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 ...
Chummers?
*John McEnroe reaction comes to mind*
The new Chinese Hummer will be the size of a Mini Cooper with all kinds of neat commando decals on it.
Excellent Analysis.
The question is, what else does he give away to keep them buying our bonds so he can spend more?
Scary Stuff....
UAW guys are probably fuming....
If the fumes from the upholstery don’t cause you to go blind or grow a tail
According to a Detroit News story GM will provide cars for at least a year. So Government Motors, run by Obama, will force UAW workers to make cars for the Chinese. HA! How’s that hope and change working for you?
Also explains why Obummer is getting out of town for a week. It takes the spotlight off another SCREWING he just gave ALL OF US!
Makes you wonder what the all the effort of the last Century was for...
The only nation that has ever beaten the USA is US...
Had this been a normal bankruptcy I bet the Chinese would have paid cash for all of GM's assets and moved them to China. But then they wouldn't be buying T-bills for a while and Obama would have been impeached.
Where is our military to enforce our Constitution?!
I wonder what the Chinese are thinking? They will have to pair the Hummer with a couple of Yugo 2-cylinder models to reach the fleet CAFE standards that The One has imposed.
You funny guy !
Now that's a sad thought! I wonder what my dear grandparents would make of all this?
But there were also a lot of “grand parents” that got us here. The worthless hippies that lost us Vietnam and killed God in schools are all “grand parents’ now...
It's been a long time coming....
Humiliation was when Japanese generals running Japanese conglomerates liquidated American electronics companies and kept samples in their boardrooms as trophies. Most were destroyed and McIntosh is Japanese owned today.
Humiliation was when Americans started driving Mitsubishis.
Chicoms buying Hummer is much less of humiliation than Chicoms keeping greenbacks afloat.
More than likely the Hummer will be produced for the Chinese military. No R&D, no reverse engineering. Just gear up for production. This is the cheap way to go.
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