Word: hummers
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...However, there are signs that the Chinese government might have reservations about the deal, observers note. Among the sticking points, China's National Development and Reform Commission has said publicly the purchase of Hummer is inconsistent with China's effort to become greener. In addition Sichuan Tengzhong has no experience building vehicles for the retail market...
...Another risk: GM CEO Fritz Henderson is under pressure from GM's new board of directors to turn around the company's fortunes quickly, and he has indicated the automaker is prepared to drop Hummer if it can't finish the deal relatively soon. "If it doesn't get sold, we'll close it," says a GM official. (See the best cars from the 2009 Detroit auto show...
...which was considering abandoning Hummer even before its financial meltdown, pulled its advertising in the spring and then shut down a Hummer production line in South Africa. Hummer sales have dropped 64% so far this year, more than any other brand in what overall has been a disastrous year for new-vehicle sales. In August, when sales of new vehicles got a boost from the cash-for-clunkers programs, Hummer sales continued to sink, falling 61%. In 2006, Hummer's best year, GM sold more than a 70,000 but this year it might sell only 10,000 units. "Hummer...
...Webb, chief economist for Atlanta-based Manheim, one of the nation's principal used-car auctions, says "orphan" brands such as Hummer, Saturn and Saab have felt the brunt of adverse consumer reaction to the GM bankruptcy. In addition, Hummer's dealer network is in disarray and used Hummers have lost value, Webb notes...
...Nevertheless, the Hummer brand has retained a certain appeal, according to a new study in the Journal of Consumer Research by Marius K. Luedicke from the University of Innsbruck, Austria, Craig J. Thompson of the University of Wisconsin and Markus Giesler of York University in Toronto. "Hummer drivers believe they are defending America's frontier lifestyle against anti-American critics," the study notes, adding that Hummer owners employ the ideology of American foundational myths, such as the "rugged individual," and the "boundless frontier...