GM sells Hummer but to who and for how much?

Hummer General Motors has announced that it has inked a deal to sell Hummer just one day after filing for Chapter 11 bankruptcy protection.

However GM would not say who is buying the brand or for how much. The company only stated that the sale is due to close in September.

"I'm confident that Hummer will thrive globally under its new
ownership,"

said Troy Clarke, president of GM North America, in a press
release. "And for GM, this sale continues to accelerate the reinvention
of GM into a leaner, more focused, and more cost-competitive automaker."

However according to published reports, "General has been entertaining bids from a interest parties, including a
Chinese firm, for somewhere in the sub-$500 million range since late
last year."

If GM has indeed sold Hummer to a Chinese company that might explain why it is refusing to provide the details of the transaction as the company could fear the political backlash of selling such an "America" car brand as Hummer to company from a communist country.

According to CNN:

"As part of the deal, some GM plants will continue to build the Hummer
brand for the new owner, at least for a while. The company said its
Shreveport, La. plant will keep building Hummers for the new owner
until at least 2010."

Click HERE to follow me on Twitter for the latest news and updates.

Previous articleLargest bankruptcy in US history explained
Next articleDid the Chinese People’s Liberation Army buy Hummer from GM?
Roman Mica is a publisher, columnist, journalist, and author, who spent his early years driving fast on the German autobahn. When he’s not reviewing cars or producing videos, you can find him training for triathlons and writing about endurance sports for EverymanTri.com as our sister blog’s publisher. Mica is a former broadcast reporter with his Master’s Degree in journalism from Northwestern University. He is also a presenter for TFLcar’s very popular video review channels on YouTube.