Hummer Sold !!!!
 

LONDON -- General Motors said it's reached a tentative deal with an undisclosed buyer to sell its Hummer brand for an undisclosed price. The deal includes plans by the investor to aggressively fund future Hummer product programs, the automaker said. As part of the proposed transaction, Hummer will continue to contract vehicle manufacturing and business services from GM during a defined transitional time period. For example, under the proposed agreement, GM's Shreveport Assembly plant would continue to contract assemble the H3 and H3T through at least 2010.

Re: Hummer Sold !!!!
 

Sounds good ! What about h2 ?

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A GM spokesoman, identified as a Mr. Richards from GM was quoted on TV here this morning saying that the new owner of Hummer will keep the H2 as part of the Hummer brand with a 2010 model, but powertrain upgrades will be seen in the future. So far they have been very satisfied with the flex fuel engine and we may see some refinements in it. Unofficial word has it the H2 line will start back up this summer.

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Detroit-based GM said it has reached a memorandum of understanding with a buyer for Hummer, though it did not name the buyer or the price.

Can't get much more vague than that.:giggling:

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LATER UPDATE: CNBC is reporting that the agreement with the new investor would curtail production of the international version of the H3 in South Africa and move it to a US facility (Shreveport I would think) and will result in not only saving existing Hummer jobs, but increasing manufacturing and engineering jobs in the United States. The agreement is also said to have language aimed at saving existing Hummer dealerships and service departments worldwide. ..... As Confucius said ..........May you live in interesting times!

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Just heard it will be sold to a Chinese private Equity firm and will continue to be built in the States official announcement will come this week

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Well I learned from an inside source at the Kinzalow's Event that the American Prospective buyer is Ron Perelman. Who is also the majority owner of AM General...... From what I understand this is who the new owner will be. We will soon find out.

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Key word: tentative

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:beerchug: :popcorn: :beerchug:

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June 2 (Bloomberg) -- General Motors Corp. plans to sell

its Hummer brand of sport-utility vehicles to Sichuan Tengzhong

Heavy Industrial Machinery Co. Ltd., a Chinese equipment maker,

according to five people familiar with the situation.

GM, which filed for bankruptcy protection yesterday, has a

memorandum of understanding with the Chengdu, China-based

company, said the people, who declined to be identified because

the agreement is confidential. At least one other party is still

interested in buying Hummer, though those talks are on hold, one

of the people said.

The deal should be completed by the end of the third
quarter, Detroit-based GM said in a statement today disclosing
the memorandum of understanding. The biggest U.S. carmaker

didn?t identify the buyer or financial terms of the accord.

Hummer was estimated to be worth $500 million, Chief Executive

Officer Fritz Henderson said in bankruptcy court documents.
Tengzhong is a privately owned maker of special-use
vehicles, structural components for highways and bridges, and

construction machinery, according to its Web site. A call to the

company after regular business hours was not answered. A GM

spokesman, Nick Richards, said he could not comment on

speculation.

GM won approval in its first day in bankruptcy court to

sell assets as soon as next month after collapsing under $172.8

billion in debt and failing to adapt to consumer demands for

models that use less fuel. It also expects to shed Saturn and

Saab as part of its restructuring.

Re: Hummer Sold !!!!
 

I have a REALLY bad feeling that, what if, the buyer makes hummer an "Ultra Luxury brand (like Ferrari, Porsche, etc), and bumps the price way up and the production way down.

That would SUCK ASS.

But hopfully that doesnt happen!


--John

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I don't own a Hummer, but I just had to chime in here this deal sucks as this country is run by liberals and bit by bit they are destroying things that make this country great. I would not buy a Chinese made Hummer, so you lucky Hummer owners hold on to them as they will really go up in value now.

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http://news.yahoo.com/s/ap/20090602/.../us_automakers

Hummer is now owned by CHINEEEESEEEE!!!! Crap crap crap. Well, I guess they pretty much own our country financially speaking as well.....


I was hoping someone in the States bought it...

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GM deals Hummer to Chinese buyer
Bankrupt automaker won't disclose details of deal to sell truck line, but source identifies buyer as Sichuan Tengzhong.




NEW YORK (CNNMoney.com) -- General Motors Corp. has signed a deal to sell its Hummer truck unit to a Chinese industrial company, a person with knowledge of the deal said Tuesday.

The news comes a day after GM (GMGMQ) filed for bankruptcy protection in New York. The company did not identify the buyer nor name a price, saying only that the deal would close by the end of September.

But a source identified the buyer as Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. in China.

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.

"I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America, in a press release. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."

GM also said that the deal should protect more than 3,000 jobs in manufacturing and engineering, and at dealerships "around the country."

