The buyer of Hummer is the Chinese company Sichuan Tengzhong
By Andrew C., 30 Aug, 2010. 0 Comments
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At long last the identity of the Hummer buyer has been unveiled and it is the Chinese company Sichuan Tengzhong Heavy Industrial Machinery Co. which has reportedly been bidding from $150 million to $250 million for the purchase of the brand from GM. The revelation of the buyer's identity did not come from GM, which filed for bankruptcy protection last Monday, but from sources that are privy to the deal. GM says that the agreement between the Chinese company includes a part where Sichuan Tengzhong will be manufacturing the Hummer Stateside within the period of transition which will preserve no less than 3,000 jobs in both dealership and factories. However, beyond that period the Chinese firm provides no guarantees with regards to its future production intentions. Last year GM managed to vend 27,485 units in the US, which is 51 percent lower compared to its sales two years ago. GM has recently been developing a Hummer hybrid together with technology for clear fuel, which Sichuan Tengzhong has vowed to carry on after the sale has been completed.
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