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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.

Tupac Shakur's 1996 Hummer H1 is for sale

Tupac Shakur purchased this 1996 Hummer H1 on August 13,1996. This was just one month before the singer's death. It was his personal vehicle for a brief time and the last vehicle the rapper ever purchased. Now it's up for auction to the highest bidder. It comes with a 6.5-liter turbodiesel V8 engine, an automatic transmission, and only 10,101 miles on the odometer. There are also 38-inch Dick Cepek off-road lights, a 360-degree spotlight, grille guard, and diamond-plate bumpers. An external PA system with three sirens and 12-disc Clarion sound system are also part of the package. RELATED: See Images of the 2004 Hummer H1 There are two copies of the registration listing Tupac as the owner as well as an affidavit listing his mother, Afeni Shakur, as the property successor. The car was held in storage after Tupac's death, and eventually became a prize in a 2003 BET raffle. It is currently sitting in storage again in Vancouver, Canada awaiting the right buyer. RR Auction estimates its value at over $100,000 so it'll take some serious cash to put this car in your driveway. RELATED: See Images of the 2006 Hummer H1 Alpha Related Video: This article originally appeared on Boldride.com. Celebrities Hummer Auctions SUV hummer h1

Hummer EV could be part of GM's move into electric trucks and SUVs

WASHINGTON/DETROIT — General Motors plans to build a new family of premium electric pickup trucks and sport-utility vehicles at its Detroit-Hamtramck plant beginning in late 2021, possibly reviving the imposing Hummer brand with some of them, several people familiar with the plans said. The so-called BT1 electric truck/SUV program is the centerpiece of a planned $3 billion investment in the Detroit-Hamtramck plant to make electric trucks and vans, and part of a broader $7.7 billion investment in GM's U.S. plants over the next four years, according to a proposed labor deal between the automaker and the United Auto Workers union. The investments were made public by the UAW on Friday, but no details were provided. The investment would move the automaker into a part of the EV market that is largely untested and where GM has a higher likelihood of turning a profit, analysts said. "It makes perfect sense to hit the high end of the market in order to generate some revenue that might actually turn a profit," Auto Forecast Solutions vice president of global vehicle forecasting Sam Fiorani said. GM is mirroring the approach electric carmaker Tesla took by starting in the high end and then moving down the price ladder, he said. That is important for a company who previously tried to sell the plug-in electric hybrid Chevrolet Volt and all-electric Bolt cars at lower prices and higher volumes, but failed to sell enough to make those efforts profitable, Fiorani said. The UAW's 48,000 GM hourly workers are scheduled to vote next week on the proposed contract that would end a monthlong strike that analysts say has cost the No. 1 U.S. automaker about $2 billion in lost profit. GM's BT1 program includes an electric pickup for the GMC brand and an electric SUV for Cadillac, both due in 2023, the sources said. Before then, GM plans to begin low-volume production in late 2021 of the first BT1 model, a pickup, under a different brand, the source said. A performance variant of the pickup will be added to that brand in 2022, followed by an electric SUV in 2023. One of the sources said the Hummer name is "under consideration," but a decision has not been finalized. The pickup is codenamed "Project O." Bringing back the Hummer name would take advantage of a still strongly recognized brand name, Fiorani said.