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Tuesday, February 23, 2010

News Today in Schadenfreude: Nobody Wants to Buy Hummer(s)

Posted by Mark Asch on Tue, Feb 23, 2010 at 12:29 PM

GM can't give it away: Chinese regulatory law and financing concerns may scotch GM's deal to sell Hummer to a Chinese industrial machine corporations for $200 million dollars, or the retail value of like two weeks of one Hummer factory's output.

The problems: the Chinese government's ownership rules; and difficulties financing the deal through banks increasingly concerned with the profitability of Hummer: "Hummer sales have plunged in the past two years because of the combination of high gas prices and the slump in the global economy."

Tags: Schadenfreude, GM, Hummer, SUVs, Pathetic merchants of American excess left to mop up after the orgiers have all contracted STDs and gone home

        
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