GENERAL MOTORS announced today that it has secured a buyer for its struggling Hummer brand, with the sale of the marque is expected to be completed sometime in the third quarter of this year.
The buyer is unknown at the moment, and the terms of the memorandum of understanding between it and GM prevents its identity from being released.
Previous rumours have posited buyers from China, the Middle East and India, however GM assures dealers, suppliers and the Hummer faithful that the brand's distinctively boxy SUVs will continue to be manufactured in the USA.
GM will build the outsize off-roaders under contract, and Hummer's purchase will effectively secure the jobs of around 3000 people involved with the company.
Hummer's manufacturing, engineering and dealership operations will stay in the United States for the time being, while GM's Shreveport assembly plant will keep building the H3 and H3T through to at least 2010.
The deal also obligates Hummer's buyer to "aggressively fund" future products, meaning the polarising brand won't be standing still and resting on its blinged-out, oversized laurels.
"The proposed agreement will enable us to continue that growth and maximize the brand?s potential through new, innovative off-road vehicles with improved efficiency and alternative fuel powertrains," Hummer CEO James Taylor said in a statement.
Does that mean hybrid Hummers are imminent? Perhaps a fuel-cell four-wheel-drive? It's early days yet, but with a new owner and a new lease on life, it's clear that this isn't the last we'll be hearing of Hummer.