Hummer = Chinese
 

http://money.cnn.com/2009/06/02/news...ion=2009060215

"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.

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 protection 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 sale of the Hummer brand to a Chinese company will not impact the production of U.S. military vehicles. Military Humvees are produced by a different company, privately held AM General, based in South Bend, Ind.

GM bought rights to the Hummer brand name in 1999.

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."

hahahaa, a good way for Chinese to enter the American market

:werd:

hummer was a gmc tahoe underneath, so they arent losing much. But the name and image of brand should hurt the american people.

the only hummer that was good was H1.

and that arnold needs to have 5 of. one ex military

China should've bought GM.

GM is only doing good in China anyways, might as well become a Chinese brand.

China is taking over bitchez.

Am I the only one who thinks that this is nothing more than the US gov't trying to achieve the level of control that China has?

Really, the Chinese gov't strength is that they control EVERYTHING.
With the US gov't taking over AIG, many major banks, and now GM, it's adding to their own strength as a gov't/business.

In essence, they're becoming more and more like the Chinese themselves.

lol.. damn yo.. hummerz azn xD wow

yeah, the US government will be in favour of GM compare to Ford.

Just like the BC government will be in favour of ICBC than private insurance company.

I thought China already makes fake Hummer tho? was that a fake Jeep?

Power corrupts. Every governement is heading the in the direction of Communism.

i did not know that

I hope someone takes Pontiac as well

Think of the many gov't contracts given to GM in the past.
Now it's the gov't giving themselves the money for stuff they need.

They retain control, and profits.

Dong Feng motors built a Hummer replica under license from GM a few years ago. That project didn't really end well.