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Chinese SUV maker denies reports it may buy Hummer
A spokesman for General Motors Corp., Henry Wong, would not comment on the reports or name any potential bidders for the Hummer brand.
Bloomberg News, citing three unnamed people it said were familiar with the situation, reported that Sichuan Auto was considering a $500 million bid for GM's Hummer line, known for its huge, rugged vehicles that come with poor fuel economy.
'We do not comment on speculations in the press. What I can say is -- as part of the Hummer strategic review, meetings and discussions with potential investors are ongoing,' he said. 'We expect to make an announcement about the brand soon.'
Sichuan Auto, based in Chengdu, sells vehicles under the 'Yema' or 'Wild Horse' brand name. It is a privately held company.
GM and Chrysler LLC face a Tuesday deadline to present restructuring plans for review by the U.S. Treasury Department. GM, which already has gotten $9.4 billion in government loans, also will pick up a second installment of $4 billion on Tuesday. Chrysler will get $3 billion.
The company has said Hummer and Saab are up for sale and Saturn is under review, leaving GM to focus on Chevrolet, Cadillac, GMC and Buick, with Pontiac reduced to one or two models.
Last year, state-owned SUV manufacturer Hunan Changfeng Motor Co. reportedly pursued a possible acquisition of the Hummer line, but later withdrew its offer. More recently, mid-sized automaker Geely Automobile Holdings denied rumors it was considering buying Ford Motor Co.'s Volvo unit.
Although sales growth has cooled, China's auto market has not plunged like those in the U.S. and other industrial countries. And many Chinese automakers appear to be in better financial condition, at least for now, than their global rivals, with substantial cash reserves and in some cases, strong state backing.
In some cases, Chinese automakers have followed through with such purchases: in one of the largest such takeovers, Chinese automaker Nanjing Automobile Group bought MG-Rover. Nanjing Auto was later merged with GM partner Shanghai Automotive Industry Corp.
Bloomberg News, citing three unnamed people it said were familiar with the situation, reported that Sichuan Auto was considering a $500 million bid for GM's Hummer line, known for its huge, rugged vehicles that come with poor fuel economy.
'We do not comment on speculations in the press. What I can say is -- as part of the Hummer strategic review, meetings and discussions with potential investors are ongoing,' he said. 'We expect to make an announcement about the brand soon.'
Sichuan Auto, based in Chengdu, sells vehicles under the 'Yema' or 'Wild Horse' brand name. It is a privately held company.
GM and Chrysler LLC face a Tuesday deadline to present restructuring plans for review by the U.S. Treasury Department. GM, which already has gotten $9.4 billion in government loans, also will pick up a second installment of $4 billion on Tuesday. Chrysler will get $3 billion.
The company has said Hummer and Saab are up for sale and Saturn is under review, leaving GM to focus on Chevrolet, Cadillac, GMC and Buick, with Pontiac reduced to one or two models.
Last year, state-owned SUV manufacturer Hunan Changfeng Motor Co. reportedly pursued a possible acquisition of the Hummer line, but later withdrew its offer. More recently, mid-sized automaker Geely Automobile Holdings denied rumors it was considering buying Ford Motor Co.'s Volvo unit.
Although sales growth has cooled, China's auto market has not plunged like those in the U.S. and other industrial countries. And many Chinese automakers appear to be in better financial condition, at least for now, than their global rivals, with substantial cash reserves and in some cases, strong state backing.
In some cases, Chinese automakers have followed through with such purchases: in one of the largest such takeovers, Chinese automaker Nanjing Automobile Group bought MG-Rover. Nanjing Auto was later merged with GM partner Shanghai Automotive Industry Corp.
