No more Hummer
#2
02-24-2010 | 04:34 PM
Senior Member
Joined: Sep 2007
Posts: 727
From:
It is sadly true....
General Motors said Wednesday that it was shutting down Hummer, the brand of big sport-utility vehicles that became synonymous with the term “gas guzzler,” after a deal to sell it to a Chinese manufacturer fell apart, The New York Times’s Nick Bunkley reports from Detroit.
G.M. said only that its planned sale of Hummer to the Sichuan Tengzhong Heavy Industrial Machines Company “cannot be completed,” without giving a reason, but the $150 million deal had been stalled as the companies awaited approval from the Chinese government. G.M. had been trying to sell Hummer for a year, and struck a preliminary deal with Tengzhong last June.
The two companies had planned to close the deal by the end of January, then delayed the deadline by a month in the hopes of getting the green light from China.
“We have since considered a number of possibilities for Hummer along the way, and we are disappointed that the deal with Tengzhong could not be completed,” John Smith, G.M.’s vice president of corporate planning and alliances, said in a statement. “G.M. will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner.”
It was the third time since G.M. emerged from bankruptcy protection last year that a deal to sell one of its unwanted brands collapsed. The company is shutting down Saturn after a sale fell through, and it began to halt operations at Saab after an agreement with Koenigsegg AB in Sweden was called off. G.M. later reached an agreement with a Dutch company, Spyker Cars; that deal closed Tuesday.
G.M. also is closing Pontiac but it never attempted to sell that brand.
G.M. said it still would honor Hummer warranties and provide service and parts to current Hummer owners worldwide. Hummer has nearly 400 dealerships globally.
The deal would have made Tengzhong the first Chinese company to sell vehicles in North America, though it planned to keep Hummer’s operations in the United States.
General Motors said Wednesday that it was shutting down Hummer, the brand of big sport-utility vehicles that became synonymous with the term “gas guzzler,” after a deal to sell it to a Chinese manufacturer fell apart, The New York Times’s Nick Bunkley reports from Detroit.
G.M. said only that its planned sale of Hummer to the Sichuan Tengzhong Heavy Industrial Machines Company “cannot be completed,” without giving a reason, but the $150 million deal had been stalled as the companies awaited approval from the Chinese government. G.M. had been trying to sell Hummer for a year, and struck a preliminary deal with Tengzhong last June.
The two companies had planned to close the deal by the end of January, then delayed the deadline by a month in the hopes of getting the green light from China.
“We have since considered a number of possibilities for Hummer along the way, and we are disappointed that the deal with Tengzhong could not be completed,” John Smith, G.M.’s vice president of corporate planning and alliances, said in a statement. “G.M. will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner.”
It was the third time since G.M. emerged from bankruptcy protection last year that a deal to sell one of its unwanted brands collapsed. The company is shutting down Saturn after a sale fell through, and it began to halt operations at Saab after an agreement with Koenigsegg AB in Sweden was called off. G.M. later reached an agreement with a Dutch company, Spyker Cars; that deal closed Tuesday.
G.M. also is closing Pontiac but it never attempted to sell that brand.
G.M. said it still would honor Hummer warranties and provide service and parts to current Hummer owners worldwide. Hummer has nearly 400 dealerships globally.
The deal would have made Tengzhong the first Chinese company to sell vehicles in North America, though it planned to keep Hummer’s operations in the United States.
#4
02-24-2010 | 05:15 PM
Junior Member
Joined: Feb 2010
Posts: 1
Sorry to see Hummer go. Saab drivers thought Saab would be shut down until last month and the deal just closed this week.
My Saab dealer also sells Hummer but I rarely have to go to the dealer. A friend has a H2 and I enjoy riding in it.
Good luck Hummer drivers. Take good care of your Hummers and make them last another 10 years or more.
My Saab dealer also sells Hummer but I rarely have to go to the dealer. A friend has a H2 and I enjoy riding in it.
Good luck Hummer drivers. Take good care of your Hummers and make them last another 10 years or more.
#7
02-24-2010 | 08:31 PM
Senior Member
Joined: Feb 2010
Posts: 505
From: Egg Harbor Township NJ
Speaking of new here.. My Friend is having trouble registering on this site.
He went thru all the steps but he still can't get on. I have looked for a link to send the Mod's his info but can't find it.
Maybe if a Mod is reading this you can email CORVETTEOJ@aol.com and he can explain his problem. He is part way in the door but can't post.
Also.. in my can and can nots ... It says I can't edit a post I make. I have looked High and Low in the User CP but can't find an off on switch for editing my posts.
Can a Mod offer me some help??
Thanks Mark R
#8
02-24-2010 | 11:43 PM
Senior Member
Joined: May 2009
Posts: 152
From: Southwest Florida
Then buy one. I did knowing that the Chinese deal was not looking good. I am not at all worried. I owned a 2006 H3 and had a pretty worry free ownership experience and I expect the same out of my H3T. I love my H3T and intend on owning it for a long time. With a $5000 cash incentive being offered, now is the time to buy. With the news of the Chinese deal failing, now is even a better time to buy. If you believe in the product, go for it!
