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 ...
Gee, sounds like us.
BO won’t let let hummers be sold in the U.S. to force Americans to buy his little putt putts.
Those commies are better capitalists than we are these days!
Is it 51% owned by the PLA or something?
China is buying Hummer? This is a bit of a humiliation.
But America did vote itself off the island last November, so I suppose I should not be too surprised.
The communists are better capitalists than the Obama administration.
maybe 49%
Does China have the equivalant of the young blonde trophy wife driving these Hummers picking up a latte while talking on her cell phone?
Who will make the military Hummers?
So, what happens to the manufacture military Humvees?
According to the article, they will be Chicap Hummers.
The capitalists there sense a good deal
wonder if pelosi or geithner had anything to do with this...hmmmm
Totally different vehicle.
Guess it’s getting too expensive to use tanks to mow down dissidents with.
“Commie Hummers”
to be renamed “oBummers”
For options you can choose one item from menu “A” and two choices from menu “B”
The Chinese are already making a military copy of the Hummer.
Military Hummers aren’t related to the consumer Hummer other than the latter takes styling ques from the military version. The Military model (HMMVW) is made by AM General and has no relationship to GM.
They will doubtless be used when they invade to collect on their past due notes.
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