Word: tengzhong
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Dates: during 2010-2019
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...Chinese government also wants to control a sprawling domestic auto industry that has expanded to include more than 100 carmakers. The purchase of Hummer by Sichuan 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...
...first put the brand up for sale in 2008, hoping to raise as much as $500 million. The Tengzhong offer was estimated to be closer to $150 million. "We have since considered a number of possibilities for Hummer along the way, and we are disappointed that the deal with Tengzhong could not be completed," John Smith, GM's vice president of corporate planning and alliances, said in a written statement that was released on Wednesday. "GM will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner...