Posted on 10/09/2009 6:31:53 PM PDT by BenLurkin
Hummer, the off-road vehicle that once epitomized America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker.
General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal for GM to sell the brand on Friday.
Tengzhong will get an 80 percent stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company, will get 20 percent. The investors will also get Hummer's nationwide dealer network.
Financial terms were not disclosed, although a person briefed on the deal said the sale price was around $150 million. The person did not want to be identified because the terms were being kept private. GM's bankruptcy filing last summer said that the brand with military roots could bring in $500 million or more.
Suolang Duoji also is the controlling shareholder and chairman of Lumena Resources Corp., a Hong Kong listed mining company.
GM and Tengzhong said in a statement that the transaction still must be approved by the U.S. and Chinese governments. Chinese regulators initially expressed reservations about Tengzhong's ability to run such an enterprise.
Hummer's current management team will stay with the new company, which will be headquartered either in Detroit or suburban Auburn Hills, Mich.
James Taylor, the GM executive who has run Hummer recently, will remain as its chief executive officer.
Taylor said in an interview with The Associated Press that he knows resurrecting the brand will be difficult, but the key will be quickly rolling out more fuel-efficient models that get over 20 mpg.
(Excerpt) Read more at finance.yahoo.com ...
Chevy has never made anything that was not under engineered and over priced. What was the year model of the great six banger that had the exhaust and head cast together. POS.
We are talking five (5) fully armed assault troops...
aren't we?
Except SEAL's...
they will do the Houdini thing...
insert, strike and egress.
How’s that “free trade” thing working?...
Weren’t the Hummers originally designed and built for our Military to replace the venerable Jeeps? It was only later that GM started making a model for the consumer market. Where are we going to be buying our military transportation vehicles and parts for them? From a potential future enemy???
Thanks for the answer, I have been wondering also...
I don’t know where you came up with that assertion,because Chev always had great engines ‘cept for Vegas. Exhaust manifold cast in-head?? I think you are talking FORD inline 6?
Ahl yoo-a Hum-mer are be-long too us !! ... (Chi-Comms)
“Sichuan Tengzhong Heavy Industrial Machinery Corp.”
Ugh.
Yes, it is literally the most over used word.
They had some pretty diseased marketing appeals going.
I call 'em "Ass-a-lanche".
Not a problem -- we'll be outsourcing the Big Red One and the Second Marine Division, so the guys in the field will at least be able to read the owner's manuals.
Speaking of which, how's your Mandarin?
Interesting -- I'd read that all the Chinese really want out of Hummer is the proprietary industrial-processes techniques Hummer uses.
They've already got a copy of the truck.
Guess that forecast that the factories will be empty in a year are probably good. Once they get the data and study the processes, they'll just shut Hummer down. The purchase price? Egg money, to them.
80-85, 250, 4.1, D, GM Chevrolet, 2 bbl. Integral head,
The dirty ChiNazi communists are buying the spirits of America, iconic sypmbols of America, just like Japan did in the 80’s. We should protect our icons from these dirty ChiNazis. This is an invasion of American culture! Defend our culture!
Are you an SUV hater?
Would the type of customer who bought a Hummer not be likely to boycott China because is China?
Saturn DOES make cars. They’re cars for people who HATE cars.
I don’t hate SUVs, its just the the Hummer and the Escalade tend to attract a certain breed of a-sholes for some reason.
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