Hummer's fate as a Chinese Humdinger
But as it turned out, Tengzhong couldn't get its act together. Chinese banks withdrew lending offers and American banks are weary of becoming involved. Tengzhong even tried to go through a subsidiary outside China to buy Hummer, according to Chinese media.“The deal is on the ropes, if it’s not on the canvas yet,” Michael Dunne, the president of a Hong Kong auto consulting firm told The New York Times.
Also, the Chinese government didn't approve regulation for the deal. Why, you might ask? The New York Times reports, that it's in large part because "senior Chinese officials are trying to put a new emphasis on limiting China’s dependence on imported oil and protecting the environment."
And to think that in the early days of the Iraqi war, the Hummer epitomized pro-America. Now that sustainability is on our radar, it would seem that things have changed. Now everyone wants in on a piece of the sustainability pie.
As of Wednesday, the bid is off. Hummer could be destined for the junkyard. A New York Times editorial said, "We suspect the deal collapsed because the Chinese Communist Party — which rarely shows much shame — is worried about China’s image as the most polluting nation on the planet."
GM said it would shut down Hummer after the Tengzhong's bid collapsed.
Then on Thursday, Hummer had a come-back when news broke that GM contacted four Chinese companies to gauge interest in the brawny military-derived SUV.
It’s unlikely a Chinese firm will buy the entire unit, analysts said, but the firms may only be interested in buying parts of Hummer's assets (i.e. tooling and equipment at Hummer's Louisiana factory.)
In response to GM's announcement, Detroit Free Press joshed that "flags across oil-rich Saudi Arabia were lowered to half-mast while the entire Exxon/Mobil board of directors were seen at a group grief counseling session. On Wall Street, oil speculators were jumping from windows while in Michigan, some people were mourning the possibility of a world without Hummers."
Photo: All Right Released.
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magic3400
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Funny thing that most people don't know, the Hummer H2 is not gone, it's still here and has been around for a very long time and is not going anywhere.
The H2 is nothing more (or less) than a Chevy or GMC Suburban, the only difference is the wrapper on the outside. Underneath, they are the same vehicle.
- 1 year ago
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magic3400
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controlusplease
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did you know it's ultimately more polluting to drive a Toyota Prius than a Hummer?
- 1 year ago
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controlusplease
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dalistuff
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controlusplease:
Do explain, please.
- 1 year ago
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dalistuff
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blieden
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controlusplease:
You're referencing an article from Wired, which was based in part on research done by a company called CNWMR. The article was about the cost (environmental and material) to build each car vs. expected lifetime cost. CNWMR has since revised their findings and declared both cars to be equal. Furthermore, their study did not factor billions in gov't subsidies and military/diplomatic engagements which keep the cost of oil artificially low. It was a gutsy, retweetable premise which people now feel free to repeat as gospel. But it does not hold up.
- 1 year ago
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blieden
