GM Officially Confirms China's Sichuan Tengzhong as HUMMER's Buyer
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?
Sichuan Tengzhong's Products
- A Chinese Man Builds An Eco-friendly Hummer From Scratch For $630
Chinese regulators may have had little affection for the Hummer brand when they shunned the deal between General Motors and Sichuan Tengzhong Heavy Industrial Machines Co., Ltd. in early 2010, but there's at least one man in the world's most...
- Wind It Down: Say Good-bye To Hummer As Chinese Deal Goes From... Sweet To Sour
As of today, General Motors has officially declared that Sichuan Tengzhong Heavy Industrial Machines Co., Ltd. (try saying that ten times fast, I'll wait) won't be buying the Hummer brand after all. If you don't recall, Tengzhong is the Chinese...
- Hummer Hb Compact Off Roader Design Concept
Truth to be said, no one knows what the future beholds for Hummer now that GM sold the brand to a little-known Chinese company called Sichuan Tengzhong Heavy Industrial Machinery Co. But that hasn't deterred independent designers like Andrus Ciprian...
- Smart Distributor Reported To Have Won Bid For Gm's Saturn Brand
The Penske Automotive Group, a car retailer that operates mostly in the U.S. and the UK and has the distributing rights for Daimler's Smart cars in the States, is the winning bidder for GM's Saturn unit, Bloomberg reported Friday morning. Citing...
- Gm Finds A Buyer For Hummer, Deal Could Save 3,000 Jobs
Fresh from filing for bankruptcy protection on Monday, General Motors announced on Tuesday morning that it has signed a memorandum of understanding (MoU) with a buyer for its Hummer division. Although GM did not disclose the name of the buyer nor the...