Beruflich Dokumente
Kultur Dokumente
The General
Motors
Bankruptcy
By Daniel McNulty II
Sale of Hummer
GM announced that it would discontinue the Hummer
brand on June 1, 2009. In October of that same year,
the company had reached an agreement to sell their
stake in Hummer to Sichuan Tengzhong Heavy
Industrial Machinery Company Ltd. and a group of
private investors. This sale was expected to net GM
$150 million, and would have had manufacturing
continue in the plants GM had already used to produce
Hummers through June 2011, with possibility of an
extension till 2012. However, on February 24, 2010,
GM announced that the sale could not be completed
with Sichuan Tengzhong, as the Chinese government
disapproved of the deal. And though other companies
expressed interest in the Hummer brand, no sale could
be finalized and Hummer was declared defunct on May
24, 2010.
Sale of Saturn
On June 5, 2009, GM announced that the Saturn brand
would be sold to the Penske Automotive Group. Under
the deal, GM would continue to build the Vue, Aura,
and Outlook cars for Penske for 2 years. Yet, on
September 30, 2009, the deal fell through. This was
due to the fact that Penske could not reach a deal with
Renault Group to replace GM in producing Saturn
vehicles after the 2 years that GM promised to build
them were up. The Saturn branded was declared
defunct on October 31, 2010.
Sale of Saab
On June 16, 2009, it was announced that Swedish firm
Koenigsegg Automotive AB and a group of Norwegian
investors was looking to acquire the Saab brand from
GM. Under the proposed acquisition, GM would have
continued to provide architecture and powertrain
technology for some unspecified amount of time.
However, on November 24, 2009, the deal had
collapsed. Instead, Saab was sold to Dutch firm Spyker
Cars, now known as Swedish Automobile on February
23, 2010