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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.

Hummer officially returns as an EV with 1,000 hp in Super Bowl ad

Hummer, the iconic, controversial and long-dead truck and SUV maker, returned this Sunday in a Super Bowl ad that previewed its comeback under the GMC brand. General Motors announced the move and teased the vehicle with a series of clips (below) Thursday morning, confirming reports of Hummer's resurrection that have simmered for months. The bane of environmentalists in the early 2000s, Hummer is recast as an electric-only truck capable of a jaw-dropping 1,000 horsepower, 11,500 lb-ft of torque (we believe this figure to be wheel torque) and a sprint to 60 mph in 3 seconds. “We came to play ball,” a spokesman deadpanned in an interview with Autoblog. Electric range was not revealed. The teaser shots show a grille that recalls old Hummer vehicles, though the look is updated with flashy lights. GM will build the reborn Hummer at the Detroit-Hamtramck factory in Michigan that was once thought to be set to close. It will be revealed May 20 at an event, possibly in Las Vegas. The truck will be available in fall 2021. “GMC builds premium and capable trucks and SUVs and the GMC HUMMER EV takes this to new heights,” Duncan Aldred, vice president of Global Buick and GMC, said in a statement. “We are excited to debut our revolutionary zero-emissions truck during the biggest night in TV advertising.” The Super Bowl ad aired just before halftime in the United States and featured Los Angeles Lakers star LeBron James.  In a statement, he said: “Teaming up with GMC to introduce the Hummer EV is a natural fit. Everyone knows about my love for Hummer since high school and IÂ’m proud to be a part of announcing the new EV model. The truck may be quiet, but the performance numbers speak for themselves.” Hummer will take aim at a slew of electric truck and SUV makers, including Rivian, which announced Wednesday plans to help build LincolnÂ’s first electric vehicle in its partnership with Ford Motor Co. Hummer will also face off against the Tesla Cybertruck, BollingerÂ’s EVs and other competitors.    GM shuttered Hummer in 2010 after trying to sell the brand to Chinese investors as it shed units during its historic bankruptcy and restructuring.  With today's announcement, GM issued a truckload of videos on the new Hummer:    

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.