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smartguy

Chinese to by Hummer

29 posts in this topic

anyone else concerned by this sale? I wonder what the military implications are to this deal? See article below.

China firm to buy Hummer

General Motors Corp. also announced that it had potential buyers for its Saab and Saturn brands.

By Tom Krisher and Bree Fowler

Associated Press

DETROIT - General Motors Corp. took a key step toward its downsizing yesterday, announcing a deal to sell its Hummer brand to a Chinese manufacturer, while also disclosing that it has potential buyers for its Saturn and Saab brands.

GM agreed to sell Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co., the companies said in a joint announcement. The price was not disclosed.

Sichuan Tengzhong deals in road construction, plastics, resins, and other industrial products, and Hummer would be its first step into the automotive business.

Critics had seized on the rugged but fuel-inefficient Hummer as a symbol of excess as GM's financial troubles grew and gasoline prices rose. Sales at Hummer, which is known for models with military-vehicle roots, have been in a steep slide since gasoline prices rose to record heights last summer.

GM, which filed for bankruptcy protection Monday, said the sale probably would save more than 3,000 U.S. jobs in manufacturing and engineering, and at various Hummer dealerships.

As part of the proposed transaction, Hummer will contract vehicle manufacturing and business services from GM during a transitional period. For example, GM's Shreveport, La., assembly plant would continue to assemble the H3 and H3T through at least 2010, GM said.

The automaker also said yesterday that it had 16 buyers interested in purchasing its Saturn brand, while three parties were interested in the Swedish Saab brand.

GM would like to sell the money-losing Saturn brand's dealership network, contracting with the new buyer for GM to make some of the cars while the buyer gets other vehicles from different manufacturers.

Besides its plan to sell the Hummer, Saab, and Saturn brands, GM will phase out its Pontiac brand, concentrating on four core nameplates - Chevrolet, Cadillac, Buick, and GMC.

The company hopes to follow the lead of fellow U.S. automaker Chrysler L.L.C. by transforming its most profitable assets into a new company in just 30 days and emerging from bankruptcy protection soon after.

But GM is much larger and complex than its Auburn Hills-based rival and isn't up against Chrysler's tight June 15 deadline to close its deal with Fiat Group S.p.A.

Separately yesterday, the German government said it paid the first $425 million in bridge loans to GM's Adam Opel GmbH division. The loans are part of a deal to shrink GM's stake in Opel and shield it from GM's bankruptcy protection filing in the United States.

Canadian auto supplier Magna International Inc. and Russian-owned Sberbank will acquire 55 percent of Opel.

A sale of the Hummer brand had been expected. Chief executive officer Fritz Henderson had said in April that the automaker was expecting final bids from three potential buyers within the month.

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The HUMMVEES the military uses are not made by GM and their "Hummer" name. I cant remember the name of the company that makes the vehicles for the military, maybe someone else can chime in. I wouldnt have minded seeing the "Hummer" brand just completely go away. Since day 1 of the H2 its just been a status symbol to own one and they cant hold a candle to the HUMMVEE offroad. Half the owners dont even know how to put it in 4WD!

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AM General produces the military Humvees. Gm does not own them.

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The Hummer in my opinion is a waste of gas, metal, and money.

I laught out loud when I see a tiny 5 foot women climb down from on of the H2's while at Target in St. Paul. What possible purpose would there be for her to own one? It doesn't do anything better, it simply costs more and wastes more.

Its purely a status symbol, it says "Hey look I have enough money to buy a hummer". Although it says something else to me. To me it says "Hey look, I'm dumb enough to pay thousands of dollar more for a vehicle that does less all in the name of vanity".

Not sure what the chinese are going to do with the hummer brand. I wouldn't mind seeing it just go away personally.

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Is a hummer any different thay buying the big crusers on the water that burn a grand a weekend in fuel? If you can afford it and want it, more power to you.

Moves like this just show that it won't "our" America down the road. There won't be many American owned companies if this stuff keeps up.

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Moves like this just show that it won't "our" America down the road. There won't be many American owned companies if this stuff keeps up.

All the more reason to buy Ford.

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Besides buying Ford keeps all the repair shops in business. grin

Fix

Or

Repare

Daily

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Well, don’t you know we should all be riding scooters to the broom factory?

I don’t know why the Hummer got such a bad rap, it’s no worse than a Suburban or Excursion and I see a TON more of them cruising around.

So the Chinese bought the rights to a vehicle. Not much more than that. Just another sign of the times. I’m sure we will be reading about many more stories like this.

You will never get people to buy American solely on an agenda based movement, people have always been too cheap and they always will be. I’m right there, why not. It’s common sense to spend less for (in most cases) the same product. It needs to come via embargos and or restrictions on foreign imports.

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Americans won't buy american with great frequency until American cars can compete with the some of the foriegn imports available.

American companies have the truck thing pretty much figured out. But when it comes to your average sedan/compact car they don't have a clue.

The Mazda 3 and the Ford Focus are the exact same car besides the styling. But you see probably 4 Mazdas 3's to every 1 Ford Focus. Why is that? They have the same basic starting price ($15,000 or so) although the Mazda does top out at a few thousand more then the focus ($21,000 versus $18,000).

