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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.

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.

Jeep Grand Cherokee Trailhawk and a Final Four of automakers | Autoblog Podcast #723

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski. We start out with news on the Lotus Eletre and Ferrari Purosangue. These two high-end crossovers are followed by discussions about the new inline-six engines from Stellantis and an overabundance of Hummer EV orders. Next we try something we've never tried before: ranking automaker blue bloods. We took inspiration from the current NCAA tournament, which features Duke, North Carolina, Villanova and Kansas — very much traditional blue-blood basketball programs — to name our Final Four automakers. Let us know if you agree or disagree with our picks and what your definition of a blue blood car brand is. We wrap up with a discussion about the Jeep Grand Cherokee Trailhawk that Jeremy's been driving all week. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #723 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Lotus Eletre Ferrari Purosangue Stellantis inline-six Hummer EV orders Cars we're driving Jeep Grand Cherokee Trailhawk Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Podcasts Ferrari Hummer Jeep Lotus Crossover SUV Electric Luxury Off-Road Vehicles Performance