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Alexkid

GM to sell Hummer to Chinese manufacturer amid efforts to exit bankruptcy quickly
By TOM KRISHER and BREE FOWLER
AP Auto Writers
(AP) 06:30:50 PM (ET), Tuesday, June 2, 2009 (DETROIT)
General Motors Corp. took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands.

China's Sichuan Tengzhong Heavy Industrial Machinery Co. said Tuesday afternoon that it reached an agreement to acquire the brand from GM for an undisclosed amount. The Detroit automaker had announced Tuesday morning that it had a memorandum of understanding to sell the brand of rugged SUVs, but it didn't identify the buyer.

Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but Hummer would be its first step into the automotive business.

GM said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships. Tengzhong said it will assume GM's existing agreements with Hummer dealers.

Well at least Hummer has found a home.
If we can get other countries to adopt Pontiac,Saturn , Saab and a few Chrysler products,more jobs can be saved!
Am I dreaming? Don't wake me.