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...General Motors' efforts to sell Hummer to a little-known Chinese company have fallen apart, the U.S. automaker announced on Wednesday. As a result, GM will begin to dismantle a brand of gas-guzzling SUVs that was synonymous with pre-financial crisis wealth and excess...
...failure of the deal, first announced last June, were not released. But Chinese regulators had frowned on the purchase for much the same reasons that U.S. consumers shunned the Hummer: the vehicle's size and poor fuel economy were impractical in an era of high fuel prices, general economic weakness and greater concern about the harmful effects of vehicle emissions on the environment. (See the 50 worst cars of all time...
...Tengzhong Heavy Industrial Machinery, a private company that manufactures heavy vehicles and road-building equipment, would have only contributed to the diffusion. "The purchase of this brand is not a match for China," says Yale Zhang, a China market analyst for auto-industry consultants CSM Worldwide. "The government's general policies about efficiency and environmental protection, and No. 2, about consolidation - it is all about these two very broad, general policies. This purchase does not match those...
...wanted to put the Hummer on a diet and produce a leaner, more fuel-efficient version of the behemoth vehicle, which topped out at 15 m.p.g. for the once popular 2½-ton H3 model. A descendant of the U.S. military's humvee, which was built by AM General, the Hummer peaked in popularity in 2006, when GM sold more than 70,000 of the vehicles. By last year, sales had fallen to 9,000. (See pictures of the best-selling cars in China...
...Hudson's Bay Co., a 339-year-old retailer that is the oldest in North America, signed a sponsorship deal with the Canadian Olympic Committee through the 2012 Olympics. Hudson's Bay owns 92 Bay department stores in Canada, the Canadian general-merchandise chain Zellers and the Lord & Taylor retail chain in the U.S. Jeffrey Sherman, who was installed as CEO in September 2008, after Hudson's Bay was bought by Connecticut-based private-equity firm NRDC Equity Partners, wanted to use the Vancouver Olympics as a platform to reconnect the company with its Canadian heritage. He gave his design...