The sale of the Hummer brand to a Chinese company will not impact the production of U.S. military vehicles. Military Humvees are produced by a different company, privately held AM General, based in South Bend, Ind.

AM General used to make Hummers, but they sold the brand to GM in 1999.

The Hummer and other large vehicles have been a drag on the U.S. auto industry since fuel prices spiked in 2008 and the recession deepened.

GM said it sold 5,013 Hummers worldwide in the first quarter, down 62% from the 13,050 that it sold in the same period the prior year.

Hummer isn't the only brand that GM is leaving behind. The automaker will also shed its Pontiac, Saturn and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year.

That could result in more than 100,000 additional job losses if those dealerships are forced to close.

GM filed for bankruptcy hours after Chrysler's bankruptcy process cleared a hurdle when a federal judge approved its asset sale.

The GM bankruptcy was hailed by President Obama, who wants a complete overhaul of the U.S. auto industry, even though the Chapter 11 filing is expected to result in the loss of 20,000 jobs and the closure of a dozen facilities.

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Oh shit!!:mad:

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The only wording that makes this even remotely stomachable (this isnt a word i am sure) is Heavy Industrial Machinery Company.

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Frackin Chinese! :mad:

That's a real let down. Wonder what that's going to do for resale value?

I think I would have rather seen them close up shop for good rather than operate under the Chinese.

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Good thing there's no "L" in Hummer...:p

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I'm not sure if the fact that a Chinese company now owning Hummer is really going to make a difference. However, I was caught a bit off-guard when I took my h2 in to service today and a 7 yearold took my keys and did the write up...

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Its a bit confusing. Its sounds like it will be chinese owned but contracted out to GM? Is that what they are saying? Would that still be considred an American built machine by American people? Sounds like GM will poduce all the Hummer models as a sub contractor to the Chink company, remaing an American built auto??

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MADE IN CHINA ,BY HUNG TOO LOW .

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:jump: :jump: :jump: :jump:

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FYI that wasn't a seven yr. old, Chinese people are notoriously small people. Get used to it.........:raar:

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There would be no way in hell i would buy a chinese hummer. i would have replaced my 08 h2 with a 10 h2 but now will be trading in my chinese backed hummer for something american as soon as the 2010's hit. nice move GM.

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I was hoping for AM General to buy the Hummer but, Tengzhong makes some of the best road paving equipment in the world. We have some of their paving equipment and they stand behind them and are overdesigned and built extremely well. I hope they can keep our Hummer dealers in business and let them prosper. THong is flush with cash and has a good reputation for customer satisfaction. They say they are committed to having the Hummer manufactured and engineered in the US and the future world HQ for Hummer in the US. What's happening? Budweiser is now Belgian owned and the Hummer will be Chinese owned soon..... who would have thought

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I dunno... What these days isn't made in China.

Trust me, I would have loved HUMMER to remain a U.S. owned vehicle, but I guess it beats the brand being discontinued and gone.

Not only that, but it seems like everything you buy these days is "Made In China".

Heck, the majority of the parts on not only the Hummer but other vehicles are either made in China, Japan or Mexico.

At least they are still going to continued to be produced here in the U.S.

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http://www.msnbc.msn.com/id/31059625/

This is a good news article.

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Seems like I've heard the same thing at a club on the edge of town.

:D

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I hope this isn't a big rie.

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Gang not trying to do the I said so thing really but, search back and find old TAZ said through my connections Hummer would most likely be bought and not shut down. I also said it would be Chinese, Indian, or AM General.

Now do not count AM General out yet. The Chinese would like for them to be an investor to aid in overseeing the product. This Chinese company will do for Hummer things GM would have never done. They will be a good owner to all of us owners and buyers. I expect to see the HX model to go forward in future where I did not think GM would ever had gone ahead with it. The HX is a model if done close to the prototype would sell best at most affordable price. It could go with real basic build not all the fancy seats and electronics to make it a true outback, desert or whatever terrain the rest of the world needs to run it in. Most of the places it would be used does not even use air conditioning as well as all the luxuries proto. had on it.

Anyway most all Hummer employees have a safe job far from the condition that allot of the auto workers have. Some place down the road when Hummer decides what product they want to use for most of 3rd world which is the largest segment available to sell inexspense tough rugged rides the Chinese may build that model in China. This is so they can sell it at a low price that none of us will have a chance to buy. All smog gone well all the stuff that runs cost up on rigs we like to buy. I think if it is HX we will get that model as well but, just at higher price to cover gov. mandated goodies.

