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  • HUMMER And Tengzhong Sign Sale Agreement

    HUMMER And Tengzhong Sign Sale Agreement October 9th, 2009 By Nelson Ireson's avatar Nelson Ireson, Author, October 9th, 2009 Nelson Ireson 3 Comments

    HUMMER And Tengzhong Sign Sale Agreement

    Back in June we brought you the lowdown on HUMMER's talks with Chinese firm Sichuan Tengzhong Heavy Industrial Machinery Co., and since then the updates on the deal's progress have been steady. Yesterday a report from a source briefed on the deal said Sichuan Tengzhong and GM could sign a deal by today, and now the sale has been officially announced by GM.

    "General Motors (GM) and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong), today announced that the companies have entered into a definitive agreement that will allow Tengzhong to acquire GM's premium all-terrain HUMMER brand," GM said today in a statement.

    "HUMMER is a...

    Back in June we brought you the lowdown on HUMMER's talks with Chinese firm Sichuan Tengzhong Heavy Industrial Machinery Co., and since then the updates on the deal's progress have been steady. Yesterday a report from a source briefed on the deal said Sichuan Tengzhong and GM could sign a deal by today, and now the sale has been officially announced by GM. "General Motors (GM) and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong), today announced that the companies have entered into a definitive agreement that will allow Tengzhong to acquire GM's premium all-terrain HUMMER brand," GM said today in a statement. "HUMMER is a strong global niche brand and this agreement signifies another important milestone in writing the next chapter for both GM and HUMMER," said Fritz Henderson, GM President and CEO. "For HUMMER, the combination of its knowledgeable leadership team, vehicle design expertise and the capital financing of Tengzhong portend a successful future." HUMMER owners who feel morally justified in their choice of the brand due to its American symbolism need not freak out completely: Sichuan Tengzhong plans to put the global brand headquarters near Detroit, thanks in part to a  $20.6 million state tax credit from Michigan. The current management team at HUMMER will also stay in place, including CEO James Taylor, who will keep his role. Manufacturing will be contracted from GM through the existing HUMMER plants, including the H3 and H3T coming out of the Shreveport, Louisiana plant. AM General's plant in Mishawaka where the H2 is made will also continue to build cars for the new ownership through 2011, with a possible one-year extension in 2012. The contracts secure as many as 3,000 jobs in the U.S. "We are excited about some of the initiatives already underway at HUMMER that we believe our investment will be able to accelerate, particularly related to the creation of the next generation of more fuel-efficient vehicles to meet not only future regulations but also customer expectations," said Yang Yi, chief executive officer of Tengzhong. The first plans for the new HUMMER are to extend E85 flex fuel capability to the entire fleet by including the H3 and H3T in the mix, making HUMMER the first manufacturer to do so with its entire lineup--though to be fair, HUMMER's entire lineup consists of essentially two models and their variants at this point. Read More

  • Report: Hummer HQ To Be Located In Detroit

    Report: Hummer HQ To Be Located In Detroit September 22nd, 2009 By Nelson Ireson's avatar Nelson Ireson, Author, September 22nd, 2009 Nelson Ireson 1 Comment

    Report: Hummer HQ To Be Located In Detroit

     Since GM entered bankruptcy, talk of Hummer's impending sale to Chinese firm Sichuan Tengzhong Heavy Industrial Machinery (Tengzhong) has included hints that the brand would remain U.S.-based, but today the company confirmed that the Hummer brand's headquarters will be located in Detroit.

    The news isn't certain despite being straight from Tengzhong's mouth, however, because the sale of Hummer to Tengzhong still isn't final. Earlier reports had the sale going through by the end of October, and the deal appears to still be on track for closing next month.

    Negotiations are still underway, however, and GM could drag its feet or even find...

