GM officially reached an agreement today to sell the Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery. Government approval is expected by the end of this year or early 2010 for a rumored sale price of $150 million.
Earlier reports were Tengzhong wanted Hummer to eventually have a manufacturing plant in China and a dedicated dealer network there, which Hummer doesn't have today. But, Hummer is expected to keep its headquarters and current manufacturing in the U.S., as well as its current management and engineering teams.
For those fearing the rapidly expanding industrial might of China transforming into building our own military vehicles for us, keep in mind the transaction won't include Hummer-related military technology or military truck production currently managed by Mishawaka, Ind.-based AM General. Good luck crushing those fears in the mind of every red-blooded 'merican male who bought a Hummer from GM since they bought the rights to sell civvie-versions a decade ago and who's now seeing the company sell the brand to a company that they think is named after a type of Chinese food. [PickupTrucks]
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