Shanghai, October 13 (Gasgoo.com) General Motors CEO Fritz Henderson said today that his ongoing trip to China doesn't include talking to Chinese regulators about a deal to sell GM's Hummer brand to Chinese machinery maker Tengzhong, Reuters reported.
GM finalized a deal with Sichuan Tengzhong Heavy Industrial Machinery last Friday on the sale of its Hummer business, although the deal still faces a number of hurdles including required regulatory approvals.
Sichuan Tengzhong said yesterday that it was talking with regulators following its agreement to purchase General Motors' Hummer business. A Tengzhong spokeswoman added that the deal could be closed by the end of this year or early next year, but she gave no specific timetable for submitting an application to the Chinese government.
On Saturday, an official of China's Ministry of Commerce said the ministry, which must approve the deal, had not yet received an application from Tongzheng for approval of the purchase.
Henderson was speaking at a news conference in Shanghai. The GM CEO also said he was upbeat on the prospects for the Chinese auto market, forecasting it to continue to grow at a significant pace in the future.
GM said last week that its China vehicle sales surged 55.6 percent in the first nine months of this year from year-earlier levels, surpassing forecasts.
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