     Since GM entered bankruptcy, talk of Hummer's impending sale to Chinese firm Sichuan Tengzhong Heavy Industrial Machinery (Tengzhong) has included hints that the brand would remain U.S.-based, but today the company confirmed that the Hummer brand's headquarters will be located in Detroit. The news isn't certain despite being straight from Tengzhong's mouth, however, because the sale of Hummer to Tengzhong still isn't final. Earlier reports had the sale going through by the end of October, and the deal appears to still be on track for closing next month. Negotiations are still underway, however, and GM could drag its feet or even find another buyer at the last minute, much as it attempted to do with the sale of Opel to the Magna/Sberbank conglomerate in Europe. Still, despite the uncertainty, the news has to be heartening for Michiganders, as the state's already struggling economy has been hit especially hard by the spike in unemployment following bankruptcies at Chrysler and GM. The Detroit HQ won't make a big dent in the unemployment figures, however, as only about 100 people will work there initially. The total number of workers at the HQ could eventually grow to 300. [Detroit News] Read More

  • 47% of first 80,000 'cash for clunkers' sales from American brands

    47% of first 80,000 'cash for clunkers' sales from American brands August 3rd, 2009 ByRalph Hanson Ralph Hanson, Author, August 3rd, 2009 Ralph Hanson 2 Comments

    47% of first 80,000 'cash for clunkers' sales from American brands Ford may be the only American carmaker reporting a rise in sales for July, but Detroit's beleaguered trio didn't fare too badly - almost half of the fuel-efficient upgrades sold in the CARS 'cash for clunkers' bonanza were GM, Ford or Chrysler vehicles, according to the White House.

    Only little over 80,000 of the clunkers deals have been processed by the NHTSA so far, with the American carmakers claiming 47% of the take. It will take a while - possibly months - for the final tally to be released, but the early numbers could be a good sign for the Detroit 3.

    Another $2 billion in funding is expected to be added to the CARS till once the... Ford may be the only American carmaker reporting a rise in sales for July, but Detroit's beleaguered trio didn't fare too badly - almost half of the fuel-efficient upgrades sold in the CARS 'cash for clunkers' bonanza were GM, Ford or Chrysler vehicles, according to the White House. Only little over 80,000 of the clunkers deals have been processed by the NHTSA so far, with the American carmakers claiming 47% of the take. It will take a while - possibly months - for the final tally to be released, but the early numbers could be a good sign for the Detroit 3. Another $2 billion in funding is expected to be added to the CARS till once the Senate takes action on the bill approved by the House last week, but in the mean time, the Obama administration has guaranteed the program will remain functional. Should the Senate vote down the extra money, however, the program will most likely cease immediately. The 47% role of the American brands in the CARS haul is about 2% greater than their combined market share, reports The Detroit News, meaning they've effectively snatched some of that deficit back from the foreign marques. Coming out a particular winner was Ford's Focus compact, which was the most popular vehicle chosen among the first 80,000 claims. President Barack Obama released a statement on Friday calling for swift Senate action to keep the program alive as a key part of the ongoing economic recovery. "This program has been an overwhelming success, allowing consumers to trade in their less fuel efficient cars for a credit to buy more fuel efficient new models....The program has proven to be a successful part of our economic recovery and will help lessen our dangerous dependence on foreign oil, while reducing greenhouse gas emissions and improving the quality of the air we breathe," said the President. "I urge the Senate to act with the American consumers in mind to pass this important legislation." Read More

  • Ford posts $424 million second quarter loss

    Ford posts $424 million second quarter loss July 23rd, 2009 ByRalph Hanson Ralph Hanson, Author, July 23rd, 2009 Ralph Hanson 9 Comments

    Ford posts $424 million second quarter loss Ford today reported a pre-tax operating loss of $424 million in the second quarter of 2009 (excluding special items), a $609 million improvement compared with the second quarter of last year. The gains made during the quarter were the result of cost reductions, net pricing, positive Ford Credit results and improved market share, all of which helped offset the continued impact of the global financial crisis.

    Including a $2.8 billion gain related to debt-reduction actions sees Ford earning a net income of $2.3 billion, or $0.69 per share. These results compare with a net loss of $8.7 billion, or $3.89 per share, in the second quarter of 2008.... Ford today reported a pre-tax operating loss of $424 million in the second quarter of 2009 (excluding special items), a $609 million improvement compared with the second quarter of last year. The gains made during the quarter were the result of cost reductions, net pricing, positive Ford Credit results and improved market share, all of which helped offset the continued impact of the global financial crisis. Including a $2.8 billion gain related to debt-reduction actions sees Ford earning a net income of $2.3 billion, or $0.69 per share. These results compare with a net loss of $8.7 billion, or $3.89 per share, in the second quarter of 2008. What’s more impressive is that the result is based on second quarter revenues of $27.2 billion, which were down more than $11 billion from the same period a year ago. At the rate that it's going, the company expects to break-even by 2011 and reach profitability in the following year. Incidentally, Ford hasn’t had an annual profit since 2005, and last year's $14.7 billion net loss is currently the company’s worst year on record. Ford Credit, meanwhile, reported a pre-tax profit of $646 million for the quarter, compared with a pre-tax loss of $294 million a year ago. Read More

