Hummer Sold !!!!

[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.

[vetteSUT]

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...

[Pure_Justice]

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.

[OrangeCrush]

Originally Posted by 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.

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....

[Faustus100]

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