Hummer to close after collapse of Chinese deal
Pepe Silvia
Posts: 3,758
i wonder if there was at least a happy ending?
http://money.cnn.com/2010/02/24/news/co ... /index.htm
Hummer to close after collapse of Chinese deal
NEW YORK (CNNMoney.com) -- General Motors' deal to sell its Hummer brand to a Chinese automaker fell through Wednesday and the company said it now plans to shut down the brand.
GM did not give any details about why the agreement to sell Hummer to Sichuan Tengzhong Heavy Industrial Machines Co. Ltd. could not be completed, saying only that it was disappointed it was unable to close the deal.
The large SUV brand is based on the Humvee military vehicle. It was always a niche vehicle but its image and sales were hit particularly hard by rising gasoline prices earlier this decade. Last year, GM only sold 9,046 Hummers, down 67% from 2008.
Hummer is the third brand that GM is being forced to shut down as part of its bankruptcy reorganization last year. A deal to sell Saturn fell through and GM is also closing the Pontiac brand, which it never attempted to sell.
Chinese automakers have shown interest in buying established western brands as companies there strive to become more global players. Geely is in the process of buying the Volvo brand from Ford Motor (F, Fortune 500) and Beijing Automotive Industry Holdings Co. bought the rights and technology to build some Saab models in China from GM.
http://money.cnn.com/2010/02/24/news/co ... /index.htm
Hummer to close after collapse of Chinese deal
NEW YORK (CNNMoney.com) -- General Motors' deal to sell its Hummer brand to a Chinese automaker fell through Wednesday and the company said it now plans to shut down the brand.
GM did not give any details about why the agreement to sell Hummer to Sichuan Tengzhong Heavy Industrial Machines Co. Ltd. could not be completed, saying only that it was disappointed it was unable to close the deal.
The large SUV brand is based on the Humvee military vehicle. It was always a niche vehicle but its image and sales were hit particularly hard by rising gasoline prices earlier this decade. Last year, GM only sold 9,046 Hummers, down 67% from 2008.
Hummer is the third brand that GM is being forced to shut down as part of its bankruptcy reorganization last year. A deal to sell Saturn fell through and GM is also closing the Pontiac brand, which it never attempted to sell.
Chinese automakers have shown interest in buying established western brands as companies there strive to become more global players. Geely is in the process of buying the Volvo brand from Ford Motor (F, Fortune 500) and Beijing Automotive Industry Holdings Co. bought the rights and technology to build some Saab models in China from GM.
don't compete; coexist
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
Post edited by Unknown User on
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Comments
I asked one of these H2 owners once if it would have been cheaper to get his forehead tattooed with "needs attention".
Toyoda's
Godfather.
apartment ?
my thought on this stuff with SUV's is if you work for it,can afford it then have it,
if the issue is fuel consumption or pollution there are much bigger issue's to worry about.
also everybody is looking for a little attention some how or way and how and why we
seek it is part of what makes us different,successful or even happy.
Godfather.
For sure ... There's this tiny Asian girl neighbour of mine who can't be more than four feet tall, and she drives this crazy-ass bright yellow tank. She must sit on a stack of four or five phone books just to see over the dash.
nothing wrong with that...crap wish I could afford one my wife would be stoked !
Godfather.
Is it really because you feel they are hurting the environment more than you? Is it jealousy? Seriously, why is it?
Someone asked "what will doucebags drive now"...well they drive all sorts of cars and bitch about what others drive.
I agree somewhat, but it's comical to see the suburban housewife or white collar guy driving a hummer around town. It's stereotyping, but we've all see people in these big rugged vehicles that buy them for the look or as status symbols.
A couple of weeks ago I stopped at the supermarket and this soccermom looking lady with her little daughter pulled in next to me in a big Land Cruiser with a grill brush guard and all sorts of other options on it... It just made me laugh, the closest that that thing has probably seen to the off-road was the line of shrubs along their driveway.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
I saw a big black Escalade at the store the other day having trouble fitting in the spot.The driver exits and the side mirrors automatically go in-zip!- I'm thinking good thing too bad theres not a compactor button so you actually can fit in the spot. What's the purpose of something so damn big?
again my friend it's attention, "look how successful I am" or "see what I got"
I knew a guy in Lakeside Ca. that owns a scrap metal yard and is worth big money
but if you saw him on the street you would not know it by his clothing or his old
car he drives,he is one of the few people I know that avoids attention to him self.
Godfather.
For myself it is not caring about how others spend their money. It is about all of the gas guzzlers effecting supply and demand of gas resulting in higher gas prices for everyone. This also effects the economy . Of course these people have more disposable income to spend on higher gas pices than poorer people so why should they care, right?
excess beyond excess ... sure, i guess it's really not any of my business what someone is legally allowed to do but i can honestly say this is a good day for market principles ...
one of the guys i used to fight with owned 2 of them and was the head of some hummer club here in my town. he was a flashy guy with that "hey look at me" schtick..during training when we would drill or fight each other whenever i had a chance i would always crank just a little bit harder on my chokes or armbars for that very reason...i used to love making that guy tap lol...
"Well, you tell him that I don't talk to suckas."
Why do you care if people care about it?
a little touchy, are we? do you are the little lady drive a hummer?
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
that's far from why gas prices are so high.
Godfather.
It is one of the factors.
yeah. there's also greed....
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
Good question. I guess I don't really. It just seems weird what people are willing to stereotype and profile and what they aren't.
Nope. Don't like them.
c'mon cincy do really think i'm stereotyping? if someone lives in some isolated area where access requires a tank (which is all a hummer really is) then i have no problem with them driving one...i live in la...what practical reason would one need a hummer to sit in rush hour traffic or take their kids to school? i sure as shit can't think of any
you could say that for most SUV drivers tho ... just got back from florida where there are tons of people driving them ... they don't really get snow and there are like no mountains really ...