Tuesday, June 02, 2009

A Chinese Hummer?

Does that strike anyone else as funny? Hey, if they want it, go for it. Gotta sell it to someone.

General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process told The New York Times on Tuesday.

The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., the person said, according to The Times’s Keith Bradsher and Nick Bunkley.

G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price.

GM also said that this would retain "3,000 manufacturing, engineering and dealership jobs" here in America, so we will see how it shakes out in the end.

In other spinoff brands, rumor has it that 16(!) different parties are interested in Saturn, and three are interested in Saab. Stay tuned.