GM Sells Hummer To China Industrial Business

From Financial Times:

China is set to gain a toehold in the North American car market through Sichuan Tengzhong Heavy Industrial Machinery’s acquisition from General Motors of , the hulking symbol of Americans’ fading love affair with gas guzzlers.

The two sides said yesterday that they had reached a “definitive agreement”, which remains subject to US and Chinese government approval. Terms were not disclosed. The purchase price, understood to be about $150m, could be affected by conditions set by the two governments.

Tengzhong, a privately-owned manufacturer whose business has been confined to heavy equipment, highway and bridge components and construction machinery, said that it would introduce more fuel-efficient models for markets outside North America.

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