GM, Tengzhong Close To Hummer Brand Sale

So long, Hummer. Sort of. GM and Chinese company Tengzhong are closer to their deal to sell the Hummer brand.

Tengzhong and a private minority (20%) owner will purchase the rights to the Hummer brand and to manufacture vehicles. The current factories in Lousiana and Indiana will remain opening and making vehicles until at least 2011, saving thousands of jobs for now.

It also sounds like the collapse of the Saturn/Penske deal had a strong affect on the amount that GM was able to get for the brand. Consumer Reports Cars noted:

While the financial details were not officially announced, Bloomberg is reporting the sale is worth about $150 million, which is quite a bit less than the $500 million General Motors said it was seeking during bankruptcy proceedings. It looks like the collapse in negotiations for Saturn last week spurred GM to consider a lower price to keep this deal from falling through as well.

As a brand with beginnings in a military vehicle, then a symbol of conspicuous fossil fuel consumption, then finally sold to the Chinese, Hummer is a unique American symbol that we look forward to mocking for years to come.

GM ready to unload Hummer [Consumer Reports Cars]
GM Said Near $150 Million Hummer Sale to Tengzhong [Bloomberg]

(Photo: So Cal Metro)