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Hummer CEO: Confident in sales
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The buyout of GM's Hummer Brand by China's Sichuan Tengzhong Heavy Industrial Machinery Company, puts China on the global car-making stage.
Hummer's CEO, James Taylor, has called the purchase 'a good deal' for the Chinese company. Taylor was speaking to CCTV after returning from talks in Chengdu, capital city of Southwest China's Sichuan Province.
James Taylor just presented a detailed operation plan for its global market to Tengzhong. He denies Hummer is in the red and says the brand is still very competitive.
James Taylor, Hummer's CEO, said, "The design is very unique in very difficult situations and roads."
Taylor says the price of the purchase is about 150 million US dollars. However, most deals of this magnitude are in the billions of dollars. Taylor says the price is due to GM's bankruptcy, and the slowdown of the global economy. He also says Hummer's brand strategy is to keep its unique style and regain market share.
James Taylor, Hummer's CEO, said, "So I think in a short term potential in China."
GM and Tengzhong inked an agreement October 10th. Under the agreement, Tengzhong will acquire the ownership of the HUMMER brand, trademark and trade names, as well as specific IP license rights necessary for the manufacturing of HUMMER vehicles.
However, the transaction is subject to customary closing conditions and regulatory approvals by the Chinese and US government.
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