GM’s Hummer division, once the conspicuous symbol of American over-consumption, was sold to the Chinese today, reports the AP. The sale price was not disclosed, but the rumor mill puts the figure at $150 million. That’s a lot less than the $500 million valuation GM gave during its bankruptcy proceedings this past summer.
The buyer is Sichuan Tengzhong Heavy Industrial Machinery Corporation, which will take an 80% stake in the truck-maker. The other 20% will be purchased by a Hong Kong investor who owns a large stake in Tengzhong. The Hummer has achieved iconic status in China; Business Insider has gone so far as to call it the “ultimate” Chinese car, saying that “China’s super-rich love Hummers.”
Hummer isn’t the only brand on GM’s chopping block. It is also in the midst of selling its Saab and Saturn divisions. Despite selling the entirety of Hummer, GM will continue to manufacture the trucks through at least 2011, and says no jobs will be lost because of the sale.