has been a while since we’ve heard anything on the sale of Hummer. Sources today are saying that China’s Tengzhong may finalize a deal with General Motors as early as next week to acquire the U.S. automaker’s Hummer brand.
A source familiar with the deal said that Sichuan Tengzhong Heavy Industrial Machinery has been in detailed negotiations with GM since it announced a plan in June.
“Tengzhong executives have been traveling between the U.S. and China in the past months and more will arrive in Detroit soon,” the source told Reuters. “If there are no big surprises, an agreement could be finalized next week.”
The source went on to say that Tengzhong is expected to retain Hummer’s existing senior management and operational team. The Chinese company, which has no experience in the automotive industry, will also keep the dealership network of the in more than 30 countries, including China.
– By: Stephen Calogera