Image courtsey of Hummer.com
General Motors announced today that they have reached and agreement with Tengzhong Heavy Industrial Machinery to sell the Hummer brand.
After months of speculation, the Chinese industrial agency, which is privately owned and located in Chengdu, has agreed to pay a rumored $150 million for the brand, and will be keeping all of the manufacturing and administrative facilities.
GM also announced that the engineering and management teams will remain with the company through the transfer.
The military technology associated with the Hummer nameplate will not be included with the sale, since all rights to that technology belongs to AM General, the original developer of the HMMWV, which will continue producing military vehicles for the US government, and will be unaffected by the sale.
There is no word from Tengzhong Heavy Industrial Machinery or from General Motors about how this will affect the future of the brand, including warranties or dealer distribution.
Comments