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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.

What the electric Hummer's size and weight means for its efficiency

The 2022 GMC Hummer EV Edition 1. Tim Levin/Insider If you think driving a pint-sized Nissan Leaf is as good for the planet as driving a huge electric Hummer, think again.  The GMC Hummer EV uses significantly more electricity than other EVs, meaning it produces more pollution upstream.  The electric Hummer weighs 9,000 pounds and its battery weighs as much as a Honda Civic. The new electric Hummer rolls through town without a deafening engine rumble or a cloud of toxic fumes, but it doesn't exactly tread lightly.  The colossal truck weighs an astonishing 9,000 pounds. (Think two Toyota Tacomas, three Honda Civics, or 24 Shaquille O'Neals.) Moreover, the GMC Hummer EV is in many ways a supersized gas guzzler for a new era. It repackages many of the same flaws of hulking SUVs and trucks of years past — and proves not all zero-emission cars are created equal. EVs can be energy guzzlers too On the whole, electric cars use less energy than gas-powered ones. But they aren't all equally efficient.  No surprise here: The Hummer needs more electricity than any other EV on the market to move its elephantine frame. The Environmental Protection Agency rates the pickup at 47 MPGe (miles per gallon of gasoline-equivalent). For comparison, the Tesla Model 3 sedan is nearly three times as efficient, earning a rating of 132 MPGe. The Ford F-150 Lightning, another electric truck, gets 70 MPGe.  This has real consequences: Since the US gets 61% of its energy from oil, coal, and natural gas, the more electricity a car needs, the more pollution it creates upstream.  As the Union of Concerned Scientists put it: "Both EV cars and trucks are much cleaner than their gasoline counterparts, but electric trucks are responsible for more global warming emissions than electric cars simply because trucks are larger and heavier."  The 2022 GMC Hummer EV Edition 1. Tim Levin/Insider The Hummer EV is also resource-intensive to manufacture, requiring a ginormous (and weighty) battery to give people the 300-plus miles of range they desire. You could produce three Chevrolet Bolts with the same battery cells consumed by one Hummer.

GMC could have used Jeep's prized grille design on its born-again Hummer

General Motors confirmed it's bringing the Hummer nameplate back on an electric, GMC-badged pickup by publishing a dark photo of its front end. The battery-powered drivetrain under the sheetmetal represents a tectonic shift, but we noticed another flagrant break with tradition: it wears six slot-like inserts instead of seven like on every previous Hummer and countless Jeeps. Adding an extra slot wouldn't have landed GMC in hot water. The seven-slot grille has historically been associated with Jeep, and the company proved it's willing to go to significant lengths to ensure another automaker — especially one it perceives as a rival — doesn't use it. Parent company Fiat-Chrysler Automobiles (FCA) bitterly sued Mahindra over the Roxor's design, including its five-slot grille, and won in 2019, forcing the Indian firm to unveil a redesigned side-by-side for the 2020 model year. And yet, stylists would have very likely been able to get away with it on the Hummer. While General Motors owns Hummer, the brand traces its ancestry to 1970, when American Motors Corporation (AMC) purchased Jeep from Kaiser and changed the name of its General Products Division to AM General Corp. The division manufactured the rear-wheel drive, CJ-based DJ for the United States Postal Service and began developing the Humvee in 1979. Jeep and AM General went their separate ways when Renault began investing in AMC. Foreign companies weren't allowed to own defense contractors, and AMC had more to gain by gradually selling out to Renault than by keeping AM General, so it divested the division to LTV Corporation in 1983. Humvee production started shortly after, but no one protested its seven-slot grille because there was no risk of it stealing sales from a comparable Jeep model. It was manufactured exclusively for the U.S. Army, and civilian sales weren't planned. H2SUV View 4 Photos The original civilian Hummer released in 1992 must have raised more than a few eyebrows but, here again, it didn't directly compete with one of Jeep's off-roaders, so no one complained. It was huge, correspondingly expensive, and its portal axles made the YJ-generation Wrangler wet its pants. It's the H2 concept (pictured above) unveiled at the 2000 Detroit Auto Show that set off alarm bells in Auburn Hills. DaimlerChrysler's lawyers counted the slots in the chrome-plated insert that dominated its front end and shuddered when they reached seven.