General Motors sets May 1 deadline to sell Hummer

Automotive News is reporting that General Motors has set a May 1st deadline to sell Hummer, after failing to sell it to Sichuan Tengzhong Heavy Industrial Machinery.

After the failed sale, GM announced that they would wind down Hummer. However, it is being reported that several parties have expressed their interest in purchasing Hummer, prompting General Motors to set the new May 1st sale deadline. They have also extended their franchise agreements with the 153 US Hummer dealerships to May 1st. Hummer CEO Jim Taylor has said that the process may take longer, but also said “We’re going to do everything in our power to bring this home in the next couple of months.”

If GM does wind down Hummer, the process would be similar to the wind down of Pontiac and Saturn. Rebates would be offered to customers to clear out the inventory and then dealers would be paid various settlement amounts. However, it’s hard to say if a wind down will have to be made.

Source: Automotive News – sub. req. via MotorAuthority

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