General Motors officially announced the cancellation of the sale of its Hummer brand to China’s Sichuan Tengzhong Heavy Industrial Machinery Co. on Wednesday, but reports surfaced on Thursday indicating Hummer could live on under new ownership.
Despite GM’s announcement that it would wind down the Hummer brand, the iconic off-road brand continues to cling to life. Two suitors are reportedly interested in acquiring the Hummer brand from General Motors.
As was the case with Saab , a new bidder could intervene in the eleventh hour to save the Hummer brand. GM announced it would shutter its Saab division following the failed sale to Koenigsegg , but Spyker Cars N.V. purchased the ailing Swedish brand in a last ditched effort.
The identities of the two suitors have yet to be revealed, but one is believed to be a U.S.-based equity firm. The second is thought to be foreign firm, although a China-based business is unlikely given Tengzhong’s failure to complete the deal.
Hummer’s chance at life remains slight, but it remains possible the off-road brand could live to see another day.
References
1. ‘GM Weighs Two…’ view
