DETROIT — General Motors announced today that it has a buyer for its Hummer brand, without disclosing the name of the successful suitor. The Associated Press and The New York Times are reporting that the buyer is Sichuan Tengzhong Heavy Industrial Machinery Co., a Chinese company that has not built passenger vehicles before.
Relying on a "person briefed on the deal," the AP said the buyer's name will be announced by GM on Tuesday. The AP said Sichuan Tengzhong makes materials for "road construction, resins, plastics and other industrial products" but not — until now — vehicles. It is a privately owned company, although the Chinese government reportedly will need to approve the transaction anyway.
Inside Line says: GM says 3,000 U.S. jobs are going to be saved by the Hummer sell-off. Let's hope that is really the case. — Laura Sky Brown, Correspondent
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