With the world financial crisis going from bad to worse, General Motors is under immense pressure to raise cash. One of the ways it which the company believes it can achieve this is by off loading struggling brand Hummer.
GM has today sent a prospectus to potential buyers of the iconic brand. “Today we began the process of getting offering materials to interested parties,” GM spokeswoman Joanne Krell said in an e-mail message.
There have been reports that Indian owned utility maker Mahindra & Mahindra has expressed interest, but GM is yet to confirm any potential buyers.
The news follows a recent reassignment of former General Manager of Cadillac (James E. Taylor) to Hummer last week.
GM’s position on Hummer has changed considerably since early June, when the old general announced it was putting the brand up for a “strategic review” as petrol prices continued to climb.
In it’s home country, Hummer sales have fallen by more than 47 per cent from 2007. In Australia Hummer H3 sales are also on the decline with only 41 H3s sold last month Australia wide.
Who should buy Hummer? Why can’t GM revitalise the brand with a new clean green image? Tell us what you think.