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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...

Hummer LLC plans to locate its new headquarters in Michigan once General Motors Co.'s sale of the sport-utility vehicle maker to China's Sichuan Tengzhong Heavy Industrial Machinery is finalized, Hummer spokesman Nick Richards said. The new headquarters, expected to be located at a refurbished site in either Detroit or a northern suburb of the city, promises to provide a modest lift to a Michigan economy that has been battered by the rapid decline of the U.S. auto industry and other economic pressures. The region has lost tens of thousands of white- and blue-collar automotive jobs in the past year due...

GM wants to sell Hummer. It needs the money. Sichuan Tengzhong, a heavy equipment firm based in China, looked like a ready buyer. GM would like to find an acquirer that would save most of the unit’s jobs. Sichuan Tengzhong seemed to fit that bill. Now it appears that the Chinese government has killed any chance of a transaction. According to the AP, it is because the equipment company “lacks expertise to run Hummer.” The news is a strong indication that China wants to push its companies to expand abroad, particularly if they can buy depressed assets at fire sale...

General Motors Corp. has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, the company confirmed today. GM announced Tuesday that it has a memorandum of understanding to sell the brand of rugged SUVs to the Chinese corporation. Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but Hummer would be its first step into the consumer automotive business. General Motors has not yet confirmed the the price being paid for it's SUV-only division, but said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering...

GUANGZHOU, China — General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process said Tuesday. The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity. Sichuan Tengzhong is a privately owned company, but Tuesday’s deal required preliminary vetting by Beijing officials, who retain the right to veto any effort at an overseas acquisition...

General Motors (GMGMQ Quote) has settled on a Chinese buyer for its Hummer brand, according to CNBC. The Sichuan Tengzhong Heavy Industrial Machinery Co., in Chengdu, is the buyer, reported CNBC. Sichuan Tengzhong is a private company, but the deal required approval by Beijing officials, who can veto any attempt at an overseas acquisition by a Chinese company and who closely follow deals over $100 million, reported The New York Times. In a statement Tuesday, GM said the sale is expected to close by the end of third quarter. GM, which filed for bankruptcy protection on Monday, said the deal...

General Motors Corp. took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands. GM has an agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, said a person briefed on the deal. The Detroit automaker announced Tuesday morning that it had a memorandum of understanding to sell the brand of rugged SUVs, but it didn't identify the buyer. A formal announcement of the buyer was to be made...

General Motors Corp. has struck a deal to sell its Hummer truck unit to a Chinese industrial business, the two companies confirmed Tuesday. Privately owned Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in China, will acquire the truck brand, which has been part of GM since 1999. Tengzhong said it plans to keep Hummer's management team. "We plan to ... allow Humer to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, chief executive of Tengzhong. Yang said the deal "will allow Hummer to better meet demand for...