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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.

Here are 12 electric pickups in the works

With the unveiling of the GMC Hummer EV, the list of planned electric pickups is expanding. Legacy automakers like Ford and Chevy have theirs coming, as do startups like Tesla, Rivian and Bollinger, as well as some lesser known brands. Here are all the electric pickup trucks we know to be in the works, along with a few that are being discussed or mulled over. GMC Hummer EV The 2022 GMC HUMMER EV is a first-of-its kind supertruck develop View 40 Photos We’ve seen it now, and itÂ’s the business. The GMC Hummer EV comes out swinging with 1,000 horsepower from GMÂ’s new Ultium electric powertrain program, a wealth of off-road features, a removable roof, Super Cruise and the revival of the Hummer name. WeÂ’ll see the first ones on the road next fall. Tesla Cybertruck Tesla Cybertruck at the Petersen Museum View 14 Photos Tesla revealed the Cybertruck last year with, ahem, unique styling, a number of powertrain options and a claimed range of up to 500 miles. It has a compressed paper dash, a ramp for the bed, and “shatterproof” windows. It has already racked up hundreds of thousands of reservations. It will be built in Texas. Rivian R1T 2021 Rivian R1T View 15 Photos EV startup Rivian revealed its R1T electric pickup toward the end of 2018 with a claimed 0-60 time of 3 seconds and a towing capability of 11,000 pounds. Preproduction began in September 2020 at RivianÂ’s factory in Normal, Illinois. Bollinger Motors B2 Bollinger Motors B2 side outdoors View 31 Photos BollingerÂ’s B2 electric pickup is a Class 3 off-roader with retro styling, removable roof panels, and a unique “frunkgate” with a pass-through down the center of the vehicle. It was created with both enthusiasts and workers in mind, with features that can get it to remote places (portal axles, hydro-pneumatic suspension) and to get things done (room for 40 2x4s, equipped with eight 110-volt outlets and one 220-volt outlet). Bollinger also plans to make the B2 Chassis Cab available for fleet customization. Ford F-150 Electric Electric Ford F-150 Towing View 9 Photos WeÂ’ve known this to be in the works since early 2019. Since then, details have trickled out. Back in June, Ford announced its F-150 Electric would be coming within two years. WeÂ’ve seen it pull a million pounds worth of train and trucks, heard it will have more power than any other F-150, and seen its LED-laden front end.