GM to Sell Hummer to Chinese Company
By Chris Weiss
In its continued effort to keep its head above water and unload the burdensome image of a company bent on producing monstrous, gas-guzzling tanks that no one actually wants to drive, GM has come to a deal with Chinese company Sichuan Tengzhong Heavy Industrial Machinery Co. to sell Hummer. Tengzhong will take an 80 percent stake in the company, while the other 20 will go to private investor, assuming the deal is approved by Chinese and U.S. regulatory authorities later this year. Under the agreement, GM will continue to manufacture Hummers until June 2011, so jobs at GM’s Shreveport and Mishawaka plants will be preserved for a while. A possible one-year extension has also been discussed. The deal is expected to bring in $150 million for GM. [via AutoBlog]
