Chinese Company Said to Be Buyer of Hummer

[BlueJessamine]

Source: New York Times

GUANGZHOU, China — General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process said Tuesday.

The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity.

Sichuan Tengzhong is a privately owned company, but Tuesday’s deal required preliminary vetting by Beijing officials, who retain the right to veto any attempt at an overseas acquisition by a Chinese company and who give special attention to deals over $100 million.

G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price. Industry analysts have estimated that the Hummer division would sell for less than $500 million.


Read more: http://www.nytimes.com/2009/06/03/business/03auto.html?hp

[ShortnFiery]

1. Oh that's just perfect. We'll be carrying their bags as they check into our high priced hotels.

Soon we'll all be working for China as well as Wall Street and the Pentagon. :crazy:

[harmonicon]

3. soon? where have you been? They own us.

[Pavulon]

29. Unsecured debt, like your credit cards.

you can always just decide to issue a fat "fuck you" and not pay. They are a body shop, thats it.

[Richardo]

2. Suckers!

:)

[ohio2007]

4. They will be sending the "surplus population " over to work the factories and live in the budget

priced homes they bought to "balance the trade"

[pampango]

5. Am I supposed to be afraid of the Chinese people and what their "surplus population"

intends to do? Sounds a little xenophobic.

If we run our country the way it should be run, we have nothing to worry about from a prosperous China. Indeed our goal should be a prosperous China, India, Mexico, Zimbabwe, Cuba, etc., as well as America. It may never be achieved, but I would hate to think that American prosperity is only possible if much of the rest of the world stays in poverty. (Perhaps we should clone Mao and get him to take China back to the 1950's and 1960's, so that they won't bother us economically.)

[ohio2007]

7. Think of it as being more "Zen" then Xenophobic

Just how do they balance the trade ? They own everything that isn't nailed down and can't be moved already.

LOL

[Deja Q]

28. Funny how Americans are losing their prosperity at the same time...

That's NOT to say I don't agree -- the more prosperous people just makes for happier people. That's obvious.

Keep in mind, China has a rather long list of recalled products -- recalled due to their toxic, poorly made, or deadly nature. Some who think "low costs only" are blindly jubilant. Others, who might "think too much", are just as paranoid.

And as good products have come out of China as well, the truth lies in the middle.

In short, let's do it right.

[tomm2thumbs]

6. a billion chinese in hummers - we'll have global warming up the ying yang

no pun intended

[Justitia]

9. OMG, that one got me - LOL!

:spray:

[Romulox]

11. But Al Gore told us that "free trade" with China was a good thing!

[cap]

8. we've just sold off our defense technology and manufacturing knowhow to our strategic competitor

The Chinese will have the drive train for any light weight heavily armored vehicle.

Are we nuts?

I am no fan of hummers-- ugly cars.

[zerox]

10. GM's "Hummer" brand has little to do with the military vehicles.

GM's Hummers are largely based on their own SUVs, rebodied to look like the military version. The H1, which I don't believe GM sells at this point, was the only one with any connection to the military version, other than the name.

[JDPriestly]

22. I'm with you on this. Of course, China could buy a Hummer and

copy our technology, but we are selling equipment that produces these things. That is what is difficult to create from scratch. Our technology in this area is second to none. Of course, we are way beyond Hummers, but the way the machinery is made is key.

[Crabby Appleton]

27. Not true

A company called AM General (formerly AMC Jeep) owns and manufactures the military M998 High Mobility Multipurpose Wheeled Vehicle (HMMWV - humvee), AM General is not part of nor owned by GM. They used to make a civilian version called the H1 which is no longer made. AM General licensed the name "Hummer" to GM and they make the GM Hummer H2 (a humvee-looking body on a Chevrolet Tahoe (and GMC Yukon) truck chassis, and the H3 a humvee-looking body on a Chevrolet Colorado (and GMC Canyon) truck frame. This license and GM Hummer manufacturing facilities are what was sold, not AM General or the military version, which doesn't belong to GM. The GM Hummers are just big SUVs that look like military humvees.

[TrogL]

12. Hummers are vibrators for men

The primary purpose of having a large engine is either to go fast or haul big shit, neither of which you can do with a Hummer. All that vibration, however, does a lovely job of massaging the prostate - the seat of male orgasm.

[DainBramaged]

14. Been drinking too much of that Canadian swill I see...........

:crazy:

[maxsolomon]

21. you know, i see more women driving them

in seattle they are often driven by tiny asian women. by tiny i mean 60" tall or so. so go figure.

[DainBramaged]

13. So are the Chinese buying the Japanese gas pigs like the Titan, Armada, Land Cruiser

and Sequoia so Americans can now blame them for all of the gas hogs produced by the Japanese too?

[BostonMa]

15. Those are great Japanese trucks very reliable

[Doctor Cynic]

16. Ah, another horrible investment by the cash-rich Chinese.

[uncle ray]

17. the brand will fail if owned by chinese.

part of the allure of the hummer was that it was a big fuckin american suv. at least "we" managed to recoup that half a billion.

[depakid]

18. Nope- the chinese will want to buy them

which is not good news for climate change.

[durablend]

20. That was my thought

Plus the knowledge that all the special HUMMER owners effectively sold their souls to China.

SUCKERS!!!!!

[Psephos]

26. It already failed when owned by Americans. eom

[DainBramaged]

19. I wonder what they will pay warranty claims in, after they castrate the brand

oh wait, America LOVES Chinese made crap, just another day at WalMart America.

[Nihil]

23. That's funny!

The person who bleated & whined about people associating
small penis syndrome with over-size SUV ownership is the
very person who claims the Chinese will "castrate the brand" ...

:rofl:

[snooper2]

24. Now we can start putting Made In China stickers on every Hummer

we see :rofl: :rofl: :rofl:

[Vidar]

25. Good riddance.

[KillCapitalism]

30. The Chinese will gobble them up.

They don't give two shits about the environment, so they'll fall in love. The good thing is that not many will sell. Only the very wealthy Chinese will be able to afford one, not the masses.