Chinese Company Said to Be Buyer of Hummer

Chinese Company Said to Be Buyer of Hummer

dealbook.blogs.nytimes.com< br />

General Motors has reached agreement for the sale of its Hummer brand to a machinery company in western China, a person familiar with the process told The New York Times on Tuesday.

The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. concluded the agreement with G.M. according to The Times’s Keith Bradsher and Nick Bunkley.

Industry analysts have estimated that the Hummer division would sell for less than $500 million.

(visit the link for the full news article)


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CHINA?

Who else can we give our industry to?

So, now Fiat owns a large chunk of Chrysler FOR FREE, and the Chinese get Hummer for pennies on the dollar (or is it the Yuan?).

One day after rolling into bankruptcy protection, General Motors announced it reached agreement to sell its Hummer brand, which it said it expects to close in the third quarter.

Last summer G.M. received indications that Hummer could fetch $500 million in a sale, according to a statement by Frederick Henderson, now G.M.’s chief executive, that G.M. filed with the court on Monday.

So, what do we give away next, Barack?

jw


dealbook.blogs.nytimes.com< br /> (visit the link for the full news article)

[edit on 2-6-2009 by jdub297]

reply to post by jdub297


As much as I regret GMs bankruptcy (worked for its Opel subsidiary), I don't care about Hummer. That ugly piece of machinery has done nothing but harm. What is it good for? Consuming huge loads of fuel and therefore beneficial to the big oil companies is the only thing I can think of.

When Indonesia was still a Dutch colony, the US did everything to support Indonesia in their independence struggle so that corporate America could move in. Nothing wrong with that, but you know the saying: what's come around goes around. Anheuser was recently bought by Inbev, Chrysler by Fiat (doomed to fail) and I guess there are more to follow.

Yes, We Have No Bullets Today

Umm, does this include AM General and the military Hummers?

Let's see, we can buy our military MPPV's from them now, and make a treaty where we paint ours blue and they paint theirs red and...

Uh, what's next? The Stryker fighting vehicles?

I kinda miss heavy shipyards and steel factories and IBM.

Pretty soon we're going to be like a doomed Indian tribe: lots of firepower on hand, but no way to BUILD MORE.

'Uh, excuse me, but I need a replacement part for my Apache.'

'Sorry, no have today'.

Can somebody from a military college strategic economics department PLEASE speak up about this before its all too late?!

Before anyone asks, Hummer doesn't make the U.S. Military Humvee, a private company makes them

Still sad to see Hummer fall into the hands of the communists...hell what am I talking about, GM fell into the hands of the communists.

Thankfully the military Humvee's are still produced by AM General, which being a defense contractor cannot be sold to foreign governments. The Hummer brand on the other hand is worthless, I say let the Chinese try and deal with it. There's a reason it's being sold off, it's because people in the US just aren't buying Hummers. And honestly I doubt it's going to do any better with the Chinese running it. They sure aren't going to sell any in China.

reply to post by Mdv2
Unfortunately, the Hummer platform is also a major design for our military vehicles.

Moreover, we are developing technology to make even the ugly H1, H2, and H3 models more efficient.

I'm not sympathetic to the brand, just sorry to see this president giving our assets away as he takes control of private industry.

Of course, he tells his followers that "I don't want to do this," or "I am not taking control." So, even though he does, and he is, what he SAYS is true and what he DOES is overlooked.

THAT, is what really upsets me the most.

Hiding his agenda, and seeing the sheep and MSM follow blindly along, even shouting their encouragement, are what is most aggravating.

I have no sympathy for any single business, but believe in the capitalist system.

These moves by BHO and Co. are the beginning of its final undoing.
(I know that we've often moved away from pure capitalist ideology for other ends like SSI and farm subsidies, but this is an unprecedented all-out attack on the very basics of the rule of law, and capitalism, and a push toward accomplishing a socialist agenda.)

jw

[edit on 2-6-2009 by jdub297]

I completely missed that this was already posted, so from my duplicate thread I will copy my thoughts...

Wow, the symbol of American excess sold to the Chinese. Of course, after GM threatened the nation with dire consequences if they didn't get the ransom they demanded to avoid going bankrupt. If we get any more spit in our faces, we're going to drown in it. But it seems to be a guarantee that it will continue, every day something new and more outrageous than the last is brought to light. What's next?


[edit on 2-6-2009 by 27jd]

reply to post by yellowcard


Yeah those are the original High Mobility Multipurpose Wheeled Vehicle's..But i must say this is some Chinese ownage although i could have bought Hummer with my student salary, the symbolic of this takeover, a "robust" American brand famous from movies and wars takenover by the reds...

