One of the most powerful car brands of General Motors will soon be out of GM's brand line. After the declaration of bankruptcy, the company has decided to hand over Hummer to safer hands. The sale of the Hummer brand is still under wraps and the company has not yet disclosed the buyer or the brand's worth.
Chief Executive Fritz Henderson confirmed that the deal is confirmed but the details will become public only at the right time. The company has confirmed that the Hummer deal was set to close by the second quarter of 2009 and should secure more than 3,000 jobs in engineering, manufacturing, and also at several Hummer dealerships in the U.S.
Hummer is one of the most popular SUV brands in the world and manufactures models that come with expensive price tags ranging between $30,000 and $70,000. Hummers are widely employed by the military and the civilian models carry the same solid build and off-road capabilities.
Besides this Hummer sale, General Motors is also planning to sell off its other car brands such as Saturn and Saab within the end of this year and will discontinue the Pontiac brand in 2010. Currently, the company wants to concentrate on its primary brands such as Chevrolet, Cadillac, GMC, and Buick which account for more that 80 percent of current sales.