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Humvee maker AM General reportedly for sale, with interest from FCA, GM

WASHINGTON — AM General has put itself up for sale and has hired investment bank Macquarie Group Ltd to seek potential bidders in a deal that could value the builder of Humvee military vehicles at more than $2 billion, people familiar with the matter said this week. Potential bidders include competitors in the military ground vehicle market, such as General Dynamics, Oshkosh Corp and BAE Systems, according to two people familiar with the matter. Automakers like Fiat Chrysler and General Motors may also be potential buyers. GM licensed Hummer from AM General in 1998 to build civilian SUVs. None of the companies would comment or reply to a request for comment. The South Bend, Indiana-based AM General is currently owned by private equity firms. A possible sale of AM General follows a rash of deals over the past 18 months among defense contractors. But relatively fewer makers of defense equipment have gone on the auction block. Last year, United Technologies acquired Rockwell Collins for $30 billion, and in March, TransDigm Group continued its acquisition spree with a $525 million deal for Extant Components Group. AM General could fetch about 10 times its annual earnings of $160 million, one of the people said. The company's favorable tax treatment because of its current status as an limited liability corporation, would allow a buyer to reduce the company's taxable earnings for 15 years. That coupled with recent contract awards could push the ultimate value of the company to over $2 billion in a sale. The sale, should it happen, comes as the U.S. Army is gearing up for a broad effort to modernize its forces, including seeking prototypes of its Next-Generation Combat Vehicle in fiscal year 2022. Last month, AM General was awarded an Army contract for as many as 2,800 new M997A3 High Mobility Multipurpose Wheeled Vehicle (HMMWV) ambulances. The contract could be worth as much as $800 million if all options were exercised, AM General said at the time. Last year, the Pentagon awarded AM General a $550 million contract to deliver HMMWVs for use as protected weapons carriers, cargo transporters and ambulances to Afghanistan, Iraq, Ukraine, Jordan, Slovenia, Bahrain, Columbia, Bosnia and Kenya as a part of a larger Foreign Military Sales agreement. The sale of AM General offers an opportunity to purchase a prime contractor that delivers a finished product to the Pentagon, and not just an add-on system or service.

Junkyard Gem: 2006 Hummer H3 SUV

After General Motors bought the rights to the Hummer brand from AM General in 1999, it continued to sell the civilianized versions of the military HMMWV that was made famous after appearing in the heavily televised Operation Desert Storm. The Hummer H1 (as it became known) never sold in large numbers, but The General decided to make everyman Hummers based on existing GM truck platforms. The Silverado-based H2 came first, debuting as a 2003 model, followed by the Colorado-based H3 as a 2006 model. Here's one of those first-year H3s, found in a Denver self-service car graveyard recently. Now it's time for some Hummer brand history. After the American Motors Corporation bought Kaiser Jeep in 1970, it spun off the fleet and military parts of that operation into a new company called AM General. The best-known AM General products for many years were the Jeep DJ Dispatchers, generally called "Mail Jeeps," and they were sold all the way through 1984. 1984 was also the year that the United States Army put the first AM General-built High Mobility Multipurpose Wheeled Vehicles (HMMWV, which soldiers pronounced "Humvee" at first but eventually adopted the "Hummer" nickname). Around the same time, militarized VW-powered sand rails were being purchased from Chenowth by Uncle Sam. After Arnold Schwarzenegger convinced AM General to build civilianized Hummers, sales of the not-so-civilized brute that became the H1 began in 1992. The H2 and H3 had the misfortune to be launched just before the Great Recession hit and fuel prices went crazy, while a couple of overseas conflicts that were much less popular than Gulf War I made grim headlines and reduced the street appeal of combat-inspired civilian wheels. The H1 got the axe in 2006; GM tried and failed to sell the Hummer brand to a Chinese manufacturer in 2010, as it struggled through Chapter 11 bankruptcy, finally giving up and killing the brand alongside Pontiac, Saturn and Saab. Then the Hummer name was revived in 2022 as an electron-fueled GMC model, and you can buy a 2024 GMC Hummer EV SUV right now (though GMC's website warns of "LIMITED AVAILABILITY" in big red letters, so you might have a hard time actually taking delivery of one). The final 2010 H3s were built for Avis at Shreveport Operations, which itself shut down two years later.

GM Design shows another early Hummer EV sketch

Like a new mother who's still so excited about her one-year-old baby that she can't stop showing ultrasound photos, General Motors is so excited about its biggest new baby, the battery-electric GMC Hummer, that it can't stop showing off development design sketches. The off-road monster with the 200-kWh Ultium battery pack debuted online on October 21 last year. The next day, the GM Design Instagram page posted some of the Hummer's early "theme sketches" leading to the production version. These had a conceptual flair to them, but were rather restrained. A month later, GM uncovered a series of development renderings showing off a much wilder truck bursting with more angles than a geometry text book. The archives have opened up again with a new "ideation sketch," this one between the first believable sketches and the second truck that Master Chief and Doomguy share on their days off.  All three sets of drawings show similar three-box proportions, it's the details that got a ton of love. On this newest sketch, the fenders flare a touch more than on the production truck, but the wheel wells are cut with the kind of clearance found on a Baja 1000 Trophy Truck. Out back, save for the tow hooks, the rear end is totally different than production. The sketch puts illuminated Hummer script across a narrow tailgate flanked by small square, taillights housing six individual elements. Beneath that, a bumper-less rear end puts nothing more than a sloped bash pate between the truck and the rocks it's just scrambled over. To our eyes, this is the best blend of production-ready comfort from the first sketches and zoot suit angles from the second that we've seen so far.  First deliveries of the GMC Hummer EV Edition 1 are expected before the year is out. When we get a chance to absorb the truck in its native habitats, we'll know whether there's cause for disappointment at what could have been. If so, with all this hunger among the monied for something different, we feel like restomodders have been given the perfect head starts on custom rebodied Hummers that would make things right. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.