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The Chinese plan to increase the brand's international presence

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.

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RE: Sad.
By reader1 on 6/3/2009 10:58:27 AM , Rating: 1
Actually, the economy isn't screwed up now. It was screwed up before when people were racking up massive amounts of debt.

RE: Sad.
By mdogs444 on 6/3/2009 11:04:46 AM , Rating: 3
Actually, the economy isn't screwed up now.

I have GDP, national debt, unemployment, inflation, and wholesale figures that say it is.
It was screwed up before when people were racking up massive amounts of debt.

And why is that? Political social engineering, plain and simple.
Tax and spend, borrow and spend, and regulation.

When the free market sets rules on lending out money only to people who they feel will pay them back - its probably not a good thing to force them to lend money to people unqualified, yes you Barney Frank.

When tax revenue just decreased 34% because of unemployment, wage reductions, foreclosures, bankruptcies, businesses don't go out and hire 66,000 federal employees. Now our taxes will have to go up permanently to pay those employees.

When will people learn that the government is not a business. They don't make money, they don't profit, they don't invest. To act like a business with everyone else's money, and then force the citizens to pony up more when you screw up...well, I prefer not to think of that as "Change you can believe in"...Amtrack Motors, I mean General Motors, is proof of that.

RE: Sad.
By Spuke on 6/3/2009 12:43:40 PM , Rating: 2
Amtrack Motors, I mean Government Motors , is proof of that.
Fixed that.

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