<H1 class=storyheadline _extended="true">
GM deals Hummer to Chinese buyer</H1> <H2 class=storysubhead _extended="true">Bankrupt automaker won't disclose details of deal to sell truck line, but source identifies buyer as Sichuan Tengzhong.</H2> <SCRIPT type=text/javascript src="http://i.cdn.turner.com/money/.element/ssi/javascript/2.0/cnnShare.js" _extended="true"></SCRIPT> <SCRIPT language=JavaScript1.2 src="http://i.cdn.turner.com/money/javascript/clickability/button2200_1newlayout.js" _extended="true"></SCRIPT> <SCRIPT language=JavaScript _extended="true"> window.onerror=function(){clickURL=cleanClickURL(d ocument.location.href);return true;} if(!self.clickURL) clickURL=cleanClickURL(parent.location.href); </SCRIPT>

Over its history General Motors has made its share of bad products. Some were poorly built, some were badly executed, others suffered from lousy timing. NEW YORK (CNNMoney.com) -- General Motors Corp. has signed a deal to sell its Hummer truck unit to a Chinese industrial company, a person with knowledge of the deal said Tuesday.

The news comes a day after GM (GMGMQ) filed for bankruptcy in New York. The company did not identify the buyer nor name a price, saying only that the deal would close by the end of September.

But a source identified the buyer as Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. in China.

As part of the deal, some GM plants will continue to build the Hummer brand for the new owner, at least for awhile. The company said its Shreveport, La., plant will keep building Hummers for the new owner until at least 2010.

"I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America, in a press release. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."

GM also said that the deal should protect more than 3,000 jobs in manufacturing and engineering, and at dealerships "around the country."

The Hummer and other large vehicles have been a drag on the U.S. auto industry since fuel prices spiked in 2008 and the recession deepened.

GM said it sold 5,013 Hummers worldwide in the first quarter, down 62% from the 13,050 that it sold in the same period the prior year.

Hummer isn't the only brand that GM is leaving behind. The automaker will also shed its Pontiac, Saturn and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year.

That could result in more than 100,000 additional job losses if those dealerships are forced to close.

GM filed for bankruptcy hours after Chrysler's bankruptcy process cleared a hurdle when a federal judge approved its asset sale.

The GM bankruptcy was hailed by President Obama, who wants a complete overhaul of the U.S. auto industry, even though the Chapter 11 filing is expected to result in the loss of 20,000 jobs and the closure of a dozen facilities.

Citigroup (C, Fortune 500) was financial adviser in GM's Hummer deal.

--CNNMoney.com senior writer Peter Valdes-Dapena contributed to this report.

Bad move asians are terrible at deep throating

 

Originally Posted by bettntibetn

The Hummer and other large vehicles have been a drag on the U.S. auto industry since fuel prices spiked in 2008 and the recession deepened.

Trucks and SUVs are what kept GM going for so long. This is simply more bullshit propaganda to make people think that green vehicles are what people want and need. Obviously sales were down because gas went up last summer and because of the perception of the economy. All vehicles sales have dropped.

The article says that trucks and SUVs are a drag on the business, yet the article also mentions the shedding of Pontiac, Sabb and Saturn without the accompanying derogatory comment about dragging the company down, thus leaving one with the impression that trucks and SUVs are "bad" whereas the other failed makes are what, just a casualty of the economy?

I absolutely hate this kind of journalism.

I do like the irony of a Chinese guy buying Hummer, though.

In five years, if you want a car that "Government Motors" (the new GM) doesn't make and which it won't let other domestic manufacturers make you will be buying from Socialist/Communist countries that have fewer restrictions than supposedly free/mixed market countries. Even this won't last long as the government will undoubtedly restrict the import of undesirable vehicles.

Do you think we will get a choice as to what color government approved car will be able to buy or will there be a standard color?

The army must be working on a new replacement vehicle, right?.... I'm sure this is a Fucking retarded question because I'm supposed to know the answers to every question in advance for fear I don't know what I'm talking about. Lolllllllll. ...How much for the tank?

American goverment and ppl have been giving hummers to china for awhile, why shouldnt GM??

So do we have to call it Hummel now?

 

Originally Posted by Underdog34

 

Originally Posted by Artiecat

This is still one of my favorite pics that have been posted on this site. Was this done by Magnet Steve or RF or who?

This reminds me of the guy who was able to steal a tank from somewhere and was all over L.A. with it. I think L.A........ I used to see it all the time on police chase videos. Fucking guy tried to go over a barrier on the freeway and got caugt up.. WTF!!!!! You are rolling around a city in a fucking tank, which had live ammo in it too btw, and you get it caught on a guardrail thing and that's how you go out!!

Tilts me to know end how badly that guy choked.

 

Originally Posted by Underdog34

 

Originally Posted by Artiecat

This is still one of my favorite pics that have been posted on this site. Was this done by Magnet Steve or RF or who?

jerichoholic I believe rip