  • 2010 Detroit Auto Show expected to lure big marques back to Cobo

    2010 Detroit Auto Show expected to lure big marques back to Cobo June 29th, 2009 ByAlex Kaufmann Alex Kaufmann, Author, June 29th, 2009 Alex Kaufmann 1 Comment

    2010 Detroit Auto Show expected to lure big marques back to Cobo Fear-mongering reached new heights in the automotive world on the eve of the 2009 Detroit Auto Show, with naysayers predicting more somber processions and hushed voices than the average state funeral. And while the show did prove somewhat subdued, it was far from dead. Now plans for renovations at Cobo Center are sparking new hope for next year's show.

    The Michigan state legislature enacted a plan late last week to let the city of Detroit regain control of the aging Cobo Center and to use hotel and liquor taxes to fix its main problems - notably a lack of space and a leaky roof. With a $299 million cap on the cost of the expansion, there's... Fear-mongering reached new heights in the automotive world on the eve of the 2009 Detroit Auto Show, with naysayers predicting more somber processions and hushed voices than the average state funeral. And while the show did prove somewhat subdued, it was far from dead. Now plans for renovations at Cobo Center are sparking new hope for next year's show. The Michigan state legislature enacted a plan late last week to let the city of Detroit regain control of the aging Cobo Center and to use hotel and liquor taxes to fix its main problems - notably a lack of space and a leaky roof. With a $299 million cap on the cost of the expansion, there's still room for a lot of improvement. And that has excitement rising over the potential return of carmakers absent this year, reports the Detroit News. Electric vehicles will be bigger than ever, with an expanded track in the Michigan Hall basement facility. Brands like Fisker, Ferrari, Rolls Royce, Land Rover and some of the other manufacturers that skipped the 2009 show will find a planned doubling of an American Express-sponsored private event an enticing proposition, especially since this year's event of just 200 people saw the sale of two Maybachs, a Lamborghini and a Fisker. The whole mix of upgrades and expanded and returning exhibitors means there should be more cars on show in 2010, and more cars means more visitors, which means more revenue and more interest from the car manufacturers. Union concessions on wages and worker requirements are also helping to lower the cost of putting on the big show, but it will really be the return of key exhibitors like Ferrari and Rolls Royce that make or break the 2010 Detroit Auto Show. Read More

  • Study: Domestic North American production outpaced by European, Asian brands by 2012

    Study: Domestic North American production outpaced by European, Asian brands by 2012 June 23rd, 2009 ByRalph Hanson Ralph Hanson, Author, June 23rd, 2009 Ralph Hanson 0 Comments

    Study: Domestic North American production outpaced by European, Asian brands by 2012 As a side effect of the current industry downturn and the subsequent realignment of capacity at America's major domestic car manufacturers, the once-Big Three could be outstripped in North American production by a combination of foreign companies by 2012, including BMW and Porsche-owned Volkswagen, according to a study released today by Grant Thornton LLP.

    Readers with acute memories will recall a series of articles we've run over the past several months documenting the rise of many carmakers to production levels that exceed Chrysler and General Motors individually. Ford, though it too will be outstripped by foreign carmakers, is on the... As a side effect of the current industry downturn and the subsequent realignment of capacity at America's major domestic car manufacturers, the once-Big Three could be outstripped in North American production by a combination of foreign companies by 2012, including BMW and Porsche-owned Volkswagen, according to a study released today by Grant Thornton LLP. Readers with acute memories will recall a series of articles we've run over the past several months documenting the rise of many carmakers to production levels that exceed Chrysler and General Motors individually. Ford, though it too will be outstripped by foreign carmakers, is on the brink of passing GM's production levels itself. The latest study argues that because American carmakers plan to draw down production by over 4 million units to about 7.5 million units annually, that will put them just behind the combination of all other automakers, which have announced plans that would increase their total output by 20% to slightly over 8 million units. Pitting three brands against six or more isn't precisely fair, but it would be the first time that foreign production has outpaced domestic in North America, should it happen by 2012. BMW, one of the key brands pushing the expansion, is building new plants for the Mini to induce double digit growth, and has plans to nearly double its own-brand capacity by 2012 as well. Read More

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