BREAKING: GM announces Hummer sale cannot be concluded

[Blackseal]

Although it has been evident for some time that General Motors' sale of its Hummer brand to Sichuan Tengzhong Heavy Industrial Machines Co., Ltd., we didn't expect for word to come down today that the negotiations are dead and the brand will be wound down. Unfortunately, judging by a press release just issued by GM, that's exactly what will be happening. According to John Smith, GM's vice president of corporate planning and alliances,

 

"One year ago, General Motors announced that we were going to divest Hummer, as part of focusing our efforts on Chevrolet, Buick, GMC and Cadillac going forward. 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."

 

As we learned from the Saab sale saga, GM announcing that the brand will be wound down does not completely extinguish hope for another buyer to slip in in the 11th hour, but it does seem highly improbable that a new party will pick up where the negotiations with China's Tengzhong left off.

 

In the statement available after the jump, GM does not specify what killed the planned sale of the brand, but rumors in recent months suggested that the Chinese government was not keen to sign off on the deal. At the moment, it is unclear what will happen to Hummer's H2 and H3/H3T models, but it is likely that the tooling and manufacturing rights will be sold off to other companies.

 

As with the wind-down of its Saturn and Pontiac brands, GM has pledged to honor Hummer warranties and continue to supply service and parts.

 

[Leepee]

USA now economy recovers.

GM can talk big liao.

Now Toyota is suffering.

Maybe GM projected their sales will return to profit and no need to sell to China anymore.

 

[Little_prince]

maybe toyota buy over?

[Nisse]

Conspiracy?

[Acieed]

>> but rumors in recent months suggested that the Chinese government was not keen to sign off on the deal.

 

Retaliation of Dalai Lama's meeting with Obama. More job losses in US.