A report out of Detroit indicates that General Motors could finalize a deal with China’s Sichuan Tengzhong Heavy Industrial Machinery Corporation over the sale of off-road-oriented truck and SUV manufacturer Hummer as early as today.
An unnamed source told the AP that the deal could be wrapped up this afternoon, although Hummer’s representatives would not make a comment. The Chinese heavy machinery company’s employees have been in Detroit for more than a week as they try to fine tune the last-minute details of their planned acquisition of Hummer.
The Chinese are expected to pay somewhere in the neighborhood of $500 million for Hummer and, thanks to a $20.6 million tax incentive, they are expected to set up a new headquarters for the freshly-independent manufacturer in Detroit. Sichuan Tengzhong would acquire the Hummer brand, access to its dealership network and current and future products. The Chinese company would not purchase South Bend, Indiana-based AM General LLC, which builds military Hummers.
10/09, 8:45 AM
posted by:
dirtfarmer
dealer or deal LLN?
10/09, 8:58 AM
posted by:
armstealer
Let’s hope they don’t finish this deal in the same style as the Saturn deal…
10/09, 9:11 AM
posted by:
jayjc08
Good news for GM, there was no way they could have met emissions with Hummer on board. Especially with the smaller products they had in store for Hummer, which due to their weight would be subject to new emissions stringents.
10/09, 9:42 AM
posted by:
carstuff
What happened to all those comments that the Chinese government would not let this go thru? More misinformation.
10/09, 9:53 AM
posted by:
05Z88Path
Axe the H2, keep the H3 (I actually like the H3), and develop a even more hardcore offroader…make it a 2-door and call it the H4. Definitely a niche brand, but I see some promise for a brand that markets itself as a maker of highly rugged, durable, and offroad competent 4X4’s. Sure they’d compete with the Jeep Wrangler…but that’s not necessarily a bad thing.
10/09, 10:00 AM
posted by:
johnnycanuck
Hey GM… don’t forget to wipe that little bit off your chin when you’re done.
10/09, 10:01 AM
posted by:
idrinorbarsaku
they “could,” but will they? The saturn deal failed even though we gotten letters in the mail from them about the merge…
10/09, 10:02 AM
posted by:
Elvacano
Are they going to demolish a dealer building or something?
10/09, 10:03 AM
posted by:
Elvacano
Haha they changed the headline!!!!
10/09, 10:13 AM
posted by:
Sgt Pepper
Redesign the H2 with a diesel engine and it will sell. Something that GM was to short sighted to do when originally designing a 6000 pound vehicle. ” DUHHHH we would put a diesel engine in but it wont fit” More brilliance from the engineering wonders at GM.
10/09, 10:57 AM
posted by:
leftwingagenda
good move…generates cash…further streamlining the reorg…let’s hope the chinese government doesn’t kill the deal at the 11th hour…
10/09, 11:37 AM
posted by:
DenverGuy217
Sichuan Hummer – sounds like a Chinese sex toy. I guess they could go Green with a battery operated model…
10/09, 12:28 PM
posted by:
tastyorange
I can see the nouveau-riche in China running over the peasants with Hummers and easily getting away with it… “oh good hit now we can harvest their organs” (the parts that are still good)
10/09, 12:29 PM
posted by:
Need more oil for GM
Just another piece of GM made crap. Maybe China will be able to do what GM can’t do.
10/09, 1:13 PM
posted by:
09Accord
HAHAHAH! Some one hacked NMOFGM, either that or hes on drugs. haha
10/09, 1:33 PM
posted by:
Borat
The sale is done according to IP to heavy equipment manufacturer. Well now they have hummer add a sickle on red background with image of Obama and you have a perfect synergy (sorry lefty could not contain myself)
10/09, 1:53 PM
posted by:
leftwingagenda
nice work smearing a nobel peace prize winner!