GM is set to axe the Hummer brand after Chinese pull out of the deal
Midnight last night news broke out chinese company ‘Engzhong Heavy Industrial Machinery company’ have officially had to pull out of the deal to buy the iconic Hummer brand from General Motors. Reporting several months ago, the deal looked set to go at £97 million although after several reports of the Chinese government stepping into block the deal we can confirm the initial agreement is definately off and GM are now looking at winding down the company. Industry experts believe it was a very difficult time for Chinese authorities to allow such a deal when the government are rapidly reducing car manufacture units in China. The perception of the Hummer brand being environmentally disturbing will also not have helped the bid even when Engzhong had made sunstantial plans to only build more eco friendly Hummer vehicles which would appeal strongly to a worldwide market.
Managing Director, Richard Silvester from UK’s specialist Hummer supplier ‘HummerHummer‘ commented..
“It is a sad day for GM although on reflection the close of the Hummer brand will in time only increase its following from within its strong, underground fan base. On a smaller scale I am confident this news will spurn opportunity for Hummer fanatics such as ourselves to help maintain its iconic status and reinvent the brand for generations to come.”
There may still be time yet as GM have commented they would listen to last minute offers although not for long as they get set to initiate the winding down process. We will keep you updated!
