Earlier this morning, GM announced that it has reached a tentative deal to sell its Hummer brand; however, it declined to name the buyer or the vale of the deal.
GM CFO Ray Young said the buyer for Hummer, after a year-long sale process, preferred to remain anonymous for now.
“It was their preference, and we respected that preference,” Young said. He said that GM would reveal the name and the price tag of the deal once both parties have a definitive agreement.
According to The New York Times, the buyer is Sichuan Tengzhong Heavy Industrial Machinery Co Ltd, a manufacturing company in China with goals of becoming an automaker.
If the buyer happens to be Sichuan Tengzhong Heavy Industrial Machinery, the move will mark the first time a Chinese buyer has bought an American automotive brand from a struggling U.S. automaker
GM said that the buyer would contract to build the H3 and H3T pickup at GM’s Shreveport, Louisiana, plant up until 2010. The Detroit automaker said that the investor would also aggressively fund future Hummer vehicles.
– By: Omar Rana