Filed under: Hybrid, SUV, Truck, Plants/Manufacturing, GM, Hummer, Off-Road

Sure enough, someone out there still wants Hummer. According to a report by The Car Connection, Raser Technologies has put multiple bids in for the General Motors Earth-squishing trucks – both before and after the failed bid from China’s Sichuan-Tengzhong. Raser Technologies made a name for itself by converting an H3 into a plug-in hybrid not too long ago, and if the company managed to gain control of the future of the Hummer brand, you could bet your biscuits it wouldn’t be too long before a hybrid truck made its way into showrooms.

Raser Technologies already has a prototype extended-range EV platform – the same tech fitted into the electrified H3. According to the company, the truck can cruise up to 40 miles on electric-only power, and should be capable of close to 100 mpg by the time everything’s said and done. There’s some speculation that GM is shy about handing Hummer over to Raser because of the potential threat to Detroit’s own extended-range EV program, though we find that one tough to swallow.

For now, it looks like a dead end for Hummer. With GM already switching off the lights and sallying forth with the wind down, it doesn’t look good for the brand, but as we learned with Saab, there’s always hope. We’ll keep you posted on the next on again/off again deal.

[Source: The Car Connection]

One more bidder reported left for Hummer, but is GM listening? originally appeared on Autoblog on Thu, 08 Apr 2010 16:21:00 EST. Please see our terms for use of feeds.

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One more bidder reported left for Hummer, but is GM listening?

Filed under: SUV, GM, Hummer, Earnings/Financials, Off-Road

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. It is also unclear how many employees will be out of work as a result of the closure.

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.

[Source: General Motors | Image: Scott Olson/Getty]

Continue reading BREAKING: GM announces Hummer sale cannot be concluded, brand to be wound down

BREAKING: GM announces Hummer sale cannot be concluded, brand to be wound down originally appeared on Autoblog on Wed, 24 Feb 2010 15:16:00 EST. Please see our terms for use of feeds.

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BREAKING: GM announces Hummer sale cannot be concluded, brand to be wound down

Filed under: SUV, China, Government/Legal, Hummer, Earnings/Financials

It looks like General Motors‘ deal to sell its Hummer brand to China’s Sichuan Tengzhong Heavy Industrial Machinery is on shaky ground. According to Reuters, the likelihood that the Chinese government will give its approval to Tengzhong has been waning in recent weeks, leading the would-be purchasers to consider making the acquisition using an offshore investment vehicle to skirt the need for Chinese regulatory approval. GM and Tengzhong had originally set a January 31st deadline to complete the sale, later extending that time frame to February 28th.

The Chinese National Development and Reform Commission and the Ministry of Commerce are thought to have taken issue with the idea of such an environmentally unfriendly automaker coming under Chinese ownership. Further, Tengzhong has never actually made a passenger vehicle, and China already has over 100 companies producing automobiles and the government has gone on record saying it would like to reduce that number. Stay tuned.

[Source: Reuters]

Hummer deal with China’s Tengzhong looking shaky originally appeared on Autoblog on Tue, 23 Feb 2010 13:26:00 EST. Please see our terms for use of feeds.

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Hummer deal with China’s Tengzhong looking shaky

Filed under: SUV, China, Government/Legal, GM, Hummer

Last week, it was reported that General Motors had signed a definitive agreement to sell Hummer to Chinese machinery manufacturer Tengzhong. The Chinese company and its partner in the deal, Lumena Resources Corp., would pay $150 million and receive Hummer and its intellectual property, ownership of U.S. franchise agreements, and manufacturing, business, and component assistance during a four- or five-year transition period.

The questions being raised now concern what is happening on the other side of the Pacific. The Chinese Commerce Ministry reportedly hasn’t received Tengzhong’s application to officially bring Hummer home, which has led observers to wonder if there will be a holdup or reversal of the deal. According to a Hummer representative, however, Tengzhong had to finalize the deal with GM before it could present it for approval to the Chinese authorities:

The closing of the transaction is subject to customary closing conditions and regulatory approvals and/or review by agencies in China and the U.S. Tengzhong has started communicating with the relevant regulatory bodies and will continue to support the application process in accordance with the requirements. Formal engagement was only able to begin with the signing of the definitive agreement.

If all goes well, Tengzhong hopes to have the deal closed by early 2010.

[Source: Automotive News, sub. req'd.]

Recork the Champagne? China says Hummer paperwork not submitted yet originally appeared on Autoblog on Mon, 12 Oct 2009 16:29:00 EST. Please see our terms for use of feeds.

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Recork the Champagne? China says Hummer paperwork not submitted yet

Filed under: SUV, China, Government/Legal, Hummer

As Chinese media outlets continue to voice derision over GM’s agreement to sell its unwanted HUMMER division to Sichuan Tengzhong Heavy Industrial Machinery Co., there are real questions as to whether or not the Chinese government will even approve of the purchase.

State-run media outlet Xinhua News Agency has suggested that Tengzhong’s interest in HUMMER may be little more than a publicity stunt, saying, “It couldn’t achieve this result (of raising its profile) even if it spent $100 million on advertising.” Commenting on Tengzhong’s deal to purchase HUMMER, China’s Minister of Commerce Chen Deming said:

We hope Chinese companies learn more about international market rules and development trends in their industries and make prudent investments.

While none of that sounds particularly promising, it doesn’t necessarily mean the deal won’t be approved, and HUMMER CEO Jim Taylor is reportedly moving forward with the automaker’s future plans as it looks for a new location outside GM’s corporate headquarters in the Renaissance Center to call home. According to the Nashville Business Journal, HUMMER could stay in the Detroit area or possibly join Nissan by taking root in Tennessee.

[Sources: Autocar, Nashville Business Journal]

Critics from China berate proposed HUMMER sale, rekindled automaker could be based in Nashville originally appeared on Autoblog on Thu, 25 Jun 2009 10:26:00 EST. Please see our terms for use of feeds.

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Critics from China berate proposed HUMMER sale, rekindled automaker could be based in Nashville