Deadline Extended for Completion of HUMMER Sale

Sun, Jan 31, 2010

Hummer News

General Motors had hoped it could unload its HUMMER brand to China’s Sichuan Tengzhong by the end of January, but as the month came to a close today the two decided to extend the deadline until the end of February.

The definitive agreement between the two companies signed last year was set to expire on the 31st of January, but a HUMMER spokesperson said that both parties agreed to extend the deadline by a month while they wait on Chinese regulatory approval.

“While the transaction approval process is not proceeding as quickly as originally forecasted, we’re optimistic about the progress that has occurred to date,” Jim Taylor, Hummer’s chief executive officer, said in an e-mailed statement. “There are more than 3,000 people directly employed in the design, build and sale of Hummer vehicles. As such, we are committed to giving the sale every reasonable opportunity toward a successful conclusion.”

Source: Bloomberg

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7 Responses to “Deadline Extended for Completion of HUMMER Sale”

  1. Panama Red Says:

    WHAT THE F&#K!!!!

    ….serenity now!

  2. orh2 Says:

    GROAN!!!

    Maybe Cuba is interested.

  3. Hellbound13 Says:

    Yawn.

  4. Harry Says:

    The tensions between China and the US over Google and arms sales can’t be helping. Maybe if it stalls long enough, the new GM can buy/retain it, and keep it American. It just feels wrong that the iconic America brand HUMMER could be going to China. What next, while I be eating French apple pie? No disresepect to the Chinese or the French. It just seems iconic brands should remain (or perish) in their country of origin. However, maybe it would be a reminder as we drive our Chinese HUMMERs that we failed to predict what was needed to keep American cars and American jobs in America, and they were are more into a car brand than country loyality.

  5. WILD BILL Says:

    GM WHAT A SALE OUT !!!! Hummer H-3 WHERE JUST CATCHING ON AND WHAT A GREAT SUV. H-2 WAS WAY COOL ALSO BUT AT LEAST THE H-3 YOU COULD GET TWENTY MILES A GALLON IF YOU WATCH IT..

  6. Martin Says:

    I am asian, when I was a kid I remembered that I was told never to buy asian products because they are substandard. Japan then was making those products, then came taiwan, korea, etc. and now china seems to in all the products of the US. I have looked up to american goods, I hope China would keep up with the realibity and durability of this vehicle, or we end up in a death trap. As the saying goes “in the long run china will win”

  7. MTUH3 Says:

    We are halfway through the month, any news?