I certainly didn’t expect this:
General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person with knowledge of the Chinese government approval process said Tuesday.
The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity.
Sichuan Tengzhong is a privately owned company, but Tuesday’s deal required preliminary vetting by Beijing officials, who retain the right to veto any effort at an overseas acquisition by a Chinese company and who give special attention to deals over $100 million.
G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price. Industry analysts have estimated that the Hummer division would sell for less than $500 million.
BTW, did the Saab brand name just go to hell? I was really surprised to hear they were getting rid of it. My memories of Saab’s are of a 1987 Saab 900 Turbo, with a wooden steering wheel and the patented ignition on the floor, and then later on, a buddy had a Saab 9000 turbo, and I just thought they were the greatest cars. Did GM kill them dead? Or were they never really that good of a car to begin with?