The workers can keep their jobs until 2011 ??? After that? What has GM done with Government money (taxpayer’s money)? Selling out for $150m. Even though Twitter is valued several times more, the company is refusing to sell itself out. GM should have kept the company and those jobs for the American people…. but that’s not how global capitalism works.
GM’s iconic Hummer brand has been acquired by a Chinese heavy construction equipment maker for about $150 million, marking another step in the long march by China to develop a world class local automobile industry. The deal, which was announced on the General Motors website, stipulates the manufacture of all Hummer brand vehicles will continue at its U.S. plants until 2011, ensuring 3,000 workers will keep their jobs. Sichuan Tengzhong Heavy Industrial Machinery Co. will take 80% and a Chinese entrepreneur from Sichuan province in China’s interior, Suolang Duoji will take 20%.