Two cars, same price, same engine but Mazda appears to have the advantage in sales. Not sure why.

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Quote:
Two cars, same price, same engine but Mazda appears to have the advantage in sales. Not sure why.

Because American consumers are basically dumb and short-sighted.. The Chinese know that - and that's why they want to keep doing business with us.

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How would an American being dumb and short sighted cause him to buy a Mazda versus a Ford. Likely there was something about the Mazda that tipped the scale in its favor. Does it just appeal to dumb short sighted people?

Why is it dumb to by a Mazda versus a Ford?

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Quote:
Why is it dumb to by a Mazda versus a Ford?

Because they are exactly the same car, but people probably somehow have the perception that Japanese cars are better? I don't know - you tell me...

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We are not dumb and short sided. What it means is that one marketing giant is doing a better job than the other.

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I was mostly referring to Chinese made products in general. Junk, for the most part, but yet we keep buying the stuff on the basis of price alone. Notice I said "we" - not excluding myself - because I know I'm also guilty of dumb "voting with my dollar" as well.

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I bet that most Hummers haven't even been parked in the grass much less seen off road.

They don't help make gas any cheaper for those of us that aren't able to throw around money.

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Junk, for the most part, but yet we keep buying the stuff on the basis of price alone.

Agreed most of it is junk, but I think it is the flood of products from there more than the price alone.

Take something like tennis shoes, the vast majority of shoes these days are made by third world employees of American companies. As far as I know, New Balance is the only major company still manufacturing their shoes in the US. There just aren't many made in the USA options available.

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I bet that most Hummers haven't even been parked in the grass much less seen off road.

They don't help make gas any cheaper for those of us that aren't able to throw around money.

You can say that about a LOT of "off road" vehicles. Not just the Hummer. smirk

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Agreed Dtro, my Durango doesn't get much better than a Hummer I would imagine. I try to buy American on big ticket items, but it is getting hard to do. The others are just priced better and at these times, who can't use a deal. Prime example, my 12 year old wanted a TV in her room. Been waiting for a good deal. Sunday BB had a 19" HDTV for $150!! Do I care the brand or anything else when the next cheapest is $50 more? I called the store that advertises they shop BB and Walfart daily to keep their prices the same. Called them and they wouldn't even match. Best the would do is $200. Fifty bucks is Fifty bucks, actually a tank of gas. Another non-American commodity.

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We are not dumb and short sided. What it means is that one marketing giant is doing a better job than the other.

Your right...were just too busy flipping through our 180 channels on our dish looking for dancing with the stars followed by american idol while our kids are in the basement playing video games and our teens are on the computer chatting with perverts. Meanwhile we wonder why every bureaucrat tries to push useless laws and regulations down our throats on top of raising taxes. whistlewhistlewhistle

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Quote:
I try to buy American on big ticket items, but it is getting hard to do. The others are just priced better and at these times, who can't use a deal.

Agreed, but we have to remember that all this didn't happen overnight. We basically fell for the whole cheap Chinese thing lock, stock, and barrel... I know many times in the past I had a choice of paying a little more for an item that I knew was a quality product, but instead opted for the cheaper Chinese version. Now it's gotten to the point where there sometimes isn't a choice. Not good.

I have learned my lesson on some items, such as wheel bearings, for example.. If it says "Made in China" on it, I will hand it back, and ask for something else - even if I have to pay half again or double the price.

I think electronics and clothing might be a little different because we simply can't compete with the cheap labor.

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Because that kid that goes zoom zoom is the poster child of mazda grin I just want to run him over.

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... I don’t know why the Hummer got such a bad rap, it’s no worse than a Suburban or Excursion and I see a TON more of them cruising around...

I agree with you. The H2 is the same chasis as a Suburban. Mostly cosmetic differences. The H3 is an over-glorified Trail Blazer.

Big ol' soccer mom 'mobiles all around grin

The only negative result in the sale to the Chinese I can see as of now, is the potential loss of the jobs for the people in the U.S. making those vehicles.

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Americans won't buy american with great frequency until American cars can compete with the some of the foriegn imports available.

American companies have the truck thing pretty much figured out. But when it comes to your average sedan/compact car they don't have a clue.

The Mazda 3 and the Ford Focus are the exact same car besides the styling. But you see probably 4 Mazdas 3's to every 1 Ford Focus. Why is that? They have the same basic starting price ($15,000 or so) although the Mazda does top out at a few thousand more then the focus ($21,000 versus $18,000).

Two cars, same price, same engine but Mazda appears to have the advantage in sales. Not sure why.

American car companies have a reputation for building junk for 20+ years. It took a while before the poor quality caught up with Domestic car companies. It will take a while before we give them another chance. Their name is mud right now.

People remember driving those Chevys that overheat and Fords- I think just about every one of them for 10 years had bad power steering pumps. Half the 90's Buick Centuries have racing stripes down the roof where the paint peeled off. Has Chrysler ever made a decent transmission? Domestic interiors fall apart so often. How many of you had an American car with the headliner dangling? I know I have. My last pontiac needed more repairs in one year than every foreign car I've ever owned put together.

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