General Motors has divested itself of its Hummer brand, shipping off the brand to China, where much of U.S. manufacturing is anyway. The Humvee was once the gold standard for egregiously large SUVS, but it became tarnished as gas prices rose and the recession began.

The General Motors announced this afternoon that Chinese industrial giant Sichuan Tengzhong has entered into advanced talks with GM to buy Hummer. This gives much wanted relief to the business community in the auto industry as everyone were asking the question who bought Hummer, giving rise to many speculations.

China's economy is like other countries struck by the worldwide financial crisis which burst out in the second half of the year 2008.

Shanghai, March 13 (Gasgoo.com) Guangzhou Auto general manager Zeng Qinghong, a deputy to the ongoing session of the National People's Congress (NPC), said that Chinese automakers should be allowed by the government to have overseas mergers and acquisitions, People's Daily reported today.

China's vehicle sales in November plunged 14.56 percent from a year earlier to 685,100 units, the China Association of Automobile (CAAM) announced Thursday.

The listed automakers Haima Auto, Brilliance Auto and Changfeng Motor said that they were in urgent need of increasing capital to replenish cash flow, reflecting automakers lacking money amid the financial crisis and economic downturn, Nanfang Daily said.

The Big Three need the bailout. They’re meeting with Congress today, armed with recovery plans and hope. Auto industry officials are pleading with Congress for a $25 billion government loan. If the Big 3 is denied the bailout, the Chinese auto market will become the dominant auto industry.

Many Chinese automakers are facing the problem of production overcapacity following aggressive expansions, a report from the Economic Observer showed Monday.

Russia has been one of the most important overseas markets for Chinese automakers, but since the beginning of this year the Russian government has erected many trade barriers against China's auto exports, and Russian automakers are becoming potential rivals for Chinese carmakers, said xinhuanet.com today.

A motor trade fair was kicked off in Lagos, Nigeria on September 25. Chinese carmakers such as Chery Auto, Changan Motor, Geely Auto, Foton Motor and BYD Auto are promoting their own-brand vehicles at the event, said xinhuanet.com yesterday.

Shanghai Automotive Industry Corporation Group (SAIC)'s new 150,000-unit production facility in Shanghai went into operation last Friday, with the first batch of its own brand car - Roewe 550 rolling off the assembly line at the plant.

Privately-owned Chinese carmaker Zhejiang Geely Holdings Group has launched its self-developed driving safety technology, namely the blowout monitoring and braking system (BMBS), which can rival and even replace the tire pressure monitoring system (TPMS) of the United States, reported xinhuanet.com today.