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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 has received 65,000 Hummer EV orders so far

The GMC Hummer pickup truck only just went on sale, and already there's word from company brass that demand is higher than expected. According to a report from CNBC, Duncan Aldred, global vice president of GMC, said the automaker has received more than 65,000 combined orders for the current electric truck and upcoming SUV. What's more, the number of customers converting reservations into orders is humming along at 95%, which is also higher than the company projected. "Production’s actually slightly ahead of plan and weÂ’re putting things in place now to actually expedite that as well, so we can deliver these reservations quicker than we originally thought," Aldred said, adding that new orders placed today probably won't result in a delivered vehicle until 2024. "WeÂ’re doing all the studies on that and weÂ’re confident we can go a lot quicker than we originally thought," Aldred said, "But it still means a reservation now probably means delivering in Â’24." The version of the Hummer pickup that's currently being built is the highest-spec Edition 1 model. That truck ran at least $110,295, but since it's already sold out, new customers will be looking at Hummer EV 3X that starts right around the $100,000 mark before any optional equipment is added (and assuming you can find a dealer that won't try to jack up the price). At some unspecified point in the next year or so, GMC will start building a lower-cost Hummer 2X for $89,995. A year or so later, the  $79,995 Hummer EV 2 will make its debut. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mil-Spec 003 First Drive Review | The ultimate Hummer H1

We're in something of a golden age for automotive restomodding, and into a heady mix that includes Singer's reimagined 911s, Icon's fancy off-roaders, and lots of updated Land Rovers. The latest company with ambitions to become a top-tier custom car brand is Mil-Spec, which aims to do what the aforementioned companies do, but with the big, brash, blunt Hummer H1. And in particular, the company is aiming to make its Hummers a compelling alternative to a used Hummer H1 Alpha. The Alpha is generally considered to be the best of the breed with the most powerful diesel engine offered, larger brakes, and a nicer interior compared with its predecessors. To find out whether the company's early efforts live up to that ambition, Mil-Spec invited us to drive their third completed vehicle, Mil-Spec 003. It started life as a 1995 Hummer H1, and as with all of Mil-Spec's vehicles, it was completely disassembled, and the body and frame media-blasted down to metal. The frame and related components are then powder-coated with a black gloss finish. The truck's aluminum body, in this case a four-door hardtop pickup variant, but is coated in a resilient bedliner-like material designed for easy care. Bits of Kevlar are mixed in with the material for strength, and it can be tinted different colors and have rougher or finer textures. Underneath the body, one of the five different engines that were available on the H1, usually a diesel V8, is replaced with a 6.6-liter Duramax LBZ turbodiesel V8. This engine was available on heavy duty Chevy and GMC pickup trucks, and a related engine was used in the Hummer H1 Alpha. Whereas the engine in the H1 Alpha made 300 horsepower and 520 pound-feet of torque mated to a 5-speed automatic, the Mil-Spec's LBZ has had turbo upgrades and a different ECU tune allowing it to produce 500 horsepower and 1,000 pound-feet of torque. It's also coupled to an Allison 1000 6-speed automatic transmission. The mechanical upgrades don't stop with the engine and transmission. The inboard brakes are given drilled and vented discs, and an ARB Air Locker locking rear differential fitted. Dual auxiliary transmission coolers also make an appearance and can be switched on as needed. The 003 received 20-inch wheels with 38-inch mud terrain tires, but larger tires can be added if desired.