Chinese Firm Aims To Make Hummers More Efficient
RENEE MONTAGNE, host:
NPR's business news starts with a buyer for Hummer.
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MONTAGNE: A little-known Chinese machinery manufacturer has begun to seek regulatory approval for its purchase of the distressed Hummer brand from General Motors. GM aims to close the deal by early next year. This is the first major foray by the Chinese into the struggling U.S. auto market. Sichuan Tengzhon Heavy Industrial Machinery hopes to turn Hummer into a more fuel efficient, environmentally friendly brand.
Hummer reportedly sold $150 million. That's less than a third of what GM had hoped to get. Initial reaction in China to the sale was negative. Some wondered why a company with no experience running a Western brand would want to buy a faltering brand known for gas guzzlers.
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