I'm fairly happy with the buyer the more I look into the companies rep. and commitment to quality. We will most likely even get a diesel H2 way sooner than GM would have ever done it if ever. I think for western nation sells, the H2 will get some new goodies electronics, sound, and many other things we may not have thought of having since this new buyer has rep. to give more bang for the buck. They see what GM would not have nor offered if GM saw it I believe. Hummer is being bought at wholesale price where if new owner wanted will be able to sell Hummer for a ridiculous price and profit in a few years if they just maintain statust quo with only tidbit upgrades. This Chinese group has dump truck loads of money and this group will as time allows just to strength the Hummer brand will go for upgrading Hummer products asap.

Well anyway do not give up on AM General as a small equity owner and the H1 coming back soon.

The thing I have not read yet is what dealer situation will be. This is where we could loose Hummer employees. Hopefuly not and it will most likely be after the new owner has a chance to look at books on number of dealers and sales. Like in Arkansas 2.5 million people there are 2 dealers both owned by same people so I would expect them to keep dealer literally in center of state and ask owner to close the one stuck way off in northwest corner of our state even though there is allot of money up there.

Well just more fuel for fire of speculations.

TAZ

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^^ wel said !

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A lot of people here need to calm down about the Chinese thing. We NEED to do business with the Chinese to remain strong in a world wide economy.
My Beloved Milwaukee based Miller got bought out by some south african brewery!!!! Budweiser laughed, then THEY got bought out as well.

To ME, what matters is that milwaukee brews the majority of Miller Products AND employs the bulk of all its employees.

Hummer will STILL BE BUILT in AMERICA! I could care less who signs their checks. The Chinese carry so much US debt, they practically own us anyway.
Ill buy another Hummer in a few years from an American Dealer and made in an american city, BY american workers. Thats a lot better than having the brand just go away.....

my 2 cents

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Sorry, but America is no longer America. We have a Kenyan in office and the European philosophy has taken over the America we know and love. There was a reason the Founders left Europe, to have freedom and the right to pursue prosperity and happiness with out being infringed on by others and the Government. Regulation keeps us from infringing on others. But that philosophy is gone and the reason our ancestors left has now engulfed us. Buying american means built by china and assembled in America. While that is said, it is what it is. I would still buy one. Especially since GM is now a rediculious vision of sunflowers and ty dyes.

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Well at least Hummer will be its own entity and not part of GM any more. I was always a GM fan but not sonce this past year. Hopefully we will see some enginuity in thier advertiseing campaings and a better vision to reality stance on the products. Maybe Hummer Happenings will come back. I dont think Thoing would have invested so much oney with out expecting great things. Like the others have said, its Chinese but built in America buy Americans. The Chinese just sign the checks. Hopefully the paint wont be lead based!

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I had to laugh. You don't even own a Hummer but still have over 500 posts. There are members here that do own a Hummer and don't have half that....

:D

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Im so happy that the H2 will still be made.Ive had mine for about a year and its the best truck Ive ever had-by far!!!!Im keeping mine until I die and wouldnt get rid of it for the world!!I hope to get another next year-its the only truck for me:dancingbanana:

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I see everyone's point...and 'yes' it is good that Sichuan has 'no plans to manufacture Hummer in a Chinese plant.' More jobs in America...that's great.

BUT...there's just certain things that (up until now at least) have been inherently 'American'...that just make you think 'U.S.A.' when you hear them...Hummer, Jeep, Cadillac these are some of the things that are synonymous with our country. When I hear Hummer thoughts of Desert Storm, the American military, rocky switchbacks on a Colorado mountain come to mind; Jeep rouses visions of the wide open countryside that sprawls across our mid-west, freedom, and the ability to 'go anywhere'; and Cadillac...well, Cadillac makes me think of those long, shiny metal monsters of my youth that floated along the long stretches of interstate with over 400 cubes , an 8-track tape player, and fender skirts. These are American things...these are things that represent 'who we are/were' as a country and as a people. Are they all completely reasonable, sensible, and environmentally friendly symbols? No...but they're still 'our' symbols...they're still 'our' icons.

So, while I'm glad that American's working in these plants will still have their jobs, I'm disheartened that this young American icon will no longer truly be an 'American' icon. I said it before, 'it'll be me and my '05 until one of us dies.' I will not by a Chinese Hummer.

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You better not open your eyes or you'll see just how "un-American" everything else is.:giggling:

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whatever happens i will still have my h2 chinese or no chinese still the baddest truck on the planet thats why they want it

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Got a call from a sales rep today to share the news of the buyout and they are already reducing some of the rebates. On a H3 he said it is now either the $5000 or 0% financing, not both. The other thing that is gone is the GM supplier discount. I think for the time being if we're going to add a 2nd Hummer to the garage it will be a used one.