Sichuan Tengzhong Heavy Industrial Machinery Co has withdrawn its proposed acquisition of General Motors’ Hummer unit after the deal failed to meet with approval from domestic regulators.
Tengzhong had hoped to buy Hummer for $150 million, but its application to Chinese authorities appears to have stalled within the government bureaucracy.
Tengzhong had applied for approval to the [...]
Sichuan Tengzhong Heavy Industrial Machinery Co said it was considering a number of options, including the use of an offshore investment vehicle, to secure a purchase of General Motors’ Hummer unit if the deal did not meet with regulatory approval.
A GM spokesman said GM and Tengzhong “are still working together” on [...]
General Motors (GM) saw its January sales in China rise 97% year-on-year to 219,192 units.
The company has more than maintained the 67% sales growth experienced last year, although it is worth noting that January 2009 was the only month in which auto sales dropped, thereby exacerbating the 2010 year-on-year gain.
The tax cut on purchases of [...]
The deadline for finalizing the sale of General Motors’s (GM) Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery has been extended to the end of February as the two sides await Chinese regulatory approval.
The original deadline for the deal, which was announced in early October, was January 31.
Hummer CEO Jim Taylor said that he remained [...]
General Motors (GM) expects to sell around two million vehicles in China in 2010, at least two years ahead of its earlier sales schedules.
Having seen sales grow 67% to 1.83 million units in 2009, the company expects continued strong demand despite government plans to scale back purchase incentives.
Last year the sales tax [...]
Kevin Wale, president of General Motors (GM) in China, said Wednesday that China is likely to retain its auto sales lead and remain the world’s largest auto sales market for the foreseeable future.
Wale said the gap created by China’s surging auto sales over the last year will be too wide for the US to close. [...]
Volkswagen’s vehicle sales in China reached 1.4 million last year, a growth of 37%.
While VW’s main rival General Motors posted a 67% growth rate earlier this week, Volkswagen remains the largest passenger-vehicle maker in China, and surpassed Toyota’s 21% growth in 2009. Winfried Vahland, the president and chief executive of Volkswagen Group China, stated that [...]
Toyota’s sales in China grew 21% in 2009, a slower rate of growth than major competitors.
Toyota’s China division sold 709,000 cars in 2009, far short of General Motors’ 1.83 million vehicle sales and 67% growth, though the GM numbers include models sold by its micro-van joint venture with SAIC and Liuzhou Wuling Automobile.
Analysts attribute Toyota’s slower [...]
General Motors’ automobile sales in China grew 67% in 2009, reaching a record 1.83 million units.
GM’s strong performance in China, especially as it struggled in its home market, is partly attributable to Chinese government policies aimed as boosting domestic demand, such as a fifty percent purchase tax cut for vehicles with small engines to 5%.
However, [...]
SAIC Motor, China’s top vehicle producer, announced Tuesday that it sold 252,190 vehicles last month, up 91% year-on-year, thanks in part to government policies encouraging automobile purchases.
SAIC, which has partnerships with General Motors and Volkswagen, has sold 2.44 million vehicles so far this year; sales from its joint venture with GM more than doubled year-on-year to [...]
