And the impending buyer of General Motor's Hummer division is... China's Sichuan Tengzhong Heavy Industrial Machinery Co. LTD. Sorry, never heard of them and chances are that 99.99% of those reading this post haven't either. But if you must know, GM said that Tengzhong, which is based in the Chinese province of Sichuan, is a "privately-owned company and a leading domestic manufacturer of road, construction and energy industry equipment." In an earlier statement today, GM said that the sale is expected to close by the end of third quarter of 2009 and that it will secure more than 3,000 US jobs.
"The HUMMER brand is synonymous with adventure, freedom and exhilaration, and we plan to continue that heritage by investing in the business, allowing HUMMER to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, CEO of Tengzhong. "We will be investing in the HUMMER brand and its research and development capabilities, which will allow HUMMER to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
HUMMER's chief James Taylor said, "With Tengzhong's investment and strong support, we will be able to make our visions a reality. This transaction, if successful, will secure more than 3,000 U.S. jobs, and allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners."
So that you know let us ask you: If the deal is sealed, what do you think that the future holds for a Chinese-owned HUMMER and its U.S. based employees?
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Posts
Now the "new GM" can wave its...'finger'...at the enviro-weenies.
I bet they'd be all like...
'HA HA!! You can't paint us as the big bad SUV-maker anymore! Sichuan Tengzhong Heavy Industrial is your ememy now so your old bullcrap scare tactics can't work anymore!
Where's your FUH2 website now?!! '
Do the Chinese realize that the "Redneck" Hummer market just evaporated?
Wait to they find out that nobody wants to buy these things anymore because they were only cool when supporting the Iraq war was cool.
We'll get tiny electric city cars with two seats with the Hummer label. Retired Rick Wagoner will ask "Oh, what did they with my Hummer?"
chinese ruin everything....
Good luck hummer we will miss you.
To those rednecks who have no clue about anything:
1. Toyota, Honda, BMW, Hyundai, Volks have been manufacturing cars in China for quite some years already. China do absorb both Japanese and German technology already. China has been manufactured its own cars with their own brands a while too. Acquisition of Hummer is not such a big deal at all.
2. A lot of analysts in China already said that Chinese private company made a mistake by buying Hummer because Hummer sucks!
3. You guys should focus on the deal with Morgan Stanley. Chinese investment corporation is either the largest or the 2nd largest shareholder of this company now. Last year, Chinese government announced that dominating the financial industry is its top priority for the next 10 years or so. So far China did successfuly by acquiring a lot of shares from Morgan Stanley and one of the largest banks ( I forgot the name of that bank) in Europe too.
What I am trying to say here is... The deal of Hummer is not such a big deal with China at all since Hummer sucks and China had aborbed most of the automobile technology from Japan and Germany already. Why do they need American auto technology since American cars suck anyway?
As far as I understand there is no wholly private company in China. The Communist Government always has a stake in them and a way of controlling them if it has to. Otherwise they wouldn't be Communists, right?
BTW is Obama moving in a similar direction????
--Jorge
You think the buyer wants to sell lots of Hummers? You're so wrong. In buying Hummer, China is buying the technology to produce Humvees.
"Why do they need American auto technology since American cars suck anyway?"
Easy. First of all, that's a loaded statement.
Second, the yanks have a well established automotive engineering base. Part of which is responsible for developing the Hummvee and associated componets. Development alone for many specialized vehicles can take years to complete, not to mention the financial resources needed. Having this opportunity packaged as such would give any organization that is involved in the automotive industry a huge advantage in both product and time spend investing in engineering.
The same reason for this is also why GAZ bought the last Sebring.
So before you write off all american auto technology in one sentence, consider why this deal happened in the first place. The Chineese aren't stupid and there very likely was a reason for this happening.
Unless you are a yank, then being emo about your own auto industry is just friggin' stupid.
I know speaking out the truth will upset many people but it is true that American auto technology sucks. It doesn't mean that other industries suck thou, agree?
If American auto technology was so good, why it got beat up so badly by Japan at the first place? (I know folks are gonna say that Japanese cars are gas efficient)
Rumors said Chinese government may step up and ask that private company to halt that deal since it is a waste of money. It is such a good call! Just let Hummer dissolve and die! Go green! ^__^
Jorge,
You are wrong, China nowadays have 3 kinds of enterprises. Ones are owned by governments, another ones are owned by private companies. (our company does business with both kinds of companies in China too.) The last one is the combo of government-owned and privately owned, such as Honda China, which Chinese government owns 49% of the shares and the rest is owned by Honda Japan.
Peter North