End of HUMMER?After the power of the People`s Republic of China did not give to permission of the Tengzhong company to acquisition world-wide - the known Hummer brand, having recognized similar operation inconsistent “ general " line; developments of the Chinese automotive industry that headed for production of environmentally friendly small-capacity models that the General Motors carmaker made the decision on elimination of brand.
Representatives of General Motors reported that they operation on sale of Hummer of the Chinese company Sichuan Tengzhong Heavy Industrial Machinery will not take place, at the same time they did not point to the reasons of such turn of events.
Tengzhong declared on Thursday that it became the reason of cancellation of operation “ impossibility to wait in the terms of permission to sale planned by the agreement from the Chinese regulating state agencies “.
“ We are disappointed that operation will not take place “ - declared vice-the president of General Motors John Smith.
“ Now we will work in close contact with employees of Hummer, his dealers and suppliers to approach closing of business with the maximum share of responsibility “ - Smith added.
Will continue to provide to General Motors owners of Hummer with spare parts and necessary service, RIA Novosti reports.
In October, 2009 the American auto giant General Motors concluded operation from Tengzhong about sale of the Hummer brand for $150 million. It was expected that Tengzhong invests from $800 million to $2 billion in development of the Hummer brand and the organization of production capacities in China. The Tengzhong company had to receive 80% of a brand whereas the investor from Hong Kong Suolang Duoji - 20%.
At the same time, operation is not considered valid while it is not a proyshla of the statement of the Chinese government. It was provided earlier that all formalities will be settled until the end of January, however, the government of the People`s Republic of China did not give “ green light “ on operation.
Before the Chinese mass media reported that operation about purchase of Hummer does not cause approval of the Chinese government as a result of low environmental friendliness of the American car.
meanwhile, so far leaves GM “ shch_linka “ for reception of new offers so, perhaps, accepted by the management of holding of the decision it is directed to stimulation of interest of potential buyers.
of GM at the beginning of July, 2009 left bankruptcy procedure. The car maker signed the agreement on sale of the key assets of the new company which controlling stake will belong to the U.S. Government.