GM to shut Hummer after sale collapses

General Motors Co.’s beefy Hummers will join its Pontiac and Saturn in the scrap yard of failed brands after a US$150 million deal to sell the line to a Chinese equipment maker collapsed. Sichuan Tengzhong Heavy Industrial Machinery failed to win approval from Chinese regulators for its bid. GM said it would wind down Hummer operations after concluding Tengzhong would not be able to finalize the deal. “We are disappointed that the deal with Tengzhong could not be completed,” said John Smith, GM vice-president of corporate planning and alliances. (February 24, 2010)