DETROIT -- General Motors, under pressure to sell assets and raise cash, has sent a prospectus to potential buyers of its Hummer brand.
Today we began the process of getting offering materials to interested parties,
spokeswoman Joanne Krell said in an e-mail message.
GM has said some potential buyers have shown interest in the iconic SUV brand, but GM hasnt identified them. Krell declined to give details on the size of the prospectus or how many copies are being sent.
In early June, GM put Hummer up for strategic review as gasoline prices were climbing to more than $4 a gallon. Since then, gasoline prices have fallen below $3 a gallon in some parts of the United States.
Through September, Hummer sold 22,493 vehicles in the United States through 170 dealers, down 47.4 percent from the same nine months of 2007.
In 1999, GM bought the marketing rights to Hummer from AM General in Mishawaka, Ind. The next year, GM sold 875 Hummer H1s, which were based on Humvee military vehicles. Hummer sales soared after GM introduced the full-sized H2 SUV in June 2002. In 2006, the brands sales peaked at 71,524.
Environmentalists criticized GM for producing a vehicle with an average fuel economy of 10-12 mpg.
GM later followed up with a pickup version and the mid-sized H3.