Posted on 06/02/2009 1:20:48 PM PDT by Oakeshott
General Motors Corp. took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands.
GM has an agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, said a person briefed on the deal.
The Detroit automaker announced Tuesday morning that it had a memorandum of understanding to sell the brand of rugged SUVs, but it didn't identify the buyer. A formal announcement of the buyer was to be made Tuesday afternoon, said the person briefed on the deal. The person spoke on condition of anonymity because the details have not been made public.
Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but Hummer would be its first step into the automotive business.
GM said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.
(Excerpt) Read more at businessweek.com ...
Hummers to Chicoms? They won’t be selling many vehicle here and I won’t be buying one.
LOL
can you imagine the owners manual? It will be in chinglish and unusable.
How much?
Thanks for clearing that up.
Still, I thought AMG went the way of the Pacer.
Your fleece trade deficit dollars at work.
This is going to save American manufacturing jobs? What are they smoking? The Chicoms will close the plant and move the machine tools to Canton, where they will be manufactured from now on.
We are so pwned by the ChiComs.
Thanks fo the info Mr. Lucky.
I was just being facetious.
Look at all those clazy Humma divers 4-wheelin in the rice patties!
http://www.amgeneral.com/corporate/history.php
(I had never heard of this company, before. It has been a part of many famous companies, including Willis, Kaiser, American Motors, LTV and others. Now it exists as a separate entity.)
twenny dollar, just like downtown.
I suspect this will work out as well as did the IBM -> Lenovo laptop division sale. After manufacturing moves to China (as it inevitably will) the quality fade will make everyone long for current level of GM/UAW lack of quality.
Fine. Then I won't say what I was going to say. Just keep the thread to yourself. ;0)
will you hold me! LoL
GM is unloading a number of divisions. I heard some GM spokeshole this afternoon talking about returning to 14 million unit sales in the near future. How do you do that when you have sold off so many divisions that contributed to the 14 million unit sales level?
Those divisions did contribute to that figure didn’t they?
If so, then I think it’s silliness to think they’ll be back at 14 million unit sales any time soon, if ever.
Saturn was a well respected brand. So was Humvee in it’s nitch market.
Some people strive to build a new brand, and GM had them, yet they’re happy as hogs in mud to dump them. I don’t get it.
How do you close 2,000 dealerships, sell off brands, focus on cars nobody wants, then expect to make a thrilling recovery?
Good luck GM. Or should I say good luck taxpayers? We own what, 70% of GM now.
So China is going to make HUMVEES for our military now? Are we going to let them make our tanks and other military equipment too?
No swallow?
ROFL!
Local news reports indicate that AM General discontinued all work on H2’s last January (apparently they wanted to be paid). The H3’s are manufactured by GM but share no common parts with the Humvee and are merely dressed up GM SUV’s. All AM General employees previously assigned to the H2 work were reassigned within AM General and there was no loss of employment upon termination of the GM contract.
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