Arab Investors Interested in GM's Hummer Brand

As US sales slide, GM looks overseas to unload gas-guzzler unit

By Clay Dillow, Newser Staff

Posted Aug 26, 2008 10:04 AM CDT

(Newser) – There may soon be more Hummers heading to the Persian Gulf, this time as two Gulf Arab investors signal interest in buying GM's troubled brand of SUV—modeled on the military vehicle. Analysts have expected the gas-guzzler to be tough to unload, but low fuel prices, economic prosperity, and Hummer’s position as a status symbol in the Gulf have made it quite popular.

"The brand is extremely vibrant ... which augurs very well," a GM Middle East exec said. GM is shopping the brand as part of a strategy to raise $4 billion in asset sales through 2009 to help weather a sales downturn.

[Images (3)]

[Quotes (1)]

GM has found two Gulf Arab investors interested in buying its Hummer unit. (AP Photo/David Zalubowski)

A long row of unsold H3s sits at a Hummer dealership in Castle Rock, Colo., on Sunday, July 6, 2008. GM already has found interested buyers for the brand in the Middle East. (AP Photo/David Zalubowski)

Two Gulf Arab investors are interested in GMs Hummer Brand. (AP Photo/Danny Johnston, File)

« Prev« Prev | Next »Next » Slideshow

For sure, there has been interest from various parties within the Gulf ... there is a precedent in the cases of Aston Martin, Ferrari or Daimler and those kinds of solutions could be very realistic solutions. - GM Middle East exec

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Seeking Sales Bump, GM Targets Middle East

New models will be introduced soon

(NEWSER) - General Motors hopes to rebound from a 19% first-quarter drop in Middle East sales by introducing new models and helping buyers with down payments, Reuters reports. "There are a lot of people who walk into showrooms who aren't able to buy because they can't get financing," says the company's regional president. GM expects a profit in the region, but "much less so than last year." More»

GM Reclaims World's No.1 Spot

2011 disasters knock Toyota into 3rd place

(NEWSER) - General Motors is back on top of the world less than three years after its bankruptcy and restructuring. The company is once again the world's top-selling automaker, with 9 million sales worldwide in 2011, almost a million more than second-placed Volkswagen. Toyota, which took top spot from GM in 2008, fell into third place after production cuts caused by the earthquake and tsunami in Japan and flooding in Thailand. More»

Car Sales Jumped 14% Last Month

Chrysler, VW saw huge gains

(NEWSER) - Americans may be worried about the economy, but they still need to get where they’re going. Auto sales beat expectations last month, rising 14% to 994,721, their fastest sales pace since August 2009, reports the AP . Chrysler led the pack: The automaker’s sales jumped 45%, Reuters reports. Close behind was Volkswagen, whose sales soared 41%; Hyundai, Nissan, and Ford also saw double-digit gains. More»

GM Begins Hummer Shutdown

Sale of gas-guzzling brand falls through

(NEWSER) - The once-mighty Hummer is going away for good. GM has begun winding down the brand after a sale to a Chinese company fell through. It's the second brand, along with Saturn, that GM has failed to sell as part of its restructuring. Only about 2,500 Hummers remain in stock, and the company will honor warranties for vehicles still on the road. More»

Ford Sales Rise 33% as GM, Chrysler's Fall

But all three domestic automakers suffered in '09

(NEWSER) - Ford continued to dominate its domestic rivals in December, with the carmaker the only one of the "big three" to see sales advance. The company's US sales rose 33%, marking Ford's best month since May 2008. GM saw a 6% sales decline for December, while Chrysler's sales were down 4%. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Arab Investors Interested in GM's Hummer Brand