GM to end Hummer as deal with Chinese firm fails

general motors hummer 468x312 GM to end Hummer as deal with Chinese firm fails

General Motors is to wind down operations of its Hummer vehicles - after failing to complete a planned takeover by a Chinese firm.

GM did not comment on why the sale to China-based Tengzhong had collapsed. Reports have said Beijing had refused to approve the purchase.

GM agreed to sell the brand last year, as it offloaded famous names it owned and went into bankruptcy protection.

Hummers were originally built as military off-road vehicles by a company called AM General.

The brand took off as US motorists flocked to the sport utility vehicles favoured by celebrities including Arnold Schwarzenegger.
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Posted in Automobile
Chinese Company Buys Hummer from GM

jim taylor yang yi hummer 467x311 Chinese Company Buys Hummer from GM

General Motors has reached an agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery, the company announced Friday.

The price was not disclosed, but industry analysts had estimated that the Hummer division would sell for $150 million.

The deal would make Tengzhong the first Chinese company to sell vehicles in North America, though Hummer’s operations would remain in the United States.
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Posted in Automobile

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