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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 Moishe on 6/4/2009 1:34:52 PM , Rating: 2
Look at the past 20+ years and you can see that American auto makers have been making smaller cars while also making larger cars and trucks. I believe in the free market. In a free market, the companies would have learned to offer what people want. If they didn't learn then they'd simply go bankrupt and disappear (a good thing).

Maybe they would have been caught with their pants partially down when gas prices rose. That would be a great learning opportunity. It would be a test of which business has the ability to innovate and adapt.

Instead, we reward failure and we fail to hold business or government accountable for taxpayer money. We force auto companies to build cars that lawmakers or special interests want. *Reward* no longer becomes the primary goal of decision makers and those people who own the business who are actually interested in ROE are now hobbled by excessive regulation. This all happens because U.S. lawmakers essentially take over the decision making for businesses *because they can* (because we let them). Now we have lawmakers running cars companies... The uneducated, corrupt idiots are running the joint and making the decisions. I cannot think of a worse situation. The sad thing is, they will place the blame on everyone else when their decisions utterly fail.

We should just let the market decide what products to sell, and let the failures die. It works, but it requires us to keep our grubby hands off of the process.

"Let's face it, we're not changing the world. We're building a product that helps people buy more crap - and watch porn." -- Seagate CEO Bill Watkins

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