DailyTech reported yesterday on GM's announcement that it had found a buyer for the Hummer brand of heavy utility vehicles. The mystery buyer promised to take on the brand and help expand its international presence. In the process it saved a number of jobs at Hummer plants and helped GM complete a major step toward moving out of bankruptcy.
Now the identity of the mystery buyer has been revealed. Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a Chinese industrial firm, will be purchasing the brand and attempting to revive it.
States Yang Yi, chief executive of Tengzhong, "We plan to ... allow Hummer to innovate and grow in exciting new ways under the leadership and continuity of its current management team."
He did, however, hint at changes stating that the deal "will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
The companies hope to have the deal finalized by September. The deal does not concern the military Hummer technology owned by defense contractor AM General, which licensed the brand name to GM for civilian vehicle purposes. AM General will now, in turn, license the name to Sichuan Tengzhong, which will continue the civilian Hummer development.
quote: America is selling off all its manufacturing assets simply because we can't compete with workers in China who make 50¢ an hour .
quote: So when I come into these forums to see these ass clowns rail on Obama or Pelosi for being socialist, reciting Fox News talking points, it pisses me off that the education here in the US is so poor to create this morons.
quote: Besides the US and Europe though, we're profitable everywhere else.
quote: labor component of parts we buy varies considerably but is often 2-6% of the component price in the US and Canada. In 90% of the cases, even if labor were free in China, Korea India,Japan etc it wouldn't make up for the transportation costs.
quote: It's quite comical that your rebuttal tries bash others viewpoints while trying to blame Fox News. There is only one group of people who do that - angry liberals.
quote: The deal does not concern the military Hummer technology owned by defense contractor AM General, which licensed the brand name to GM for civilian vehicle purposes.