GM Reportedly Selling Hummer to Chinese Company
After filing for bankruptcy on the morning of June 1, 2009, American car company General Motors (GM), once one of the largest automobile manufacturers in the world, may be selling its Hummer brand to a Chinese heavy machinery company in Sichuan. From AP via NPR:
GM has a tenatative agreement to sell its rugged Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, said a person briefed on the deal.
The Detroit automaker announced Tuesday morning that it had a memorandum of understanding to sell the brand of rugged SUVs, but the buyer’s identity was not released. A formal announcement of the buyer was to be made Tuesday afternoon.
Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but Hummer would be its first step into the automotive business, said the person briefed on the deal, who spoke on condition of anonymity because the details have not been made public.