GM looking to possibly sell Hummer to Russian Billionaire

The Hummer brand is not just a sinking ship in theory, it is literally a sinking ship. The gas-guzzling humungo SUV has continued to lose money for General Motors--to the tune of 51 billion over the past three years, and with the massive shift away from trucks and SUVs, etc., there has been a lot of discussion as to what GM will do with Hummer--and it may just end up being owned by Oleg Deripaska.

Deripaska is a Russian billionaire and has been in discussion with GM for a while about expanding Hummer to the Russian market, so it naturally turned into a dialogue of just selling the brand outright. GM has said that it plans to raise 4 billion through asset sales and is using Citibank in planning the future of Hummer.

This is certainly a good move if they can get it done--with the expanding Russian market and the head-scratching trend of China having a lot of "status" symbol sales with SUVs and trucks, perhaps Deripaska can revive the brand and then take the risk off of GM's hands. Stay tuned....

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