Tengzhong's plan to make a green Hummer can now officially move forward. GM and the China's Sichuan Tengzhong Heavy Industrial Machinery company announced today that a deal to sell off the brand is complete. For $150 million, Tengzhong will take an 80 percent stake, a private investor will get the rest, and GM is rid of one of the most controversial automobile brands ever. Sort of, the deal is set up so that Tengzhong will contract vehicle manufacturing from GM through at least June 2011. U.S. and Chinese regulators still need to approve the deal.
What controversy? Well, there was the whole Prius vs. Hummer thing, which has thankfully died down. And then all those torched Hummers at dealerships – recreated, in a sense, with the Bummer Hummer. Whatever the history, Hummer is now a Chinese brand; it'll be interesting to see how and if the vitriol that has long been aimed at GM translates to the new owners. Tengzhong has previously stated it is investigating biofuels, hybrids and fully electric machines.