from China, India, and Russia have failed to step up to the plate and buy Hummer from General Motors (GM), but that doesn’t mean the gas guzzler is completely unwanted. Investors from the oil-ocean Middle East are still eyeing the brand (Reuters):
“For sure, there has been interest from various parties within the Gulf … ” GM Middle East Managing Director Terry Johnsson said in a telephone interview.
The Hummer as a total volume is small, but in terms of growth it is going very fast,” said Johnsson. “The brand is extremely vibrant … which augurs very well.”
Booming economic growth, dirt cheap gas (needless to say), and the Hummer’s place as a status symbol in the region has always made a buyer from the Middle East a possibility.
Also, considering the Mubadala Development Co (Abu Dhabi) bought a 5% stake in Ferrari in 2005 and Investment Dar (Kuwait) bought half of Aston Martin last year, there is certainly a precedent for investments in car companies.
While seeing the Chrysler Building in Manhattan be sold to an Abu Dhabi investment group was a little tough to swallow, this is one American icon the US can stand to lose.
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