GM: Hummer sale will happen by early 2009

With various parties interested in the Gulf Arab region in buying the gas-guzzling brand, GM plans to sell Hummer by the end of this year or early 2009. Its COO, Fritz Henderson, told reporters that GM has lost $51 billion over the past three years but is planning to get at least $15 billion in liquidity by cutting costs and selling assets. Selling Hummer, as quick as it can, is a part of that move.

“We are trying to approach this (Hummer sale) on an urgent basis,” Henderson said. “End of this year is a fair amount of time. It can conceivably happen … but if it takes us to early next year, that is okay, too.”

Henderson added that GM has been approached by ‘several’ suitors.

 

Source: Automotive News (Subscription Required)