HUMMER BRAND MIGHT BE BOUGHT OUT BY RUSSIA'S RICHEST MAN?

The iconic Hummer brand could soon be in the hands of Eastern Europeans.

Reuters is reporting that General Motors, which markets civilian vehicles under the Hummer brand has been in talks with Russia's richest man, Oleg Deripaska, to sell the brand. Separately, sources have told Businessweek that Indian automaker Mahindra and Mahindra, as well as a Turkish private equity group have also inquired about buying the brand.

GM announced last June that it was evaluating the future of Hummer, which is code for seeking buyers. GM is hurting for enough cash to see it through its current woes and economic downturn in the U.S. It lost more than $15 billion in the second quarter alone.

Hummer, when gasoline was $2.00 a gallon and less, quickly became a hot brand, especially among a certain consumer that gravitates to gun culture, off-roading and adventure vacations. According to GM, the Hummer H2, when it launched in 2002, was a vehicle that many wealthy households would buy as a third, fourth or fifth car.