Under the terms of agreement, Tengzhong will take ownership of the entire Hummer brand, including trademark, trade names, existing dealer agreements and specific IP license rights to manufacture the Hummer vehicle.
Tengzhong said it plans to purchase Hummer through an investment entity in which it will hold an 80 per cent stake with the remaining 20 per cent owned by thenardite manufacturer, Lumena.
Fritz Henderson, president and chief executive at GM, said: 'Hummer is a strong global niche brand and this agreement signifies another important milestone in writing the next chapter for both GM and Hummer.'
GM said that its
Once the transaction is complete, Hummer will become the first automaker to offer an alternative fuel powertrain in every model with the addition of E85 FlexFuel capability in the 2010 H3 and H3T.
Hummer is also in the process of obtaining emissions certification for a diesel H3, which is due to be introduced in markets outside of
Yang Yi, chief executive officer of Tengzhong, said: ‘This transaction marks an exciting step for both Tengzhong and Hummer, as we invest in a business that has significant opportunity in the