It just been days, that General Motor announced that it's entering Chapter 11 bankruptcy protection filing, which should clear off into a "New GM", that should be into the new business within 90 days. Well, GM immediately headed off for new changes. It was earlier reports that GM will focus on less brands and less cars, to produce better quality and better service.
Well first up, Hummer. It was reported earlier that two Arab investors were interested in buying Hummer's stake. However, it was announced today GM and China's Sichuan Tengzhong for Heavy Industrial Machinery reached a deal into the purchase of Hummer. That right, Hummer is now fully-owned by a Chinese company! GM said that Tengzhong is a "privately-owned company and a leading domestic manufacturer of road, construction and energy industry equipment." On Tengzhong side, they announced that Hummer will still be manufactured in the U.S, which will secure more than 3,000 American jobs in factories and management. Tengzhong plans to produce more Hummer fuel-efficient trucks, and spread Hummer dealers worldwide. - [The New York Times]
In other GM brands, there's Saab. Saab was once asking their originated Swedish government to take loans for their independence from GM. However, GM is still considering any profitable bids from other companies to sell it to. Well, it was also once reported that China's Geely automaker is in fact interested to buy stake in Saab. Joining Geely, a report from the Swedish financial daily newspaper, Dagens Industri, Sweden's own supercar builder Koenigsegg, is now one of the parties interested in buying General Motors' Saab brand. GM announced that Saab's new owner should be decided by end of June. - [Reuters]
GM is also considering on selling Saturn. Saturn is the GM brand that ships Opel vehicles to the states. Well, now after GM have sold Opel to Canadian auto part Magna, Saturn is in a deep downfall. Nevertheless, 16 companies (GM weren't allowed to announce who they are) are bidding for the purchase of Saturn from GM. The sale of Saturn should help GM repay some of its debts. - [Detroit Free Press]
Finally, there's General Motor's Australian branch, Holden. Holden is responsible for such great cars like the Holden Commodore (Pontiac G8 in U.S. and Chevrolet Lumina in the Middle East), and the all-new 2010 Chevrolet Camaro that shares platform with the Commodore. It was stated today that GM intends to keep its relationship with Holden, and that it's safe from any bankruptcy terms. "We don't anticipate GM's bankruptcy will have any direct impact on Holden's workforce, dealers, or suppliers," said Holden Chairman and Managing Director, Mark Reuss. GM also announced that Holden will be a big part of the 'New GM' after the bankruptcy Chapter 11 filing. - [Stuff.Co.Nz]