GM finds buyer for Hummer

June 3, 2009 - 0 comments

Detroit -- Bankrupt U.S. auto giant General Motors Corp. signed a deal to sell its Hummer brand to an unnamed buyer, the company said Tuesday.

GM would not disclose the price for the sale, which it said would close in September, CNNMoney.com reported.

"I'm confident that Hummer will thrive globally under its new ownership," Troy Clarke, president of GM North America, said in a statement.

"And for GM, this sale continues to accelerate the reinvention of GM into a
leaner, more focused, and more cost-competitive automaker," Clarke said.

Hummer sales plummeted when gasoline prices peaked last summer. GM said it sold 5,013 Hummers in the first quarter of 2009, a 62 percent drop from the same quarter a year ago.

GM also intends to stop making Saturn, Pontiac and Saab brands. It recently agreed to sell a portion of its European operations, Opel, to a group led by
Canadian parts supplier Magna International Inc.

GM filed for bankruptcy Monday, in the fourth largest bankruptcy filing in U.S. history.

GM said it would continue to make Hummers at its Shreveport, La., plant through 2010 under contract with the new owner.