GM Hummer sale could be blocked by Chinese regulators
Filed under: Autos | By: Alan Ng
Posted on: June 5, 2009 | 1 Comment
It has been reported recently that General Motor’s planned sale of their Hummer brand to a Chinese truck maker could be blocked, as a result of regulators who are yet to give their approval of the deal.
According to LATimes, the Chinese regulators are said to be questioning the deal as GM and Sichuan Tengzhong Heavy Industrial Machinery Co are yet to release any financial details about the deal.
Until GM give an indication of what the exact move entails, it’s clear that Chinese officials will remain reluctant about the move.
For more news on this story, click the link to LATimes for more info.
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According to the CCTV analyst in this video, the Chinese government is reluctant to be associated with a brand that is known for being environmentally unfriendly when they are trying to reduce their dependence on foreign oil.
http://www.newsy.com/videos/hummer_in_different_hands
It looks like the deal might tank, unless there is a drastic change in the product itself.