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GM Unloads Hummer to Chinese Buyer
CNN money ^ | 06/02/09 | Aaron Smith

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 ...


TOPICS: Business/Economy; Foreign Affairs; Miscellaneous; News/Current Events; US: Michigan
KEYWORDS: automakers; buyer; china; chinese; generalmotors; gm; hummer; michigan; tengzhong

1 posted on 06/02/2009 2:41:29 PM PDT by epow
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To: epow

Can I trade my tennis shoes for an H2 as well?


2 posted on 06/02/2009 2:44:14 PM PDT by TexGuy (If it has the slimmest of chances of being considered sarcasm ... IT IS!)
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To: epow
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.

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...

3 posted on 06/02/2009 2:44:45 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: epow

I wonder if GM asked to be paid by the Chinese in Dollars or Chinese currency?


4 posted on 06/02/2009 2:44:45 PM PDT by willgolfforfood
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To: 2banana

If the jobs don’t all go to China, I will be interested in the Chinese union-labor relations.


5 posted on 06/02/2009 2:46:56 PM PDT by ABQHispConservative (A Blue Dog Democrat is an oxyMoron!)
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To: epow

A Chinese Hummer. ROFL.


6 posted on 06/02/2009 2:47:56 PM PDT by FourPeas (Why does Professor Presbury's wolfhound, Roy, endeavour to bite him?)
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To: epow

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.


7 posted on 06/02/2009 2:48:31 PM PDT by the_Watchman
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To: epow

Didn’t the Chinese start producing a Hummer knockoff a while back?


8 posted on 06/02/2009 2:48:39 PM PDT by cripplecreek (The poor bastards have us surrounded.)
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To: 2banana

More capitalists in China that the USA.


9 posted on 06/02/2009 2:50:37 PM PDT by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem.)
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To: the_Watchman
The Chinese Dongfeng.

Image and video hosting by TinyPic

Sure looks like China had a plan for the Hummer a while back.
10 posted on 06/02/2009 2:53:19 PM PDT by cripplecreek (The poor bastards have us surrounded.)
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To: the_Watchman

No.. the GM stuff is not related to the military stuff.


11 posted on 06/02/2009 2:54:26 PM PDT by ataDude (Its like 1933, mixed with the Carter 70s, plus the books 1984 and Animal Farm, all at the same time.)
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To: ataDude

The military Hummer was an independent project wasn’t it?


12 posted on 06/02/2009 2:56:10 PM PDT by cripplecreek (The poor bastards have us surrounded.)
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To: willgolfforfood

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....?


13 posted on 06/02/2009 2:57:07 PM PDT by ataDude (Its like 1933, mixed with the Carter 70s, plus the books 1984 and Animal Farm, all at the same time.)
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To: FourPeas

“Obama gives hummer to chi-coms”


14 posted on 06/02/2009 2:57:21 PM PDT by Crim
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To: the_Watchman
Aren’t Hummers used as U.S. military vehicles?

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.

15 posted on 06/02/2009 3:08:11 PM PDT by epow ("Nothing is more surprising than the easiness with which the many are governed by the few.")
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To: cripplecreek

Yes, the H1 was from American Motors or somesuch.


16 posted on 06/02/2009 3:17:38 PM PDT by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem.)
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To: Jewbacca
More capitalists in China that the USA.

Sadly true. Any bets on which one, GM or the new Hummer company, will be profitable first?

17 posted on 06/02/2009 3:20:36 PM PDT by Ramius (Personally, I give us... one chance in three. More tea?)
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To: cripplecreek

The GM civilian equivalent was the H1... hasn’t been made for a several years.


18 posted on 06/02/2009 3:26:34 PM PDT by ataDude (Its like 1933, mixed with the Carter 70s, plus the books 1984 and Animal Farm, all at the same time.)
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To: cripplecreek

And, I forgot... the real military HumVee is built by AM General.


19 posted on 06/02/2009 3:28:52 PM PDT by ataDude (Its like 1933, mixed with the Carter 70s, plus the books 1984 and Animal Farm, all at the same time.)
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To: epow
Yang said the deal "will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S."

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'll pass.

20 posted on 06/02/2009 3:29:06 PM PDT by Charles Martel ("Endeavor to persevere...")
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To: epow

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.


21 posted on 06/02/2009 3:38:12 PM PDT by ponder life
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To: Charles Martel

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.


22 posted on 06/02/2009 3:40:11 PM PDT by max americana
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To: FourPeas

Chinese Hummer=Chummer!


23 posted on 06/02/2009 3:44:01 PM PDT by getarope (One Big Ass Mistake, America!)
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To: FourPeas

Chinese Hummer=Chummer!


24 posted on 06/02/2009 3:45:52 PM PDT by getarope (One Big Ass Mistake, America!)
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To: getarope

Darn “Post” key got stuck!


25 posted on 06/02/2009 3:47:15 PM PDT by getarope (One Big Ass Mistake, America!)
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To: ABQHispConservative
I will be interested in the Chinese union-labor relations.

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 couldn’t pay the retiree liabilities they agreed to many years ago,” said Donald G.M. Coxe, chairman of Chicago-based Coxe Advisors LLC. Coxe doesn’t invest in GM.

26 posted on 06/02/2009 3:51:42 PM PDT by epow ("Nothing is more surprising than the easiness with which the many are governed by the few.")
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To: epow
Even the Chinese will still have to obey Obama's new CAFE milage increases, so the new Chinese Hummers will look more like this:


27 posted on 06/02/2009 3:54:46 PM PDT by Vince Ferrer
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To: epow

yuh cah company ah ours...........


28 posted on 06/02/2009 4:04:08 PM PDT by yldstrk (My heros have always been cowboys--Reagan and Bush)
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To: epow

Probably going to come with a special bracket for mounting rapid-fire weapons on the roof.... /sarc


29 posted on 06/02/2009 4:12:21 PM PDT by pointsal
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To: the_Watchman
“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.”

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...

30 posted on 06/02/2009 4:59:21 PM PDT by snoringbear (Government is the Pimp,)
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