GM moves to clear out Hummer stocks

[maybe some day...]

GM moves to clear out Hummer stocks
No. 1 automaker offers $2,000 in incentives as it faces 91-day inventory on large SUV.
August 26, 2003: 11:38 AM EDT

NEW YORK (CNN/Money) - With a big supply of Hummer H2s on hand, General Motors is offering dealer incentives in a bid to clear out its inventory of the hulking sport/utility vehicles.

The cash incentives are designed to help sell the remaining 2003 H2s, GM spokesman Pete Ternes said. Despite the current inventory glut, the world's No. 1 automaker maintains that Hummer sales are on track, noting it began offering the incentives Aug. 1 to clear room for its 2004 models.

GM sold 2,602 H2s in July, up 33 percent from a year earlier and has a 91-day supply of about 9,141 vehicles on hand. Dealers were offering incentives of $2,000, according to the Wall Street Journal, which first reported the story Tuesday, noting that GM had just a 13-day supply of H2s at the end of December.

"We've been pretty consistent on our sales," Ternes told the newspaper. "It is easier to sell a 2004 than a 2003. This gives dealers the ability to clear out the 2003 inventory."

The H2 has a base price of about $48,000 and is GM's most accessorized vehicle, with the average Hummer buyer spending $2,000 on accessories, the Journal reported.

Hummers have been a target of environmentalists for their high fuel consumption. About 50 of the vehicles were vandalized Friday in a Los Angeles-area dealership, some with anti-SUV slogans.

General Motors (GM: down $0.09 to $38.37, Research, Estimates) stock edged higher in morning New York Stock Exchange trading.

[maybe some day...]

GM moves to clear out Hummer stocks
No. 1 automaker offers $2,000 in incentives as it faces 91-day inventory on large SUV.
August 26, 2003: 11:38 AM EDT

NEW YORK (CNN/Money) - With a big supply of Hummer H2s on hand, General Motors is offering dealer incentives in a bid to clear out its inventory of the hulking sport/utility vehicles.

The cash incentives are designed to help sell the remaining 2003 H2s, GM spokesman Pete Ternes said. Despite the current inventory glut, the world's No. 1 automaker maintains that Hummer sales are on track, noting it began offering the incentives Aug. 1 to clear room for its 2004 models.

GM sold 2,602 H2s in July, up 33 percent from a year earlier and has a 91-day supply of about 9,141 vehicles on hand. Dealers were offering incentives of $2,000, according to the Wall Street Journal, which first reported the story Tuesday, noting that GM had just a 13-day supply of H2s at the end of December.

"We've been pretty consistent on our sales," Ternes told the newspaper. "It is easier to sell a 2004 than a 2003. This gives dealers the ability to clear out the 2003 inventory."

The H2 has a base price of about $48,000 and is GM's most accessorized vehicle, with the average Hummer buyer spending $2,000 on accessories, the Journal reported.

Hummers have been a target of environmentalists for their high fuel consumption. About 50 of the vehicles were vandalized Friday in a Los Angeles-area dealership, some with anti-SUV slogans.

General Motors (GM: down $0.09 to $38.37, Research, Estimates) stock edged higher in morning New York Stock Exchange trading.