A page in the history of General Motors (GM) is turning. The U.S. manufacturer has confirmed on Friday reached an agreement with Sichuan Tengzhong Heavy Industrial Machinery to sell it to the Hummer brand, owned by GM. Tengzhong Hummer will acquire through a subsidiary which will own 80%, while the independent businessman Suolang Duoji resume the remaining 20%. The transaction amount was not disclosed for now, but according to a source familiar with the matter, the sale is around 150 million dollars (about 102.3 million euros). But GM was estimated at 500 million (340 million euros) minimum value of the Hummer in its declaration of bankruptcy last summer. Tengzhong product including machinery for construction and infrastructure, but also for the energy industry.
General Motors had announced the day after filing for bankruptcy in early June, a memorandum of agreement with him to give Tengzhong Hummer, a hallmark that the American manufacturer considered "non-strategic" to its survival. Hummer does actually represents less than 0.5% of annual production of General Motors.
Very famous for their impressive size, the Hummer vehicle sales have plummeted in the United States due to rising oil prices and the consequences of the economic crisis. Very inefficient, these types of vehicles show an average fuel economy of at least 14 liters per 100 kilometers.
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