Iconic Hummer brand sold to Chinese manufacturer

DETROIT – Hummer, the off-road vehicle that once epitomized America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker.

General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal for GM to sell the brand on Friday.

Tengzhong will get an 80 percent stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company, will get 20 percent. The investors will also get Hummer's nationwide dealer network.

Financial terms were not disclosed, although a person briefed on the deal said the sale price was around $150 million. The person did not want to be identified because the terms were being kept private. GM's bankruptcy filing last summer said that the brand with military roots could bring in $500 million or more.












http://news.yahoo.com/s/ap/20091009/ap_on_bi_ge/us_hummer_sale


well , hah!

Isn't unchecked and enabled GREED a beautiful thing? Let's see how many A-holes run out to buy chinese hummers; I'm certain there will be no lack of them.

Everytime I see someone driving one of those, I assume they must have an itty-bitty pee-pee.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: