GM-Tengzhong Hummer Deal Confirmed – News


General Motors has just confirmed that it has entered a “definitive agreement” with China’s Tengzhong Heavy Industrial Machinery Co. to sell Hummer. While the details of the agreement are still officially under wraps, one source cited by Bloomberg said the deal carries a price tag of $150 million.

GM will continue to make H2s and H3s for Hummer until June 2011, at which point Tengzhong is on its own unless it takes the optional one-year production extension through June 2012. Continuing production of these vehicles, GM says, will save 3000 jobs.

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