Chinese government unlikely to approve Hummer purchase deal?
 

<p>Filed under: <a href="http://www.autoblog.com/category/suvs/" rel="tag">SUVs</a>, <a href="http://www.autoblog.com/category/china/" rel="tag">China</a>, <a href="http://www.autoblog.com/category/government-legal/" rel="tag">Government/Legal</a>, <a href="http://www.autoblog.com/category/hummer/" rel="tag">HUMMER</a>, <a href="http://www.autoblog.com/category/earnings-financials/" rel="tag">Earnings/Financials</a></p><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aPx CsmJvcDaI"><img vspace="4" hspace="4" border="0" src="http://www.blogcdn.com/www.autoblog.com/media/2009/06/hummer_wheel_close.jpg" alt="" /></a><br /><br />According to a report from <em>Bloomberg</em>, state-owned Chinese news agency <em>Shanghai Securities News</em> is predicting that it is unlikely the Chinese government will approve the purchase of Hummer from General Motors by Sichuan Tengzhong Heavy Industrial Machinery Co. Why? Apparently, China actually wants to reduce the number of automakers operating within its borders and favors keeping manufacturers with an eye towards fuel efficiency. Of all the labels people have put on the Hummer brand, fuel efficient hasn't exactly been one of them. According to Tim Payne, a spokesman for Tengzhong:<br /><blockquote><em>"Some people may have views and speculation but the Chinese government has a process that we respect. We have only just signed an MOU but as we develop our proposals with GM and Hummer we will continue to work with the appropriate authorities."</em><br /></blockquote>In other words, it's too early to draw conclusions about whether or not China will approve of the purchase of Hummer. However, it does seem unlikely that Tengzhong would enter into the deal with the belief that the Chinese government would squash it, no?<br /><br />[Source: <a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aPx CsmJvcDaI">Bloomberg</a>]<p style="padding:5px;backgr ound:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2009/06/05/report-chinese-government-unlikely-to-approve-hummer-purchase-d/">Chinese government unlikely to approve Hummer purchase deal?</a> originally appeared on <a href="http://www.autoblog.com">Autoblo g</a> on Fri, 05 Jun 2009 15:28:00 EST. Please see our <a href="http://www.weblogsinc.com/feed-terms/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href=http://www.bloomberg.com/apps/news?pid=20601087&sid=aPx CsmJvcDaI>Read</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2009/06/05/report-chinese-government-unlikely-to-approve-hummer-purchase-d/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/19058745/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2009/06/05/report-chinese-government-unlikely-to-approve-hummer-purchase-d/#comments" title="View reader comments on this entry">Comments</a>

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