China may reject Hummer deal
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AP
Oluşturulma Tarihi: Haziran 27, 2009 00:00
BEIJING - China's planning agency is likely to reject a Chinese company's bid to acquire General Motors Corp.'s Hummer unit, in part because its gas-guzzling vehicles conflict with Beijing's conservation goals, state radio reported.
China's planning agency is likely to reject a Chinese company's bid to acquire General Motors Corp.'s Hummer unit, in part because its gas-guzzling vehicles conflict with Beijing's conservation goals, state radio reported.
The National Development and Reform Commission also is likely to say Sichuan Tengzhong Heavy Industrial Machinery Corp., a maker of construction machinery, lacks expertise to run Hummer, China National Radio said Thursday. It cited no source.
Hummers, which roar along on oversize tires and can weigh up to five tons, are based on U.S. military vehicles that gained fame during the 1991 Gulf War. But its sales have been battered by soaring fuel prices.
Tengzhong, based in the southwestern city of Chengdu, emerged as Hummer's surprise buyer this month after GM sought court protection from its creditors.
GM said the planned sale would save some 3,000 jobs in the United States.
The National Development and Reform Commission also is likely to say Sichuan Tengzhong Heavy Industrial Machinery Corp., a maker of construction machinery, lacks expertise to run Hummer, China National Radio said Thursday. It cited no source.
Hummers, which roar along on oversize tires and can weigh up to five tons, are based on U.S. military vehicles that gained fame during the 1991 Gulf War. But its sales have been battered by soaring fuel prices.
Tengzhong, based in the southwestern city of Chengdu, emerged as Hummer's surprise buyer this month after GM sought court protection from its creditors.
GM said the planned sale would save some 3,000 jobs in the United States.