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GM signs deal to sell Hummer brand
TweetPublished: Fri, October 9, 2009 @ 1:38 p.m.
DETROIT (AP) — General Motors Co. says it has signed an agreement to sell control of its iconic Hummer brand to a Chinese heavy equipment maker.
The company says that Sichuan Tengzhong Heavy Industrial Machinery Co. will acquire 80 percent of the Hummer brand, trademarks and trade names plus intellectual property rights needed to build Hummer vehicles.
The remaining 20 percent will go to Suolang Duoji, a private entrepreneur.
Financial terms were not disclosed.
The investors also will get Hummer's nationwide dealer network.
Comments
The United States of China.
The dealership network is the real jewel in this purchase, because China was desperately looking for a toehold in the U.S. Automotive industry.
China produced 14 million automobiles last year. None were shipped to the States. Now, they have an outlet for their products, so watch out, here they come!
I can only guess now at what brand names China will come up with for their new automobile imports into the U.S....Panda Motors? Red Star Trucks? Or will they follow the path of some ot their Chinese furniture making buddies...American Signature furniture and name their vehicles American Dream? or American Motor Works (AMW). If GM thinks it was in a bad position this year, wait another 2 years, as China takes over the world automobile market. If you do not believe me, just look at what happened in electronics, clothing and furniture industries.
Hey 857nafstrops...Ralphie did not find that version of a Christmas carol to be a bit funny, nor did he enjoy the beheading of the duck! This is serious stuff here man, what's a matter for you.
couldnt help myself, sorry!
Approximately what percentage of the proceeds from this sale will be used to pay back the federal government for the bailout?
All you auto workers....next time you find yourselves screaming "buy american", remember it's OK for us to sell a US auto company to China!!