Hummer Deal Officially Dead, GM to Begin Orderly Wind-Down

[vh_supra26]

General Motors has just released a statement acknowledging that talks have broken down between GM and China's Sichuan Tengzhong Heavy Industrial Machines Co. regarding the purchase of Hummer. Because a deal could not be reached, GM will begin winding down the Hummer brand.

Hummer and Tengzhong were previously having a difficult time of the purchase deal, following China's decision not to approve the purchase. Speculation that the decision would kill the deal altogether has proved to be accurate, with alternate plans - such as creating an off-coast shell company to purchase Hummer -- apparently being abandoned.

The complete GM release is below:

HUMMER Sale to Tengzhong Cannot be Completed -- Wind down of HUMMER business to begin

DETROIT - General Motors today announced that Sichuan Tengzhong Heavy Industrial Machines *** Ltd. (Tengzhong) was unable to complete the acquisition of HUMMER. As a result, GM will begin the orderly wind-down of the HUMMER operations.

"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," said John Smith GM vice president of corporate planning and alliances. "GM will now work closely with HUMMER employees, dealers and suppliers to wind down the business in an orderly and responsible manner."

GM will continue to honor HUMMER warranties, while providing service support and spare parts to current HUMMER owners around the world.

http://wot.motortrend.com/6612925/in...#ixzz0ggRwu7hB

[Midship Runabout]

Bout time

[zbirdman777]

To be honest I never really cared for Hummer anyway. It was supposedly an Off Road vehicle but turned out to be an alternative to Escalades for people who like dubz and bling bling.

[Lexicon101]

Originally Posted by zbirdman777

To be honest I never really cared for Hummer anyway. It was supposedly an Off Road vehicle but turned out to be an alternative to Escalades for people who like dubz and bling bling.

Agreed. I liked the idea, but the implementation was abysmal.

[vh_supra26]

r.i.p. hummer

[TheBigBadBanana]

Took em long enough.

[S2KtoFT86]

Should have never been a civilian vehicle in the first place.

[Axel]

Originally Posted by zbirdman777

To be honest I never really cared for Hummer anyway. It was supposedly an Off Road vehicle but turned out to be an alternative to Escalades for people who like dubz and bling bling.

the exception to that would have been the Hummer HX Concept... an amazing vehicle which, of course, they never brought to production. I would have considered buying that...

[OldSkoolToys]

Always wanted one of those....since I could probably never get an actual Humvee

[vh_supra26]

GM Sets New May 1 Deadline For HUMMER Sale

Last week General Motors’ plans to sell HUMMER to China’s Sichuan Tengzhong Heavy Industrial Machines Co., Ltd. (Tengzhong) broke down due to disapproval from Chinese regulators and this led to a hasty announcement that the premium SUV brand would be wound down.

Much can change in a week it seems because today we have news that there remains several parties still interested in acquiring HUMMER and that a new sale deadline of May 1 has been set. Additionally, the franchise agreements of the remaining 153 U.S. HUMMER dealerships have also been extended until May 1.
"We're going to do everything in our power to bring this home in the next couple of months," HUMMER CEO Jim Taylor told Automotive News.

GM’s new CEO Ed Whitacre wants to see a quick solution for HUMMER and there’s a strong chance the brand could still be would down. If this happens, the process would be similar to what GM did for Saturn and Pontiac. Existing inventories would be cleared out with generous rebates and remaining dealers would be paid varying settlement amounts.

GM would also continue to honor HUMMER warranties, while providing service support and spare parts to remaining owners around the world.

http://www.motorauthority.com/blog/1...or-hummer-sale