Report: GM to Sell Hummer to Chinese Company - DFWstangs Forums
 
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post #1 of 11 (permalink) Old 06-02-2009, 04:22 PM Thread Starter
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Report: GM to Sell Hummer to Chinese Company

Well- they own us anyway, might as well give it to them piece by piece.



NEW YORK — General Motors Corp. has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, the company confirmed today.

GM announced Tuesday that it has a memorandum of understanding to sell the brand of rugged SUVs to the Chinese corporation. Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but Hummer would be its first step into the consumer automotive business.

General Motors has not yet confirmed the the price being paid for it's SUV-only division, but said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.

Critics had seized on the rugged but fuel-inefficient Hummer as a symbol of excess as GM's financial troubles grew and gas prices rose. Sales at Hummer, which is known for hulking sport utility vehicles like the H3, have been in a steep slide since gasoline prices rose to record heights last summer. For the first four months of this year, Hummer sales are down 67 percent.

GM and other automakers will report May auto sales later Tuesday.

A sale of the Hummer brand had been expected. Chief Executive Fritz Henderson had said in April that the automaker was expecting final bids from three potential buyers within the month.

Other terms of the transaction, which is currently tied to a memorandum of understanding, were not disclosed.

Sichuan Tengzhong is planning to "aggressively" finance Hummer's future product programs, according to GM.

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

GM is also trying to sell its Saab and Saturn brands and will phase out its Pontiac brand as it concentrates on its Chevrolet, Cadillac, Buick and GMC nameplates.

In advance of Monday's bankruptcy filing by GM, the automaker had agreed on a deal to sell a majority interest in its Adam Opel GmbH unit in Europe.

Under that plan, Canada's Magna International Inc. would get a 20 percent stake in Opel and state-controlled Russian lender Sberbank would take a 35 percent stake. GM will retain a 35 percent holding, while the remaining 10 percent will go to Opel employees.

The proposed deal for Hummer will allow it to continue to contract vehicle manufacturing and business services from GM during the transition process.

The Hummer sale is expected to close by the third quarter's end.

GM sought court protection from its creditors on Monday under Chapter 11 of the U.S. bankruptcy code. The company said it hopes to reshape the company within a month and emerge from reorganization in 60 to 90 days as a profitable entity with fewer employees, factories and dealers.

The Associated Press contributed to this story.

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post #2 of 11 (permalink) Old 06-02-2009, 04:40 PM
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post #3 of 11 (permalink) Old 06-02-2009, 04:50 PM
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Fuck china!

NO NO NO, it should be DFWLS1's, CUMMINS, C6 VETTES.net
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post #4 of 11 (permalink) Old 06-02-2009, 08:31 PM
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China owns this country ! say a prayer for your kids

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post #5 of 11 (permalink) Old 06-02-2009, 08:37 PM
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So now our military will be buying Chinese made hum-V's?

Hummmm. Sounds like a shady deal to me.

No wonder the Obama took direct control over GM, and fired the C.E.O.



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Honor is not holding your hand out for something you did not earn.
Honor is not forcing your ideas, or belief on others.
Honor is not something given to you by way of job, or title.

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post #6 of 11 (permalink) Old 06-02-2009, 08:41 PM
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Quote:
Originally Posted by tazz007 View Post
So now our military will be buying Chinese made hum-V's?

Hummmm. Sounds like a shady deal to me.

No wonder the Obama took direct control over GM, and fired the C.E.O.
Although GM acquired the HUMMER brand, they do not own any part of AM Genneral LLC.

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post #7 of 11 (permalink) Old 06-03-2009, 07:51 AM
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Hum...Well I wonder why China really wants the AM General Brand... I heard Fiat my cancel talks with Chrysler and buy GM instead.

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post #8 of 11 (permalink) Old 06-07-2009, 10:49 AM
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Quote:
Originally Posted by TurboTodd View Post
Although GM acquired the HUMMER brand, they do not own any part of AM Genneral LLC.
So?

The point was?

No matter who owns what, or where the paper trail actually leads to. The result is the same. China will own Hummer.

I can't help but wonder if this is why the Obama decided to get involved in something he should not have. The fed's have no business in private industry.



All men should know Honor first, above all else!

Honor is not holding your hand out for something you did not earn.
Honor is not forcing your ideas, or belief on others.
Honor is not something given to you by way of job, or title.

Honor is learned, earned, practiced and respected by all decent men and women.
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post #9 of 11 (permalink) Old 06-07-2009, 01:40 PM
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Quote:
Originally Posted by tazz007 View Post
So now our military will be buying Chinese made hum-V's?

Hummmm. Sounds like a shady deal to me.

No wonder the Obama took direct control over GM, and fired the C.E.O.
Quote:
Originally Posted by TurboTodd View Post
Although GM acquired the HUMMER brand, they do not own any part of AM Genneral LLC.
Quote:
Originally Posted by tazz007 View Post
So?

The point was?

No matter who owns what, or where the paper trail actually leads to. The result is the same. China will own Hummer.

I can't help but wonder if this is why the Obama decided to get involved in something he should not have. The fed's have no business in private industry.
His point was that China won't have any control over the building of the HMMWV used by the US Military. GM/Hummer never built those or sold them to the military. They were built by AM General. GM just had the rights to sell them on the commercial market as Hummers. Same went for the H2. The H3 and H3T are the only Hummers that GM actually built.

In fact, the new owners (assuming the Chinese government approves) won't even own the factory where they H3 and H3T are built. They are going to have GM build them under contract for at least three more years. The only thing they bought is the Hummer brand and the dealership network.

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post #10 of 11 (permalink) Old 06-07-2009, 09:10 PM
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Fire sale in america!! everything must go!! hahha I bet we will find that the chinese are more than willing to buy anything that comes up for sale in america due to our money problems.

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post #11 of 11 (permalink) Old 06-07-2009, 09:19 PM
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Quote:
Originally Posted by tazz007 View Post
So?

The point was?

No matter who owns what, or where the paper trail actually leads to. The result is the same. China will own Hummer.

I can't help but wonder if this is why the Obama decided to get involved in something he should not have. The fed's have no business in private industry.
Yeah...as posted before, not the same same.

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