Granted, it could just be that the Appalachian has got through design, development and the announcement of a localised interior spec without a proper road test program. A peculiar oversight, but one that could be plausible.

Could it be that Mahindra - which, along with its partner Navistar (Mahindra International) may just be playing a waiting game here? Navistar had been rather keen to buy GM's MD business. And then it wasn't. GM, which also seemed rather keen to sell its MD business - to Navistar - needs, according to the WSJ, to raise $6.6 billion by the beginning of 2009. By 'needs', we don't mean that it would like to raise $6.6 billion. We mean that it is a commercial necessity; fail to come up with the cash, and presumably taciturn individuals will be turning up and repo-ing the photocopier. GM needs to sell some stuff. In other words, this is a buyer's market.

But one that could give rise to a rather pleasing situation, as there seems to be a rather elegant synergy developing here. GM gets rid of Hummer and its MD business, and is therefore able to work with the lights on in Detroit come next January. Navistar and Mahindra add Hummer to Navistar's existing military business, continue to build Kodiak and the like, and then, just for larks, sneak a cheap, cheerful and, naturally, exhaustively road tested Indian-designed commodity pick up in at the bottom of the range.

Of course, such a scenario demands a considerable degree of trust and partnership between the two principles: Navistar and Mahindra. Could this come about on a handshake, or would a more formal equity relationship be the appropriate way forward?