The liquidation of GM began in earnest with the closing of Saturn (brand, not planet).  Now, the long-awaited sale of the Hummer brand to Chinese heavy equipment manufacturer Sichuan Tengzhong Heavy Industrial Machinery Corporation has finally been completed after stalling out earlier this year.  Sichuan Tengzhong takes over 80% of the Hummer brand (super-rich investor Suolang Duoji takes over 20% through proxy company Sichuan Huatong Investment Holding) and all associated Hummer dealerships in the United States, giving it the first Chinese automotive presence in the US and will make future production and import of Chinese cars that much easier.  That’s crucial for the burgeoning super power.

The news isn’t all good for GM.  While they were able to get rid of one of their many excess brands and shed some dealership fat,  the Hummer brand only sold for $150 million.  The estimated value was $500 million or more.  Selling at less than face value is usually not good for business, but when a company is struggling to stay afloat, any cash is better than bleeding cash.

Tags: automotive industry, Hummer, GM, General Motors, brand liquidation, Hummer sold to Chinese company, Sichuan Tengzhong Heavy Industrial Machinery Corporation, Suolang Duoji, Sichuan Huatong Investment Holding

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