GM aims to finalize Tengzhong-Hummer deal by year end
General Motors, having already lost its Penske-Saturn deal, is not interested in losing their Tengzhong-Hummer deal as well.
With Penske Automotive unable to secure a proper future for the Saturn brand and subsequently withdrawing from their deal, GM is redoubling its efforts in the ongoing Hummer sale to Sichuan Tengzhong to ensure the military truck brand will be under new ownership by the end of this year.
The Tengzhong-Hummer deal has been stuck in limbo for the past couple months as GM and Tengzhong await regulatory approval from China.
The National Development and Reform Commission, initially viewed as the most troublesome regulator to gain approval, has left the ultimate decision on the sale to the Ministry of Commerce. As of today, the MoC has not formally approved the deal.
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