Hummer Sold !!!!

[HummerJim]

Originally Posted by HummerJim

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.

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!

[lude]

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

[HumminNBoatin']

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.

[DRTYFN]

Key word: tentative

[vador99]

[tocho]

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.

[johndjmix1]

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

[XM DUDE]

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.