Hummer Shut Down Begins After No Buyer Found

[Plex]

Hummer, a brand that became a symbol of excess in the late 1990s, will be shut down by General Motors. The marque was spawned from a contract for U.S. military vehicles won by AMC-Jeep before the brand was bought by GM in 1998.

A tentative deal struck between GM and the Sichuan Tengzhong Heavy Industrial Machinery firm for an estimated $150 million fell apart in February when the Chinese government did not green-light the plan.

Now the brand is officially being shuttered, as no other substantial offers have come to the table. Hummer CEO Jim Taylor has retired, and Hummer dealerships were notified earlier yesterday of the decision.

The move to close the brand marks the end of GM's marque overhaul that included the sale of Saab to Spyker, and the closure of Pontiac and Saturn. A deal to sell Saturn to Penske collapsed last September. GM had also shown interest in selling Opel/Vauxhall, but a negotiation with Magna dissolved last November.

New Hummer buyers will be able to get either $4,000 off 2010 H3 or H3T models, $5,000 off 2009 H3Ts, and $6,000 off 2009 H2 and H3 units, or 72 months financing at 0 percent. GM had previously announced that they will honor the duration of Hummer new vehicle warranties.

GM has roughly 2,200 Hummer models currently in stock. The fate of Hummer's 3,650 employees in Indiana, Louisiana, and Michigan has not been formally announced.

Worldcarfans