First it was Russia. Now it is the Middle East. The Hummer – one of America’s most iconic automotive brands – looks less and less likely to be staying in the US after General Motors admitted it had received expressions of interest from investors in the Gulf states.
The comments came hot on the heels of news earlier this month that Russian oligarch Oleg Deripaska has held early-stage talks with GM about buying the brand.
The interest already shown in the brand, which GM effectively put up for auction after sales fell by 40pc in the first-half of the year, suggests that the troubled car manufacturer may yet generate a healthy sale price which would boost its ailing finances.
While the likely sale price for Hummer – which is based on US military vehicle the Humvee – is not known, GM has said it intends to raise up to $4bn in asset sales by the end of next year.News of the interest from the Middle East came from GM’s managing director in the region, Terry Johnsson, who said there were two Gulf-based Arab investors who had raised their hand.
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