Word: tengzhong
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...first public statement from Hummer's Chinese bidder, Yang Yi, CEO of Sichuan Tengzhong Heavy Industrial Machinery, said his company "will be investing in the Hummer brand and its research and development capabilities, which will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S." (See the 50 worst cars of all time...
...deal, the price of which has not been disclosed, comes a day after GM filed for Chapter 11 bankruptcy protection. The U.S. automaker says the sale of Hummer, which GM valued at $500 million, should allow it to preserve more than 3,000 American jobs. Tengzhong says it plans to maintain Hummer's existing senior management team and will enter into long-term assembly and supply agreements with GM. (Read "China's Auto Bailout Takes a Different Route...
...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...