Word: tengzhong
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Dates: during 2000-2009
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...Hummer brand, however, could be on the road to extinction if GM cannot soon finish a deal with China's Sichuan Tengzhong Heavy Industrial Machinery, the only bidder for the controversial brand. GM announced plans to spin it off while reorganizing under bankruptcy protection this past summer. (See the 50 worst cars of all time...
...cast-off brand into an independent company that could continue to sell vehicles around the world. They have lined up a $20.4 million grant from the state of Michigan to put its headquarters in or around Detroit. The grant, however, is contingent on the completion of the deal with Tengzhong Heavy Industrial Machinery, according to Michigan state officials...
...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...
...does Tengzhong, a private company based in China's southwestern Sichuan province, hope to revive Hummer? The company has offered few details. It manufactures heavy machinery, road and bridge construction equipment, and special-use vehicles like dump trucks and cement mixers. With fuel prices remaining high, Tengzhong may restrict Hummer to some type of specialized application, rather than position the vehicle as a toy for wealthy consumers, says John Bonnell, director of Asia Pacific forecasting for J.D. Power and Associates. "I think the future is something outside a normal passenger vehicle for the Hummer," says Bonnell...
...Tengzhong CEO Yang's comments about fuel efficiency are a recognition that the Hummer has to change its image if it wants a future in the U.S., where the public has soured on gas guzzlers, and in China, where gas-mileage standards are high and are expected to increase. "They see that great weakness in the vehicle and the movement in China toward more fuel efficiency," says Bonnell. "We know they have to address that if they want people...