A Chinese company is to buy gas-guzzler brand Hummer from sickly US automotive firm General Motors, after GM yesterday filed for bankruptcy.
Sichuan Tengzhong Heavy Industrial Machinery Company is expected to take full control of Hummer by the end of the third quarter. It will then subcontract production of the vehicles back to GM’s existing facilities for the brand
Yang Yi, Sichuan Tengzhong CEO, said: “The Hummer brand is synonymous with adventure, freedom and exhilaration, and we plan to continue that heritage by investing in the business, allowing Hummer to innovate and grow in exciting new ways under the leadership and continuity of its current management team.”
Hummer has sold 4,019 vehicles in 2009, a 67 per cent drop on a year ago.