Both HUMMER and Tengzhong have been pretty quiet in the last few weeks regarding the brand sale, but Tengzhong has announced they will keep the worldwide dealer network that is currently in place, and that they hope to have the deal wrapped up by the end of September.
“There will be no change in Hummer’s existing global sales network and the quality of its after sales services after the completion of the deal,” a Tengzhong spokeswoman told Reuters on Tuesday.
Regarding the timeline of the sale, a Tengzhong executive told China Business News that things are going according to plan. Since the preliminary agreement on June 2nd, HUMMER and Tengzhong have been discussing and finalizing substantive details one by one.
Once all the details are ironed out (including the price tag), the deal will be submitted to various regulatory bodies for approval.
Chinese sentiment about HUMMER has said to be turning more positive, now that “industry insiders and media (have) come back to their senses from the initial shock,” said Chinese analyst Chen Qiaoning.
“It seems to me that the Chinese government has little to lose giving the greenlight. Tengzhong is a privately-owned company and the Hummer deal won’t cost any state money,” Chen said.