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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.

GMC's Hummer EV will offer several powertrain options

General Motors confirmed plans to resurrect the Hummer nameplate on a GMC-badged electric pickup, and it's beginning to release details about the drivetrain that will power the model. Speaking to investors, company president Mark Reuss announced buyers will have at least three drivetrains to choose from at launch. The few specifications that have already been announced are impressive. GMC quoted a three-second sprint from zero to 60 mph, at least 1,000 horsepower, and 11,500 pound-feet of torque, though that latter figure undoubtedly corresponds to wheel torque rather than the powertrain's basic output. Most truck buyers don't need Lamborghini-rivaling acceleration, and they'd rather not pay for it, so GMC will also offer more basic versions of its Hummer. "When we go to market, we'll have one-, two-, and three-motor versions offering different ranges, different performance, and different price points to meet customers wherever they may be. If the customer wants a basic package, we'll have that. If the customer wants true off-road capability, and towing capability, we'll have that, too," Reuss said. He stopped short of revealing additional specifications about each configuration. While that sounds expensive to develop and certify, Reuss explained General Motors is keeping costs in check by making the Hummer's powertrain as modular as possible. He compared the platform to an ice cube tray. Its overall dimensions are fixed, but people can choose how many rows they fill with water. What he's likely alluding to is a scalable battery pack whose capacity can be increased or decreased by adding or removing cell packs. As for the motors, we're expecting the entry-level, rear-wheel drive Hummer will come standard with a single motor mounted over the rear axle. The mid-range variant will likely gain a second motor positioned over the front axle to deliver through-the-road all-wheel drive, and the range-topping trim will receive individual rear motors (though they won't be integrated into the wheels) for jaw-dropping performance, and improved off-road capacity.  Economies of scale will come into play, too. While the Hummer is the only electric off-roader whose launch has been confirmed by General Motors, Reuss stated the company's other brands will benefit from it, too. "We'll have a complete lineup of EVs, including the [Hummer EV] and its stablemates," he said.

2024 GMC Hummer EV SUV revealed, priced the same as the truck

Following up on the 2024 GMC Hummer EV pickup truck's big reveal back in October is the SUV variant. And it looks pretty much the way you would expect. From roughly the doors forward, it's the same as the blocky pickup. But the back half now has an enclosed cargo area, a full-door tailgate and full-size spare mounted to it. Besides the tweaked looks, the SUV is physically shorter. The full dimensions haven't been revealed yet, but the wheelbase is 8.9 inches shorter than the truck at 126.7 inches total. The overall length is likely reduced even further, since the tail is much shorter than the truck's with the rear wheels close to the bumper. Both of these changes will greatly improve breakover and departure angles, plus make the vehicle generally more maneuverable on and off road. GMC boasts that with four-wheel-steering, the turning circle is just 35.4 feet, about a foot and a half tighter than the truck. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Powertrains are identical to that of the truck. The EV2 and EV2X get two motors making 625 horsepower. Higher EV3X and Edition 1 trims have three motors making 830 horsepower. Electric range varies between about 250 miles to 300 miles depending on specification. Extremely fast 800-volt, 300-kW DC fast charging is available and included on all but the base trim level. An Extreme Off-Road Package is available on EV2X and above that adds 18-inch wheels with 35-inch mud-terrain tires. You'll also be able to get the ground-clearance-increasing air suspension and four-wheel steering with the famous Crab Mode. Super Cruise will be standard on every GMC Hummer EV. Pricing and trim levels are nearly identical to the pickup truck, with only the Edition 1 varying. The base model starts at $79,995, and each trim and price is listed below. Prices are listed without the destination charge because that figure has not been revealed yet. EV2: $79,995 EV2X: $89,995 EV3X: $99,995 Edition 1: $105,595 ($110,595 with Extreme Off-Road Package) The Edition 1 SUVs will be available first with sales starting early next year. The EV2X and EV3X will go on sale that spring, and the base EV2 trims will go on sale in spring 2024. GMC is taking reservations now, and they can be made at this link. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.