Hummer Sold to Chinese Firm

Country KOs GM deal with manufacturer over environmental worries

(NEWSER) - Beijing will halt GM’s sale of the Hummer brand to a Chinese machinery firm over pollution concerns, according to Chinese state radio. The purchase would run counter to the government’s goal of reducing pollution caused by manufacturing, the BBC reports. The Chinese firm shrugged off the report. “The fact that it is from an article from a state media organization does not mean it is government policy,” the company said in a statement. More»

(NEWSER) - The news that an obscure Chinese heavy equipment manufacturer is probably making government officials pull their hair out in frustration, writes Andrew Peaple of the Wall Street Journal. “Beijing is keen for Chinese companies to expand overseas,” he allows. “But they’re also hoping for some common sense.” Instead we have Sichuan Tengzhong, a small company that lacks English-speaking execs, taking over an American icon. More»

Company aims to become carmaker

(NEWSER) - After General Motors announced a plan to sell the brand, the identity of Hummer’s buyer has emerged: It’s a Chinese machinery firm that aims to become an automaker, an insider tells the New York Times. GM’s deal with the Sichuan Tengzhong Heavy Industrial Machinery Company was subject to Beijing’s scrutiny. The firm builds road equipment but has lately been working on trucks. More»

Move could pose dilemma for Treasury

(NEWSER) - China’s SAIC Motor Corp. is considering making a big grab for GM shares when the government sells off its stake in the company, creating a potential political dilemma for the Treasury, the Wall Street Journal reports. GM is set to go public again in November, and the government, which owns 61% of the company, has promised that no single investor or group of investors will get “a disproportionate share or unusual treatment.” More»

Sales jumped nearly 50% in the first half of the year

(NEWSER) - The financial fortunes of GM are getting an unexpected bump from China, the New York Times reports. Sales in the first half of the year jumped nearly 50%, resulting in a company milestone: For the first time, more cars were sold in China than in America. And while the company has whittled down to four brands in the US, it's about to launch its seventh for Chinese customers, who scoop up everything from $5,000 minivans to luxury Cadillacs. More»