AP source: GM nears sale of Hummer

 

Oct.8,2009 AP source: 

General Motors Co. is poised to sign a deal to sell its Hummer brand to a Chinese heavy equipment manufacturer as early as this afternoon, a person briefed on the deal said. Representatives of Sichuan Tengzhong Heavy Industrial Machinery Corp. have been in the U.S. for the past nine days working on final details with GM, and both sides hope to sign a definitive sales agreement today or Friday, said the person, who asked not to be identified because the deal is not final. 

The purchase price was not known, but GM said in its bankruptcy filing that Hummer might bring $500 million or more.

The Big HUMMER's are still being produced for the military by AM General LLC and  not included in this deal.

COMMENT: HUMMER had gained a very special 'personality' as GM worked hard on the brand and the product. Although its been a low mpg SUV, its rather an invention within its segment well deserving the ad slogan "Hummer. Like Nothing Else.". Lets just hope that the Chinese wont turn it into a 'bad for your health' plastic. If I were GM I would definitely keep the brand and spend money on the research to make a much more efficient vehicle out of it. The roads are still packed with so many gas guzzlers and the Chinese dont seem to be interested in any other..!