Hummer Sold by GM to Chinese Company
June 3, 2009 by Stephen Kersey
Filed under Business
General Motors has been attempting to sell Hummer for at least the last few months. On Tuesday, they finally found a buyer who was willing to pay their price — in China. The Chinese company is known as Sichuan Tengzhong Heavy Industrial Machinery Co. and has ties to several industries including construction and plastic products.
Hummer Sold to China (Image: Flickr)
The Chinese company has said that they will develop and research ways for Hummer to become more fuel efficient and better able to compete in the new automobile environment.
The good news for United States workers is that their jobs appear to be safe. General Motors said that this deal will save in excess of 3,000 jobs and also help GM meet their ultimate goals.
Said Troy Clarke of General Motors: “I’m confident that Hummer will thrive globally under its new ownership. And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker.”
This is another story in a busy week for GM. On Monday, GM filed for bankruptcy and was also expelled from the Dow Jones industrial average.
