GM Sells All American Hummer To The Chinese

Hummer, the off-road vehicle that once epitomised America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker. Rumor has it that Hummer only brought $150 million of the expected $500 million sales price. During GM’s bankruptcy filings this summer, GM had hoped Hummer could bring over $500,000,000.

General Motors Co. and Chinese Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal 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 called Sichuan Huatong Investment Holding Co., will get 20 percent. The investors will also get Hummer's nationwide dealer network.