General Motors’ chief operating officer, Fritz Henderson, told reporters that the Detroit automaker is looking to sell off its Hummer nameplate by early 2009 if not by the end of this year. Sale of the Hummer brand, which has been under the GM umbrella since 1995, will help raise part of the $15 billion the automaker announced it was seeking in July.
“We are trying to approach this (Hummer sale) on an urgent basis,” Henderson told Reuters. “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”.
GM is looking to sell more than just Hummer, but it says that the off-road brand would probably be the first to go. With fuel prices up at pumps in the last couple of years, sales are not surprisingly way down this year – 40 percent in the first six months of the calendar year.
