General Motors and Sichuan Tengzhong Heavy Industrial Machinery Co. agreed to extend until the end of February the deadline for a deal to sell the Hummer brand of sport-utility vehicles, officials said.
The definitive agreement for the sale of the Hummer brand to Chengdu, China-based Sichuan Tengzhong, announced Oct. 9, was set to expire today, Nick Richards, a Hummer spokesman, said in an interview. The parties agreed to extend the deadline to the end of the month while they await Chinese regulatory approval, Richards said.
"While the transaction approval process is not ...
General Motors will halt Hummer production next week at its Louisiana plant until sale of the brand to a Chinese company is completed, The Associated Press reported.
Kevin Wale, president of G.M.'s China Group, said, meanwhile, that he was optimistic, but uncertain, the Hummer deal would be approved by Chinese government regulators.
G.M. agreed last year to sell Hummer, once synonymous with America's love for big off-road vehicles, to Sichuan Tengzhong Heavy Industrial Machinery Corp. It had expected the deal to close early in 2010 after approval by American and Chinese regulators.
Assembly ...
Kevin Wale, the president of General Motors China operations, said today that he's optimistic that Chinese regulators will approve the sale of Hummer to a Chinese company.
China-based Sichuan Tengzhong Heavy Industrial Machinery Co. reached a deal in October with GM to acquire the Hummer brand, part of GM's effort to get rid of four U.S. brands. It requires government approvals.
"I'm optimistic that it's going to happen," Wale told reporters on the sidelines of the Automotive News World Congress in Detroit. "Tengzhong is not an established manufacturer and that's an issue ...
HUMMER announced today updates to the 2010 HUMMER H3 and H3T midsize all-terrain vehicles including the addition of three new exterior colors and an available E85 Flex Fuel capable 5.3L V8 engine as part of its commitment to offer a biofuel powertrain in all body styles by 2010. Both H3-based vehicles will begin arriving in dealerships before the end of 2009 in North America.
"In 2007, Hummer committed to offer a biofuel powertrain in every vehicle by 2010 and follows through on that promise with the addition of a new 300-horsepower, ...
China’s commerce ministry has turned down Tengzhong’s initial application for the acquisition of Hummer from General Motors and ordered a detailed new one. The renewed application is meant to state the exact assets Tengzhong plans to get from Hummer, reported Shanghai Securities News today.
This report is in response to the previous rumor. It is said that GM Motor and China’s heavy machinery maker Tengzhong plans to announce the definitive assignment, which has already received the approval from the commerce ministry and related departments.
Reportedly, to avoid possible barriers, Tengzhong claimed ...
HUMMER introduces two concepts, the H3 Moab, outfitted with a host of off-road performance accessories inspired by its namesake, and the H3T Sportsman - a proposal for the ultimate outdoorsman's truck. In addition, Rod Hall Racing's two-time Baja 1000 full stock-class winning H3 Alpha and Robby Gordon Off-Road's Dakar-proven HUMMER round-out HUMMER's 2009 SEMA Show display.
"HUMMER is refocusing on what made the brand successful, which is building rugged, all-terrain vehicles with capabilities that meet the needs of our customers," said James Taylor, HUMMER CEO. "These concepts not only highlight the ...
China's commerce ministry has not yet received an application from heavy machinery maker Tengzhong for the acquisition of the Hummer brand from General Motors, media reported today, citing an official.
"The Ministry of Commerce has not received any formal application from Tengzhong," the ministry's spokesman Yao Jian told reporters at a news conference. "We know no details about Tengzhong's overseas purchase agreement," he said in response to a question about the Hummer deal.
Sichuan Tengzhong Heavy Industrial Machinery last Friday signed a "definitive agreement" with GM to buy the US auto giant's ...
General Motors (GM) and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong), today announced that the companies have entered into a definitive agreement that will allow Tengzhong to acquire GM’s premium all-terrain HUMMER brand.
Under the terms of the definitive agreement, the buyer will acquire the ownership of the HUMMER brand, trademark and tradenames, as well as specific IP license rights necessary for the manufacture of HUMMER vehicles. The buyer will also assume the existing dealer agreements relating to HUMMER’s dealership network.
Tengzhong intends to purchase HUMMER through an investment ...
General Motors, having already lost its Penske-Saturn deal, is not interested in losing their Tengzhong-Hummer deal as well.
With Penske Automotive unable to secure a proper future for the Saturn brand and subsequently withdrawing from their deal, GM is redoubling its efforts in the ongoing Hummer sale to Sichuan Tengzhong to ensure the military truck brand will be under new ownership by the end of this year.
The Tengzhong-Hummer deal has been stuck in limbo for the past couple months as GM and Tengzhong await regulatory approval from China.
The National Development and ...
Tengzhong has cleared one more obstacle after report came out that China's Ministry of Commerce had approved its plan for Hummer last Friday.
The unidentified official told the newspaper that "we find no excuse to block it as Tengzhong assured in its application that it only wants to buy Hummer's brand, while issues like intellectual property and new plants are not involved."
Bloomberg reports that executives from Sichuan Tengzhong are expected to arrive in Detroit early this week for more negotiations with GM and an agreement could be signed and announced ...
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