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06-02-2009, 12:39 PM
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#1
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Willing to sell body for a few minutes on RS
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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."
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1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
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06-02-2009, 01:02 PM
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#2
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I answer every Emotion with an emoticon
Join Date: Apr 2005
Location: Vancouver
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hahahaa, a good way for Chinese to enter the American market
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Ignorance is bliss
How I wish I can remain ignorant, why do I know so much?
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06-02-2009, 01:04 PM
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#3
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I WANT MY 10 YEARS BACK FROM RS.net!
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Quote:
Originally Posted by q0192837465
hahahaa, a good way for Chinese to enter the American market
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06-02-2009, 01:19 PM
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#4
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I am on the internets
Join Date: Apr 2005
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hummer was a gmc tahoe underneath, so they arent losing much. But the name and image of brand should hurt the american people.
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"As Sir Francis Bacon once said, 'There is no beauty which hath not some strangeness about its proportions'.
And he's right, who ever he is. I mean, look at Keira Knightley.
She's just an ironing board with a face. And she works." - JC on the Alfa 8C
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06-02-2009, 01:32 PM
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#5
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Banned By Establishment
Join Date: Aug 2005
Location: Burnaby
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the only hummer that was good was H1.
and that arnold needs to have 5 of. one ex military
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06-02-2009, 02:13 PM
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#6
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I WANT MY 10 YEARS BACK FROM RS.net!
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China should've bought GM.
GM is only doing good in China anyways, might as well become a Chinese brand.
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06-02-2009, 02:17 PM
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#7
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y'all better put some respeck on my name
Join Date: Dec 2002
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China is taking over bitchez.
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06-02-2009, 02:45 PM
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#8
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RS Veteran Mod
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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.
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06-02-2009, 03:46 PM
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#9
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Rs has made me the man i am today!
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lol.. damn yo.. hummerz azn xD wow
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06-02-2009, 03:47 PM
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#10
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I WANT MY 10 YEARS BACK FROM RS.net!
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Quote:
Originally Posted by originalhypa
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.
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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.
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06-02-2009, 03:48 PM
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#11
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I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: Mar 2002
Location: ...
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Thanked 4,525 Times in 1,357 Posts
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I thought China already makes fake Hummer tho? was that a fake Jeep?
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06-03-2009, 01:14 PM
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#12
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I answer every Emotion with an emoticon
Join Date: Apr 2005
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Power corrupts. Every governement is heading the in the direction of Communism.
__________________
Ignorance is bliss
How I wish I can remain ignorant, why do I know so much?
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06-03-2009, 02:06 PM
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#13
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I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002
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Quote:
Originally Posted by Great68
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.
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i did not know that
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06-03-2009, 09:07 PM
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#14
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The RS Anchorman
Join Date: May 2003
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I hope someone takes Pontiac as well
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06-04-2009, 09:21 AM
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#15
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RS Veteran Mod
Join Date: Apr 2001
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Quote:
Originally Posted by Timpo
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.
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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.
Quote:
Originally Posted by Timpo
I thought China already makes fake Hummer tho? was that a fake Jeep?
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Dong Feng motors built a Hummer replica under license from GM a few years ago. That project didn't really end well.
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