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Tengzhong deal for Hummer expected to close in Q3

by Max 24. August 2009 09:23

Slowly clearing one obstacle after another, Tengzhong is closer to sealing the deal to buy Hummer from General Motors. Chinese reports have come almost completely around, from the nearly certain "No" of a few months ago to "the Chinese government has little to lose giving the green light."

Chinese government officials didn't comment on the story, but the Chinese commerce ministry, one of the two bodies overseeing approval of the purchase, is now saying that it's only natural for Tengzhong to want Hummer. And with Tengzhong issuing pronouncements about maintaining Hummer's dealer network, it looks like the company is confident it will achieve its end. Final price is expected to be less than half of what GM wanted, coming in at around $200 million.

Meanwhile, the vehicles like nothing else keep on trucking, taking part in this weekend's TSCO Vegas to Reno race. Chad Hall and Emily Miller are each piloting H3s -- hopefully through to Sunday's finish. If you're a desert racer, you can keep up with action at Best in the Desert or Sopwith Racing.

[Source: Reuters]

IceRocket Tags: gm hummer,hummer deal,chinese company to buy hummer

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