GM Sells Hummer To China Industrial Business

From Financial Times:

is set to gain a toehold in the North American car through Sichuan Tengzhong Heavy Industrial Machinery’s from General Motors of Hummer, the hulking symbol of Americans’ fading 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 , 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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