Late last month we told you that GM was in talks with Tengzhong to finally sell off the dying HUMMER brand. Well, today, reports have surfaced that say the deal is officially going down for $150 million.

This wad of cash will net Tengzhong 80% of HUMMER whos vehicles will still be built by GM through June 2011. The other 20% will be going to a private investor which means GM will finally be able to wipe their hands clean of the brand.

What’s really interesting though is the fact that HUMMER, an iconic American brand, is now a Chinese company. What will come from this? Only time will tell.

via autobloggreen

Continue reading...

The badly embattled GM recently sold off its Hummer arm to Tengzhong, a Chinese motor company, and the first thought on everyone’s mind was, what would happen to the jobs in the area?  Most thought that Tengzhong would pull Hummer’s operations overseas, or at the very least, out of state.

Well, those autoworkers are breathing a sigh of relief to discover that Tengzhong’s leaving things as is.  The state of Michigan dumped fully twenty million dollars in state tax credits over the next ten years into Hummer, and expects Hummer to put in just over nine million dollars of investment into its new headquarters.

This is of course incredibly good news for Detroit, who badly needs any job it can get.  Losing more of them would have come as a serious blow, but the cost is positively massive as the state itself is having budget problems of its own.  Where they expect to make up such losses is a blank space at best.

Continue reading...

Back in June reports surfaced of a possible Hummer buyout by China’s Tengzhong but here we are 3 months later and still no deal. Today, however, reports have again surfaced regarding the buyout, this time notifying us that it is expected to go down in Q3 of this year.

There’s no official word on just how much the transaction will go down for but Autoblog suggests Tengzhong will be paying about half of what GM had originally wanted for it or about $200 million.

Let’s hope that under Tengzhong’s management, the Hummer brand will live on.

Continue reading...

Hummer is on the brink of being sold to the Chinese manufacturer Tengzhong but if/when they are sold, what well become of the company?

Well, in a recent interview done by The Detruoit Bereau, Hummer brand manager Jim Taylor said the following:

“We need to head towards CAFE compliance – which means smaller and more fuel efficient, or we’re dialed out. Think of the smaller H4 we were showing at the auto show and it could safely conjectured we would enter into that space.”

That’s not all though as he then went on to say that a fully electric or hybrid vehicle is definitly something Hummer will be looking towards for a future model. And, when question how long until Hummer fulfills these tasks Taylor said: “I think five years out, excellent, assured. It’s 100%.”

Let’s hope what Mr. Taylor says is true as Hummer definitly needs an all electric or hybrid vehicle that will make up for the gas guzzling models they have become known for.

Continue reading...

Talks over who GM could sell HUMMER to have been in the works for some time not but it seems the company is finally nearing a deal.

GM says that they are currently in talks with China based Tengzhong who, if the deal goes through, would hold ownership of the HUMMER brand along with all aspects of the business including senior management and dealership agreements.

To combat the displeased Americans who think HUMMER should stay an American brand, GM says that if this deal were to go through more than 3,000 jobs would be saved.

Read (AutoBlogGreen)

Continue reading...