Tuesday, June 2, 2009
Jun 2, 2009, 12:27 p.m. EST
GM sells Hummer to Chinese machine maker--report
SAN FRANCISCO (MarketWatch) -- General Motors Corp. has sold its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., according to a report Tuesday in the New York Times. The report cited a person familiar with the Chinese government approval process. GM, which threw itself into Chapter 11 bankruptcy on Monday, said earlier Tuesday it had found a buyer for Hummer but declined to say who the buyer was or how much they would pay for the company. Sales of Hummer SUVs have been severely crimped by high fuel prices and a deep recession, forcing GM to list it with such makes as Saturn and Saab among nameplates it is seeking to shed as it restructures its finances. Sichuan Tengzhong, based in Chengdu, has been pushing to expand its product line to include heavy vehicles.