Feb. 25 (Bloomberg) -- General Motors Co. said it will close Hummer after Chinese regulators blocked Sichuan Tengzhong Heavy Industrial Machinery Co.’s purchase of the brand, whose military-style vehicles clash with government policy.A few things to note:
“The government still wants overseas acquisitions as long as it fits into its plans,” said Wang Liusheng, Shenzhen-based analyst at China Merchants Securities. “This is a standalone case.”
“Closing Hummer simultaneously improves the health of GM, China and the planet,” said Daniel Becker, director of the Safe Climate Campaign at the Center for Auto Safety, an advocacy group in Washington. “Hummer should rest in pieces.”
U.S. deliveries for Hummer peaked at 71,524 in 2006, according to Autodata Corp., an industry researcher based in Woodcliff Lake, New Jersey. Last year’s total was 9,046.
- Who believes China is a capitalist country? It's still very much dominated by government central planning and state owned companies play the biggest part in the countries economy
- The trade war started by the US is still very much alive, and this just another strike... (see
2009-09-12 The Greater Depression starring Obama)
- I couldn't agree more with Daniel Becker, even though I don't believe in the Global Warming theory.
U.S. to Impose Tariff on Tires From China (Washington Post)
Saturday, September 12, 2009
In one of his first major decisions on trade policy, President Obama opted Friday to impose a tariff on tires from China, a move that fulfills his campaign promise to "crack down" on imports that unfairly undermine American workers but risks angering the nation's second-largest trading partner.Of course this is all non-sense, Obama is punishing 300 million americans to satisfy maybe 10 or 20 thousand workers in the tire industry...
The decision is intended to bolster the ailing U.S. tire industry, in which more than 5,000 jobs have been lost over the past five years as the volume of Chinese tires in the market has tripled.
Then what does the Chinese gov do? China Moves to Retaliate Against U.S. Tire Tariff