shreveport in the US where right- and left-hand drive petrol and diesel variants will continue to be produced.
"As a result, SA will import H3 products from the newly formed Hummer entity and will distribute these vehicles through our premium dealerships in South Africa."
The unnamed buyer is planning to "aggressively" finance Hummer's future product programmes according to GM.
GM is also trying to sell its Saab and Saturn brands and will phase out its Pontiac brand as it concentrates on its Chevrolet, Cadillac, Buick and GMC nameplates. - AFP and Reuters