Now they will get the real deal.
Posted on 06/02/2009 9:36:24 AM PDT by King of Florida
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 effort 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.
Sichuan Tengzhong is known in China for making a wide range of road equipment, from bridge piers to highway construction and maintenance machinery. But even before the Hummer deal, the company has been moving more into heavy-duty trucks, including tow trucks and oil tankers.
(Excerpt) Read more at nytimes.com ...
End of Empire, continued...
The HUMVEE will remain with their current manufacturer, I am not positive but I believe that is General Dynamics. The military HUMVEE is a totally different animal than the civilian Hummer. The Hummer is a HUMVEE shaped sheet metal shell on a regular GM frame.
AM General builds those, GM owns the civilian rights so this is not a military threat, but its humiliation regardless.
Now they will get the real deal.
Good clarification. I should have held my tongue!
;-)
I predict pre-Chinese Hummers are going to be worth a lot more than Chinese Hummers. Start buying up parts for them now.
No, Barack promised them part of GM in order for them to stay with our debt. They wanted tangible backing. Obama took GM over in order to make sure that happened.
China will make them for the USA military. You already knew the answer to that one.
“Trust me I’m from the government.” The Chinese government.
Now that is an interesting thought.
Lightweight troop carriers for the Red Army?
I thought GM bought the Humvee line a few years ago. I know they (Hummer and Humvee) are different critters; I was just curious if Obummer will allow his car company to make military vehicles.
Source? Or opinion?
This government would sell Hawaii to the Chinese if they could get away with it.
Half an hour after buying one, you’ll be back for another.
Barack promised them part of GM in order for them to stay with our debt.
You are correct sir.
1. The FED keeps the debt and payments from it.
2. The Chinese get tangible assets for their debt.
3. The American people pay for it all.
Geitner and his minions created the deal.
Barak O'Bama read it off the teleprompter.
Nicely done Secret Agent Man.
What do you think?
So how many American jobs is comrade 0bama sending over to the Red Chinese with this sellout?
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