Skip to comments.GM Unloads Hummer to Chinese Buyer
Posted on 06/02/2009 2:41:28 PM PDT by epow
General Motors Corp. has struck a deal to sell its Hummer truck unit to a Chinese industrial business, the two companies confirmed Tuesday.
Privately owned Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in China, will acquire the truck brand, which has been part of GM since 1999. Tengzhong said it plans to keep Hummer's management team.
"We plan to ... allow Humer to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, chief executive of Tengzhong.
Yang said the deal "will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
The companies said the deal would likely close by the end of September.
As part of the deal, some GM plants will continue to build the Hummer brand for the new owner, at least for awhile. The company said its Shreveport, La., plant will keep building Hummers for the new owner until at least 2010.
(Excerpt) Read more at money.cnn.com ...
Can I trade my tennis shoes for an H2 as well?
All jobs, plants and equipment will eventually go to China. The UAW will demand payment from Obama for their pensions and full salaries for their new jobs as union thugs voter outreach...
I wonder if GM asked to be paid by the Chinese in Dollars or Chinese currency?
If the jobs don’t all go to China, I will be interested in the Chinese union-labor relations.
A Chinese Hummer. ROFL.
Aren’t Hummers used as U.S. military vehicles? Is this something we want to move off shore? The Chinese already make ALL our boots! Someone had better wake up.
Didn’t the Chinese start producing a Hummer knockoff a while back?
More capitalists in China that the USA.
No.. the GM stuff is not related to the military stuff.
The military Hummer was an independent project wasn’t it?
What will really be interesting as the H2s and H3s are nothing more than GM SUVs with different sheet metal and trim. Are they going to purchase the platforms from GM? Maybe for the next year or two. Then....?
“Obama gives hummer to chi-coms”
The military Humvee is not the same vehicle as the GM commercial version. According to the article the military Humvee is built by a privately owned company in South Bend, IN.
Anyway, I seriously doubt that there is any secret technology in the the Humvee that the Chinese don't already know all about.
Yes, the H1 was from American Motors or somesuch.
Sadly true. Any bets on which one, GM or the new Hummer company, will be profitable first?
The GM civilian equivalent was the H1... hasn’t been made for a several years.
And, I forgot... the real military HumVee is built by AM General.
I'm guessing that this means a even smaller model (H4?), with a Chinese knock-off of an Isuzu 4-cylinder powertrain. And an interior that smells like the Harbor Freight store.
I’m sure most of US operations will stay in the US. What will likely happen, though, is that the new owners will duplicate facilities in China.
I’ll pass as well. The Chinese make crap. They don;t have any originality and their quality assurance protocols are worse than people thought. One of my former classmates now runs a business liaison office in Asia for US companies and from what she told me last year, the Chicoms can make anything if they want to...don’t just expect it to last long.
Darn “Post” key got stuck!
The Chinese are probably not going to cave in to every demand the union boss thugs can dream up the way GM has in the past. GM's unfunded liability for retiree pensions and medical benefits is currently about $14 billion, and that doesn't include active employees. GM's fund has roughly $84 billion and it's liability is close to $100 billion.
GM is a benefits-paying organization masking itself as an auto company. The real function of the company is trying to pay pensions and retiree health care. They could produce a car to compete with Toyota but couldnt pay the retiree liabilities they agreed to many years ago, said Donald G.M. Coxe, chairman of Chicago-based Coxe Advisors LLC. Coxe doesnt invest in GM.
yuh cah company ah ours...........
Probably going to come with a special bracket for mounting rapid-fire weapons on the roof.... /sarc
The original Hummer was built by AMG. It's suspension and drive train is unique to this vehicle. The Hummer 2 is basically a GM 3/4 ton chassis and drive train, basically the same under rig as a Chevy/GMC Suburban or pickup. Nevertheless, your point is valid in that we will eventually see these vehicles in wide use throughout the Chinese army as their automotive technology sucks...
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