Hummer in China...

z06boy · 06-02-2009, 01:58 PM

...and the hits just keep on coming !!

GM deals Hummer to Chinese buyer

Bankrupt automaker won't disclose details of deal to sell truck line, but source identifies buyer as Sichuan Tengzhong.

Hummer is one of the brands GM is shedding as it restructures.

NEW YORK (CNNMoney.com) -- General Motors Corp. has signed a deal to sell its Hummer truck unit to a Chinese industrial company, a person with knowledge of the deal said Tuesday.

The news comes a day after GM (GMGMQ) filed for bankruptcy in New York. The company did not identify the buyer nor name a price, saying only that the deal would close by the end of September.

But a source identified the buyer as Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. in China.

As part of the deal, some GM plants will continue to build the Hummer brand for the new owner, at least for awhile. The company said its Shreveport, La., plant will keep building Hummers for the new owner until at least 2010.

"I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America, in a press release. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."

GM also said that the deal should protect more than 3,000 jobs in manufacturing and engineering, and at dealerships "around the country."

The Hummer and other large vehicles have been a drag on the U.S. auto industry since fuel prices spiked in 2008 and the recession deepened.

GM said it sold 5,013 Hummers worldwide in the first quarter, down 62% from the 13,050 that it sold in the same period the prior year.

Hummer isn't the only brand that GM is leaving behind. The automaker will also shed its Pontiac, Saturn and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year.

That could result in more than 100,000 additional job losses if those dealerships are forced to close.

GM filed for bankruptcy hours after Chrysler's bankruptcy process cleared a hurdle when a federal judge approved its asset sale.

The GM bankruptcy was hailed by President Obama, who wants a complete overhaul of the U.S. auto industry, even though the Chapter 11 filing is expected to result in the loss of 20,000 jobs and the closure of a dozen facilities.

Citigroup (C, Fortune 500) was financial adviser in GM's Hummer deal.

--CNNMoney.com senior

wildchild · 06-03-2009, 02:01 PM

better start brushing up on the Mandarin language skills. we're going to need 'em when it's all said and done.

Adeptus_Minor · 06-03-2009, 02:56 PM

Quote:

Originally Posted by wildchild

better start brushing up on the Mandarin language skills. we're going to need 'em when it's all said and done.

It really IS going to be just like the future portrayed in Firefly.
We'll be speaking English with Mandarin curses.

Rider · 06-03-2009, 03:29 PM

Oh..... I thought you meant the "other" hummer.

z06boy · 06-03-2009, 04:14 PM

Quote:

Originally Posted by Rider

Oh..... I thought you meant the "other" hummer.

Well I've gotten a hummer in Japan but never China...something to look forward to I guess.

Homeslice · 06-03-2009, 04:07 PM

Quote:

Originally Posted by wildchild

better start brushing up on the Mandarin language skills. we're going to need 'em when it's all said and done.

The biggest danger is in how they're trying to stimulate their own economy and get their citizens to start buying stuff. If it works they'll be less dependant on us to buy their stuff.

Rsv1000R · 06-03-2009, 05:07 PM

Quote:

Originally Posted by Homeslice

The biggest danger is in how they're trying to stimulate their own economy and get their citizens to start buying stuff. If it works they'll be less dependant on us to buy their stuff.

Actually I think this will happen sooner or later. I'm inclined to think it's a good thing. Why do you think it's a danger?

Homeslice · 06-03-2009, 05:14 PM

Quote:

Originally Posted by Rsv1000R

Actually I think this will happen sooner or later. I'm inclined to think it's a good thing. Why do you think it's a danger?

Because they get so much of their money from selling stuff to "The West", versus selling it to their own citizens. If that changes, then they won't be as dependant on us, and if that's true why would they need to cooperate with us on anything anymore.

TommyHotWheel · 06-04-2009, 12:49 AM

Then there wont be a flood of cheap, useless, Wal-Mart type poorly made shit coming into our country and we will be forced to buy American(poorly made shit...but American!). Thats how the economy should re-start itself. Hummer was an overrated yuppie toy anywho.

06-02-2009, 01:58 PM	#1
z06boy Letzroll Join Date: Feb 2008 Location: Lake Norman area, NC Moto: 07 Red R1 & 07 Blue R6 Posts: 5,265	Hummer in China... ...and the hits just keep on coming !! GM deals Hummer to Chinese buyer Bankrupt automaker won't disclose details of deal to sell truck line, but source identifies buyer as Sichuan Tengzhong. Hummer is one of the brands GM is shedding as it restructures. NEW YORK (CNNMoney.com) -- General Motors Corp. has signed a deal to sell its Hummer truck unit to a Chinese industrial company, a person with knowledge of the deal said Tuesday. The news comes a day after GM (GMGMQ) filed for bankruptcy in New York. The company did not identify the buyer nor name a price, saying only that the deal would close by the end of September. But a source identified the buyer as Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. in China. As part of the deal, some GM plants will continue to build the Hummer brand for the new owner, at least for awhile. The company said its Shreveport, La., plant will keep building Hummers for the new owner until at least 2010. "I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America, in a press release. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker." GM also said that the deal should protect more than 3,000 jobs in manufacturing and engineering, and at dealerships "around the country." The Hummer and other large vehicles have been a drag on the U.S. auto industry since fuel prices spiked in 2008 and the recession deepened. GM said it sold 5,013 Hummers worldwide in the first quarter, down 62% from the 13,050 that it sold in the same period the prior year. Hummer isn't the only brand that GM is leaving behind. The automaker will also shed its Pontiac, Saturn and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year. That could result in more than 100,000 additional job losses if those dealerships are forced to close. GM filed for bankruptcy hours after Chrysler's bankruptcy process cleared a hurdle when a federal judge approved its asset sale. The GM bankruptcy was hailed by President Obama, who wants a complete overhaul of the U.S. auto industry, even though the Chapter 11 filing is expected to result in the loss of 20,000 jobs and the closure of a dozen facilities. Citigroup (C, Fortune 500) was financial adviser in GM's Hummer deal. --CNNMoney.com senior

06-04-2009, 12:49 AM	#9
TommyHotWheel Imported from Detroit Join Date: Nov 2008 Location: Michigan Moto: 2001 Suzuki TL1000R Posts: 989	Then there wont be a flood of cheap, useless, Wal-Mart type poorly made shit coming into our country and we will be forced to buy American(poorly made shit...but American!). Thats how the economy should re-start itself. Hummer was an overrated yuppie toy anywho. __________________ Cry Havok! And let slip the hogs of war!

06-03-2009, 02:01 PM	#2
wildchild cruiser Join Date: Nov 2008 Location: on the run Moto: '09 HD superglide, 16 Yamaha FZ 09 Posts: 2,749	better start brushing up on the Mandarin language skills. we're going to need 'em when it's all said and done.

06-03-2009, 03:29 PM	#4
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	Oh..... I thought you meant the "other" hummer.