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: The average american pays 33% of income for income taxes and 21% of income for health care, which totals 54%
quote: which totals 54%, close to what Socalist europe pays in taxes up front.
quote: The difference is they get more bang for their buck.
quote: Europeans actually have more disposable income, as they get more for less.
quote: Flat tax won't work, because you would have to set it too low in order to spare the poor
quote: A sales tax, or Value Added Tax (per Europe) would be a much fairer system.
quote: Never mind the billions in contracts, setting up equipment, building new refinaries, all for a resource we won't need in 10 years.
quote: In short: You want to return to 1900, where all the wealth was in the hands of the wealthy, workers were exploited, no controls were in place, and the middle class did not exist.
quote: Without SS, you would currently have millions more living in poverty.
quote: We have a "Free Market" system, so let government be free to compete, just like any other business. If the product is good, people will buy. If not, they government gets out of the industry.
quote: Due to less people farming, you would have overall higher prices for food, and occasional food shortages...Hence the subsidies.
quote: Maybe spending some money to help these states grow would help with the problem (while giving the US more trade partners)?
quote: In the end, your choice is between an increasingly impoverished poorer portion of society and ever-increasing police/security budgets to contain them
quote: The last I would add to that is that the pay through this program shouldn't be great. It should be very desirable to get out of that system and back into the private market.