Just days after filing for bankruptcy protection, troubled auto-giant General Motors has said that it will sell off its Hummer vehicle line.
The sale, to an unnamed buyer, is expected to close by the end of the third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
General Motors said that the deal is expected to secure more than 3,000
It added that the transaction also includes plans by the investor to aggressively fund future Hummer product programmes.
As part of the proposed deal, Hummer will continue to contract vehicle manufacturing and business services from General Motors for a specific period of time.
This means that General Motors’