GM approved to sell assets to brands such as Hummer Opel confirmed buyers

Xing, an intern reporter Hevy, told reporters yesterday that GM's Chinese company was not within the scope of the court-supervised reconstruction business, and that the shares, assets, brands and technology of GM's joint venture in China would enter new GM,　　and continue to receive new GM's global support. century-old shop General Motors after a comprehensive redemption, eventually because of the collapse of bankruptcy.　　In the evening of June 2, Beijing time, General Motors received approval from the US Bankruptcy court on the first day of filing for bankruptcy protection, and Robert Cooper, a bankruptcy judge in Manhattan, New York, allowed GM to sell assets as early as next month, and also allowed the company to withdraw $15 billion from a 33.3 billion-dollar bankruptcy loan.　　GM is now planning to set up a new company in 60-90 days, based on its Cadillac, Chevrolet, Buick and GMC brands to produce in the U.S. market, Opel, Hummer, Saturn, Pontiac and other brands will disappear from GM's camp. Hummer Opel buyers have confirmed GM yesterday announced it had reached a memorandum of understanding with buyers of its luxury off-road brand Hummer. The deal is the inevitable result of General Motors ' strategic assessment of the Hummer brand and the company's rebuilding. The deal is expected to be completed by the end of the third quarter. It is understood that the deal is expected to ensure that more than 3,000 jobs in the United States and production, development and distribution are retained.　　GM declined to disclose the specific financial information involved in the Hummer brand buyers and agreements. In fact, GM has not yet officially exported its Hummer models to China, and the sale of Hummer has little impact on the Chinese market, said GM Chinese sources.　　It is understood that, as a representative of high-grade off-road vehicles, Hummer sales in January this year plunged 60%. In addition, after several days with the German government, talks between shareholders and representatives of GM Europe, General Motors and the US Treasury, Magna and GM have tentatively reached a framework agreement that would allow Opel to avoid entry into bankruptcy protection procedures while exploring restructuring plans to seek short-term and long-term survival options.　　The framework document covers the total amount of investment disclosed on May 22, 2009 and the content of the equity allocation. Unlike Opel, another GM brand, Saab, is still on the brink of bankruptcy protection. May 29, the Swedish district court to restructure the fruitless Saab Motor Company's bankruptcy protection period extended to August 20. It is reported that GM will determine the final buyer by the end of June.　　In addition, on the day GM filed for bankruptcy protection, its assets, the Saturn brand, filed a bankruptcy petition with the US bankruptcy Court in Manhattan. Sub-brand China business will continue to operate GM China's relevant head told reporters yesterday, GM's Chinese company is not within the scope of the court-supervised reconstruction business, and the shares, assets, brands and technology of the former GM's joint venture in China will go into new GM and continue to gain access to new GM on a global scaleSupport.　　Therefore, the Cadillac, Buick, Saab, Opel, Chevrolet and Wuling brand users in China can continue to be in the brand dealers and after-sales service business to receive after-sale and warranty services, GM and its partners will ensure that the entire vehicle and spare parts inventory supply to meet market demand. The owner said Saab's bid has now shrunk to 3 after GM announced the sale of the Saab brand. It is not clear who will win the final. The Saab brand will be independent from GM.　　The current operation of the Saab brand in China is the responsibility of Shanghai GM, but because the bidders are not sure, so the future of Saab and Shanghai General Motors in what form of cooperation is still unpredictable. "One thing we can be certain of is that Saab's current users in China will continue to enjoy warranty, after-sale support and other customer service as before," the official said. In addition, GM China will continue to maintain its portfolio of Opel products, and there will be no change in Opel products being sold in China and Opel products that will be introduced into China in the future.　　"Bankruptcy protection is difficult to prevent GM China's expansion of the general application for bankruptcy protection, will close 14 factory production lines, the existing 6,000 dealers about 40% will be closed, but as a good asset to enter the new GM's China business will not shrink, but also faster operation." GM's Chinese president, Kevin Wale, said in Shanghai yesterday that GM's factory in China would not only stop shutting down, but that GM would need new plants to boost its sales in the country, and that GM China would be able to expand its capacity in China in the short term and build new plants.　　Meanwhile, GM's China business will be incorporated into the new GM, and GM China and its joint venture structure will not change. It is understood that GM and its joint ventures in China continue to maintain a strong growth momentum in the first 5 months of sales in China Rose 33.8%.　　In May, GM sales in China again hit a single month-old record, with a total of 156,363 vehicles, up 75.2% from a year earlier. As for GM's China business, Kevin Wale said factories in China would not be shut down and plans to launch new models would not change. "GM will increase its sales target in China this year, if GM's market performance in June is similar to that of April or May." "Links to GM's many brands of the so-called Chengye, Shenya." GM initially put forward multi-brand strategy, is to rob all types of consumers, and achieve its auto industry hegemony status. Under this goal, GM had a large car empire with a number of brands such as Cadillac, Buick, Chevrolet, Saturn, Pontiac, Opel and Saab in its heyday, and shares in Isuzu, Fiat and other car companies. However, over time, the drawbacks of multi-brand strategy are becoming more and more obvious.　　Because of the diversification of competitiveness and the internal friction between different brands of similar products, GM has to spend more energy and cost to coordinate the relationship between brands, which is a hidden danger for today's bankruptcy. When GM is aware of the contradiction between multi-brand strategy and cost control, it is not on the brink. GM seems to be silkNo heed to the fact that Toyota transiting the global market with small cars in the context of the oil crisis, nor did it actively co-ordinate global resources for product development, as Ford did. Former GM CEO Wagner has bet on Wall Street that the temporary solution has blinded GM's eyes, slowed the pace of vehicle development for market demand and refused to survive.　　As a result of the worldwide wave of small cars and compact models, the century-old movement began to falter. It's a rainy day, the financial hurricane triggered by the subprime mortgage crisis has blown global car companies to the depths of losses, and GM, with its brand complexity, outdated models, high wages and high welfare costs, has finally tasted the fruit of its own brew and, in insolvency, has been forced to declare bankruptcy protection.　　Multi-brand General Motors, its brands will also usher in a different fate. Related report: China Tengzhong heavy industry buys US Hummer brand