GM, Tengzhong Reach Agreement to Sell HUMMER

While it hasn’t been made official by General Motors, there have been rumors swirling for days, and now GM and China’s Tengzhong have reached a definitive agreement according to The Washington Post. According to the article, GM is expected to make the announcement later today.

The two companies have been in discussions ever since their preliminary agreement in June, and the definitive agreements mark the end to all negotiations and the final stages of government approval in the U.S. and China.

The Washington Post’s source, who wished to remain anonymous to protect business and government relationships, said that Tengzhong expects to spend an additional $800 million to $2 billion to bolster the HUMMER brand.

A manufacturing facility in China was also mentioned, but we haven’t been able to confirm any details.

We’ll let you know more as it breaks.

Source: Washington Post