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#1 Hummer To Be Sold To Chinese Industrial Company
06-02-2009, 08:45 PM
- Join Date
- Jan 2009
- Central Florida
Hummer to be sold to Chinese firm
General Motors is to sell its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery for an undisclosed amount.
It is part of GM's plan to reinvent itself by concentrating on fewer brands following Monday's bankruptcy filing.
GM says it hopes the deal will save about 3,000 jobs in the US. Hummer will remain based in the US.
Tengzhong specialises in making equipment for the road, construction and energy industries.
It is based in China's Sichuan province.
Hummers were originally built as military off-road vehicles by a company called AM General.
GM bought the Hummer brand in 1999. Its sales have suffered as the gas-guzzling performance and military image have become less popular.
When it began the sale process a year ago, GM had hoped to make more than $500m (£302m), but analysts say that it is likely to have made about $100m from the sale."Because we're a great nation, our challenges seem complex; it will always be this way. But as long as we remember our first principals and believe in ourselves, the future will always be ours." -Reagan
06-02-2009, 10:44 PM
China is buying us at bargain basement prices. Heard on the news today that the jobs kept in the US might not stay here for too long. Apparently the commitment to keep production in the US isn't all that long.
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