GM continues to look at Hummer not just for its vehicles but as a merchandising bonanza. Hummer will sell about $52 million in H2 accessories this year, second only to Chevrolet and Corvette.

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As Hummer goes down the price ladder to an H3 and eventually an H4, the biggest threat it poses is to DaimlerChrysler's (DCX) Jeep brand. Jeep has an all-new Grand Cherokee arriving next fall, and a second Jeep big enough for three rows of seats in 2005.

Jeep is also close to greenlighting a four-door Wrangler SUV whose image would be positioned directly against the H3. And at January's North American International Auto Show in Detroit, Chrysler will show a beefy Wranglerlike SUV concept, called Rescue, that would be aimed at the H2.