General Motors Corp. took two key steps toward its downsizing on Tuesday, striking a tentative agreement to sell its Hummer brand and obtaining the first payout of federal loans for its European division.
Detroit-based GM said it has reached a memorandum of understanding with a buyer for Hummer, though it did not name the buyer or the price. The automaker said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.
“We’re not today in a position to be able to identify a buyer. It was part of the agreement,” GM Chief Executive Fritz Henderson told CBS’s “The Early Show.” “We believe the buyer is quite capable of closing.”
“We’re open for business,” Henderson said, adding, “customers can feel very confident” in the company honoring its warranties.
However, when told The Early Show contacted 20 New York-area dealers to see if they would service a Saturn brand vehicle, only four responded yes.
“We have some work to do,” Henderson admitted. “We have no intention of not taking care of customers.”
(CBS)
Join the official YWN WhatsApp status
One Response
so they are selling it to the chineese & it will be manufactured there. so much for obama’s wanting to decrease to oh so terrible gases that go into the air from these terrible gas guzzlers. what a hypocrite!!