A day after filing for bankruptcy protection, General Motors has announced a preliminary deal to sell its Hummer brand that is expected to save more than 3,000 U.S. jobs.
After several hours of mystery concerning who might buy the iconic brand, GM confirmed late Tuesday that it is in advanced talks to sell it to China's Sichuan Tengzhong Heavy Industrial Machinery Company. Terms of the deal are still being negotiated, but GM expects to close the sale by year's end.
"I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, President of GM North America. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."