Word: tengzhong
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...Chinese government also wants to control a sprawling domestic auto industry that has expanded to include more than 100 carmakers. The purchase of Hummer by Sichuan Tengzhong Heavy Industrial Machinery, a private company that manufactures heavy vehicles and road-building equipment, would have only contributed to the diffusion. "The purchase of this brand is not a match for China," says Yale Zhang, a China market analyst for auto-industry consultants CSM Worldwide. "The government's general policies about efficiency and environmental protection, and No. 2, about consolidation - it is all about these two very broad, general policies. This purchase does...
...first put the brand up for sale in 2008, hoping to raise as much as $500 million. The Tengzhong offer was estimated to be closer to $150 million. "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, GM's vice president of corporate planning and alliances, said in a written statement that was released on Wednesday. "GM will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner...
...Hummer brand, however, could be on the road to extinction if GM cannot soon finish a deal with China's Sichuan Tengzhong Heavy Industrial Machinery, the only bidder for the controversial brand. GM announced plans to spin it off while reorganizing under bankruptcy protection this past summer. (See the 50 worst cars of all time...
...cast-off brand into an independent company that could continue to sell vehicles around the world. They have lined up a $20.4 million grant from the state of Michigan to put its headquarters in or around Detroit. The grant, however, is contingent on the completion of the deal with Tengzhong Heavy Industrial Machinery, according to Michigan state officials...
...However, there are signs that the Chinese government might have reservations about the deal, observers note. Among the sticking points, China's National Development and Reform Commission has said publicly the purchase of Hummer is inconsistent with China's effort to become greener. In addition Sichuan Tengzhong has no experience building vehicles for the retail market...