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ReprintsReport: Tata, Mahindra potential buyers of Hummer
Andrew Grossman
Automotive News
June 6, 2008 - 2:00 pm ET
India's two largest automakers could be potential buyers for General Motors' struggling Hummer brand. India's Economic Times reported Thursday, June 5, that bankers representing GM have approached Tata Motors Ltd. and Mahindra & Mahindra Ltd. about buying Hummer. On Tuesday, June 3, GM CEO Rick Wagoner said the automaker was considering selling Hummer, which saw sales fall 60.2 percent in May from a year ago and 36.0 percent for the year from the same period in 2007. It's unlikely that Hummer would be a target for any of the major U.S. or Japanese automakers, which are scrambling to cut truck production as rising fuel prices drive down sales of fuel-inefficient vehicles. GM would not comment on the report today, saying the review of what to do with Hummer "is just getting under way." Mahindra and Tata both declined to comment on the talks. Mahindra is planning to sell a compact pickup in the United States next year. It sells a series of SUVs in India under its Scorpio brand. On Monday, June 2, Tata completed its $2.3 billion acquisition of the Jaguar and Land Rover units of Ford Motor Co. David Smith was named CEO of those units. |
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