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Old 02-24-2010, 02:00 PM   #1
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HUMMER Deal Falls Though; GM Announces Brand Wind-Down

Just a day after announcing the successful sale of Saab, General Motors today announced that a deal to sell its Hummer unit of SUVs has fallen through. GM has been negotiating with Sichuan Tengzhong Heavy Industrial Machines Co., Ltd., but today announced in a statement that the Chinese heavy machinery maker was, "unable to complete the acquisition of Hummer."

GM agreed to try and find a buyer for its Hummer brand upon exiting bankruptcy last year. GM decided to refocus on just four brands (Chevy, Buick, GMC and Cadillac). Since then it announced the shut-down of the historic Pontiac brand and also the wind-down of Saturn after a deal to sell it to Penske fell through. Just yesterday GM completed the sale of Saab to Dutch automaker Spyker.

GM has said it will honor Hummer warranties and provide service support and parts to owners worldwide.

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