GM to Wind Down Hummer After Sale to Tengzhong Fails

[tabatha]

Yeah !!!! some good news. :bounce:

GM to Wind Down Hummer After Sale to Tengzhong Fails (Update1)
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By Katie Merx

Feb. 24 (Bloomberg) -- General Motors Co. said it will close its Hummer division after China’s Sichuan Tengzhong Heavy Industrial Machinery Co. couldn’t complete the purchase of the sport-utility vehicle unit.

“We are beginning the wind down of the brand, which will take several months,” Nick Richards, a Hummer spokesman, said today. “If there are viable alternatives for all or part of the brand during wind down, we will consider them.”

Unloading Hummer was part of GM’s plan to cut its U.S. brands to four from eight. The Detroit-based automaker sold its Saab unit yesterday, and absent a last-minute buyer Hummer will join Saturn and Pontiac in being shut as GM focuses on its top- selling domestic vehicle lines.

Tengzhong was “unable to obtain clearance of the transaction from the Chinese regulators within the proposed deal time frame,” according to a statement from the automaker.

A Chinese government agency indicated that it wouldn’t give approval for Chengdu-based Tengzhong to buy Hummer, said three people briefed on the deal, who asked not to be identified because the talks weren’t public. Wang Chao, China’s assistant commerce minister, said today that China didn’t block the bid.

To contact the reporter on this story: Katie Merx in Detroit at [e-mail]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aBLjHjdn8XUI&pos=3

[fascisthunter]

1. what a stupid vehicle

when that turd hit the road, all I could say was WTF!? I thought it was some kind of joke, but dudes seriously got sucked into buying one. You have got to be dying for attention to buy something that dumb.

[KansDem]

2. What??!!! One less gas-guzzling behemoth crowding our streets?

Good!

Now, GM, bring back the ever-popular electric car you had during the 1990s...