Here's another article

CNN Money


Thinking big in auto industry went way different then what the Big American three thought of it..here take a look at this Ford F650




Then take a look at this Fiat 500




Take one wild guess which one sells better..

[edit on 2-6-2009 by Foppezao]

reply to post by Foppezao


I've actually seen a couple of those things here in phoenix, completely insane. I can't get over all the lifted, giant trucks that drive around here. They never take those monsters offroad, i love wheeling and i have a 1989 dodge raider (which is actually a mitsubishi montero) with a small V6 and a nice short wheelbase, I don't see ANY of those monstrosities out on the trails. It's all for looks and status.

Originally posted by 27jd

If we get any more spit in our faces, we're going to drown in it. But it seems to be a guarantee that it will continue, every day something new and more outrageous than the last is brought to light. What's next?

Then you probably don't want to know that Obama now says (to the BBC, not to us) it's OK for Iran to build up its ability to make nukes:

"Obama says Iran's energy concerns legitimate"

www.google.com...

Or, that our the State Dept. believes that the EU energy policy Obama and his Energy Secretary, Chu, are imposing on the US doesn't work:

"EU's Energy Policy a 'Big Failure'"

www.businessweek.com...

More 'spit' later.

jw

[edit on 2-6-2009 by jdub297]

Nothing says Amerika like a Chinese built Hummer except my Chinese built Milwaukee power tools of course.

This is just the first step in paying back our debt to the Chinese. $500 million seems like a bargain to me. What will it be next?

Hmmm. Chinese built "American Cars" exported back to the US. It seems like the perfect plan to keep commerce alive in China. Roughly 35 to 40% of China's GDP is export based. China needs the US consumption market and we need their cash.

I didn't know that Tim Geithner was a car sales man!

I guess he's not just there to ask them not to liquidate their holdings, he sold them a Hummer. For those of you who saw Borat: Can you picture a bunch of Chinese executives asking "Where is ______ Magnet?"

reply to post by finemanm


Yeah, and once China starts making them, they will only be worth about the amount of money Borat wanted to pay, lol...i'd rather have the ice cream truck and the bear.

reply to post by jibeho

reply to post by finemanm


I've got a feeling that as long as we owe the Chinese $700 billion+ (and growing) on our bonds, we'll be giving them bargains and buying their stuff in return.

As of today, roughly 40% of our GDP is Obama-based. And growing.

jw

Why do you think that Obama had anything to do with the decision to sell Hummer? You do know that GM announced that they were selling Hummer, Saturn, SAAB and Pontiac etc, months and months ago.

It's disengenious to paint it as you have, this isn't about the government at all, Obama didn't make a phone call and tell them, "Support your communist comrades!", but rather this is a large multinational corporation who is doing what companies in their position and cutting their less-profitable endeavours away in an effort to survive.

reply to post by Jadette


SAAB is going back to the government of sweden IIRC as they too arn`t making money

GM as a company was poorly run for years - as you rightly said they announced this last year - way before obama.

but the facts shouldn`t get in the way of a good trolling from the OP.

Hummer has been crap for a while, but now that it's going to China ... yeesh, forget it.

Mark Davis on talk radio asked this morning would you be more inclined to buy a GM vehicle now that they are restructuring?

My answer is not only no, but hell no! When GM entertained the very idea of having China make some of their cars and importing them to keep costs down (aka OUTSOURCING, something Obama has said he is against) that blew any loyalty I felt toward GM being an American car company away.

As it stands, the only American car company I will support is Ford, but if they keep making those big-ass Ford F-650's I may not support them for long. Those things serve absolutely NO PURPOSE and are the epitomy of what people with too much money will spend it on.

Way to go Obama administration for letting Hummer go to the Communists.

Look, most here are missing the big picture.
There are two nefarious reasons for this sale:

1) What is obvious is that this sale to the Chinese of the Hummer is a kickback for all the money they are lending us. I'm sure there will be other sales from other companies in the future.

2) This also has to do with Obama's Global Warming/Green agenda. How convienent that Obama found a way to get rid of a company who makes large vehicles. Obama wants us to drive go-carts instead of cars.

What a sad day.

Hummer is sold to the Chinese Hmmmm.

You do realize these are military vehicles. Would be the equivalent of selling the Jeep to the Axis during WWII. Our traitorous leaders moving our military infrastructure to China. Well ain't that grand!

These pencil neck paper pushing yuppies have a "For Sale" sign on the US. It's the only way they can keep raking in the huge salaries and bonuses they have become accustomed to receiving.

GM built tanks and military equipment for our country for decades. I guess now we'll have to ask the Chinese if it is OK if we can have some light armored vehicles.

Traitors all of them traitors. Simply because they cannot share in the profits with the workers. They would rather sell out their own country. Disgusting!!!!!