First, the good news: Saab is now officially owned by Spyker, so open up the aquavit and turn the freak knob up to 12, Saabophiles.
Now the bad news: it looks the the deal to
dump sell Hummer to Sichuan Tengzhong Heavy Industrial Machinery is terminally pooched. The original sale deadline was to be this week, but GM agreed to a 30 day extension to get Chinese regulatory approval. China’s commerce ministry appears reluctant to approve the deal, which goes counter to their plans of domestic automaker consolidation. Furthermore, the Chinese government is encouraging citizens to purchase small, environmentally friendly vehicles, which is counter to Hummer’s brand and identity. In short, Beijing has stamped “no deal” across the GM – Sichuan Tengzhong contract.
Sichuan Tengzhong is hoping to put together a deal with a third party outside of China, but the likelihood of this seems slim. Looks like Hummers days may be numbered, which should come as a surprise to no one.
Source: Financial Times