General Motors (GM) CEO Rick Wagoner first proclaimed today that the oil spike is permanent, then he said something that was unthinkable (at least by GM) even a few years ago: GM may revamp or sell Hummer.
Why? Because the symbol of American waste and excess is now an unsellable product. Wagoner is considering a major revamp of the tank-like SUV, but also went out of his way to say a partial or complete sale was a possibility.
Considering a hybrid (or even a smaller) Hummer might as well be an oxymoron, it’s unclear what a revamp would be. Unloading the Hummer sounds good in theory, but who’s buying? GM seemed to be the last car company betting on cheap oil–a bet that it now thinks it has permanently lost. Either way, the Hummer’s rapid rise and fall is symbolic. Let’s just hope the whole US economy doesn’t follow a similar trajectory.