Hummer Sold !!!!

[porschett]

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.

[frenzy1]

Sounds good ! What about h2 ?

[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.

[mbdougl]

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.

[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.

[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.

[DRTYFN]

Oh shit!!

[NewHummerGuy]

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

[Cazador]

Frackin Chinese!

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.

[BKLYNH2]

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

[Bully13]

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...

[Intercooled]

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??