Posted on 02/24/2010 2:12:49 PM PST by Sub-Driver
GM to wind down Hummer after China sale fails Photo 4:55pm EST
DETROIT (Reuters) - General Motors Co will wind down its Hummer SUV line after failing to complete a deal to sell the brand to China's Sichuan Tengzhong Heavy Industrial Machinery, the automaker said on Wednesday.
GM had been trying to complete the deal by the end of February after reaching a definitive agreement last year to sell Hummer to Tengzhong, a little-known heavy machinery company based in Sichuan province.
But the two companies failed to win approval for the deal from Chinese regulators within the proposed time frame, Tengzhong said in an emailed statement to Reuters.
The collapse of the deal represents another setback for GM, which had been working to shed unprofitable brands and focus on its four core brands -- Chevrolet, Cadillac, Buick and GMC -- after emerging from bankruptcy in July.
(Excerpt) Read more at reuters.com ...
Yep. Government Motors is blazing a trail to non success..
The cynical side of me says that China got a good enough look to copy the durn thing and that’s all they really wanted.
What a shame. I was holding out for the special Barack Obama edition.
Not much to copy since the H1 was discontinued. Just a GM pickup with a really stupid looking body.
Seems “putting on the ritz” is popular in China, though.
GM can stand for General Mismanagement also.
Of course all design CAD files, manufacturing methods, assembly processes, and maintenance documentation was furnished to China as part of the purchase evaluation.
So, good riddance.
China probably isn’t to excited about buying any car company from the Obama administration, they are not blind, they can see clearly what Obama is doing to Toyota. Investment in this country is going to dry up as long as the socialist are in power. Tit for tat I believe the U.S. is really going to get screwed over big time from other foreign countries until the socialist are voted out of office. My gut feeling is that in this country most investment in manufacturing has come from foreign investment, not from within. My gut feeling in the long run the U.S. will need these countries help more then these countries will need the U.S. Obama may win the battle of Toyota buy will lose the War against the rest of the World. Pay back could be hell.
I think the BO or BS edition was going to feature square tires, 6 speed reverse transmission with large mirror in lieu of a windshield. It was to come with a propeller on top fueled by interior exhaust. It was to be designed to sit unprotected in inter city neighborhoods. To bad we will miss it, emblem and all.
Does anyone know what happens to the military hummer? Is that a completely separate operation that will continue?
Yes the Military Hummer is a completely different company and truck.
“Nothin’ beats a Hummer”...I can just hear Slick Willie saying that!
Hmmm, not even the Communist Chinese businessmen want to buy the cr@p GM designed/manufactured/sold to the US populace.
Why are US businessmen so retarded that Chinese Communists know more about business then we do?
My favorite comment about the Hummer was a letter in Car and Driver. The comment was the H2 and H3 are basically just Chev Blazers in a Halloween costume. Hilarious
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