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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 Nfarce on 6/4/2009 10:14:54 AM , Rating: 2
And another thing:

also that .txt file paints a even darker picture. mainland china had 490 billion in security's in march 2008 and 767 billion in march 2009 . +277 billion in a year! if china doesn't own your debt now their gonna very soon.

If you look at that link, you'll see that ALL nations have increased their dollars spent on US debt investment. The only thing BIG there is that China surpassed Japan as the leading spender. And they way China laughed at our Treasury Secretary last week when asked if the US would continue to be stable enough to invest in, everyone over there laughed at him.

So to your point, I AM looking at the future under the way this government is running itself - and I don't like what I see. It makes the Bush years look fiscally responsible, and that is saying A LOT .

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