Hummer CEO: Hummer deal not completed yet
Hummer's CEO James Taylor arrived in China on Friday to discuss the brand's future with new owner Tengzhong Heavy Industrial Machinery Co. Does this mean the sale of the Hummer brand is done?
The answer is no. "We are not finished yet," said Taylor at a media briefing Tuesday morning in Shanghai.
On October 10, General Motors and Tengzhong signed a definitive agreement for the sale of Hummer. But the two sides have yet to clear the deal with their respective government departments.
According to Taylor, Tengzhong has submitted documents to the National Development and Reform Commission, China's highest economic planning agency, applying for its approval of the deal.
Taylor also said he will be visiting New York and Washington next week, to clear the sale of the Hummer brand in the United States.
Industry observers widely believe there shouldn't be too much problem for Washington to endorse the deal.
But what about the Chinese government?
Taylor declined to speculate on Tengzhong's chances of clearing the deal with the Chinese government.
Asked if GM has an alternative plan if the deal gets vetoed by the Chinese government, Taylor answered: "No."
He said if Tengzhong fails to clear its sale in China, GM's CEO Fritz Henderson will quickly close the Hummer brand, as he did the Saturn brand.
