Fallen US auto giant, General Motors has announced it has found a buyer for its Hummer brand and will sell it before September. According to the Wall Street Journal, GM received offers of up to 500 million dollars.
AFP - General Motors announced Tuesday that it had signed a framework agreement with an unnamed buyer to sell off its Hummer brand before the end of the third quarter, in a move it said would save 3,000 jobs in the United States.
GM in June said it was considering what to do with its oversized sports utility vehicle, after Hummer sales plummeted 51 percent last year, the deepest drop in the US auto industry.
GM lodged a bankruptcy filing with a US court on Monday, hoping to wipe out debts piled up over decades and to emerge as a viable competitor.
The filing in the same New York court that approved a speedy restructuring for Chrysler late Sunday aims to allow the former world number one carmaker to reemerge within 60 to 90 days.
GM's move comes after years of struggling and losing its crown last year as the world's top automaker. GM last made a profit in 2004, earning 2.8 billion dollars. It lost nearly 88 billion dollars from 2005 through the first quarter of 2009.
Hummer does not figure among the limited number of brands GM is considering in its plans to streamline production and return to profitability.
Date created : 2009-06-02