刚刚申请破产保护的通用汽车公司于本周二宣布，该公司已与中国大型民营企业四川腾中重工机械有限公司达成初步协议将旗下悍马品牌出售。腾中重工表示将继续留用悍马的高级管理和运营团队，另外还将与通用汽车就组装、部件和材料供应的长期合同进行磋商讨论。此次收购计划在今年第三季度内完成，在此期间，腾中重工将继续执行悍马现行的经销商合约。

General Motors Corp said on Tuesday it reached a tentative deal to sell its Hummer brand to a privately¹ held Chinese company, part of an effort to drop four unprofitable vehicle lines and leave bankruptcy² as a leaner company.

GM, a day after filing for bankruptcy, said in a statement that it reached a memorandum³ of understanding with Sichuan Tengzhong Heavy Industrial Machinery⁴ Co for the sale. Tengzhong said it will retain Hummer's senior management and operational team.

GM said Tengzhong will also enter into a long-term contract assembly and key component⁵ and material supply agreement with GM.

Under the deal, which is subject to regulatory review and is expected to close in the third quarter, Tengzhong will assume Hummer's existing dealer⁶ agreements.

Financial terms were still under discussion and will not be disclosed, GM said. Bankers have said Hummer could fetch about $100 million in cash in addition to other commitments.

The deal marks the first time that a Chinese buyer has acquired a brand from one of the struggling US automakers.

Chinese parts suppliers and automakers have shopped for US automotive assets, including those at also-bankrupt Chrysler LLC, but no deals have been completed despite the enormous pressure on US automakers in recent years to cut costs.

Based in the Chinese province of Sichuan, Tengzhong makes special-use vehicles, highway and bridge structural⁷ components⁸, construction machinery, and energy facilities.

Tengzhong will expand into the premium⁹ off-road vehicle segment, according to the joint¹⁰ statement from it and GM.

Tengzhong's website (http://www.sctengzhong.com:8080/tengzhong/weben/gytz.jsp) did not indicate whether the company has experience running plants overseas or of producing passenger vehicles of any kind.

GM said earlier on Tuesday that the buyer of Hummer, whom it did not initially¹¹ identify, would contract to build the H3 model SUV and the H3T pickup¹² truck at GM's plant in Shreveport, Louisiana, through at least 2010.

In addition, GM said the investor¹³ would fund future vehicles for Hummer and invest in alternatives to the heavy gas-guzzling engines that are the hallmark of the brand.

In Shreveport, where 800 workers work on a single shift building Hummer H3 and H3T models, there was relief that a new buyer would keep the line running for at least a while longer.

"We're just excited that Hummer may live on," said Morgan Johnson, president of UAW Local 2166, which represents workers at the GM plant.

Diminished expectations

GM had expected Hummer to fetch more than $500 million when it went up for sale in June 2008.

The automaker said in a court filing on Monday that the sale could not proceed on "reasonable terms" due to tight credit and concerns about GM's financial condition.

Part of the problem has been that the military-derived Hummer has become an emblem¹⁴ of excess, turning consumer tastes against the brand's macho styling and prices that can top $71,000.

US sales were off by more than two-thirds during the first four months of the year.

First seen as multipurpose, off-road military vehicles, Hummers were originally built by AM General. Its first model was the Humvee, built for the military. GM bought the Hummer brand from AM General in 1999. AM General still makes the Humvee for the US military.

After losing $88 billion since 2005, GM is in the process of cutting debt, workers and brands in bankruptcy.

It is seeking to sell its Saab and Saturn¹⁵ brands by the end of 2009 and plans to discontinue Pontiac by the end of 2010.

That would leave a smaller GM to be rebuilt around the Chevrolet, Cadillac, GMC and Buick brands. Together those account for more than 80 percent of current sales.

Credit Suisse is acting¹⁶ as exclusive financial adviser¹⁷ and Shearman & Sterling¹⁸ is international legal counsel to Tengzhong on the transaction.