GM Agrees To Extend Hummer Deal Deadline0
GM has agreed to extend the deadline for the sale of Hummer to Sichuan Tengzhong until the end of February. According to Reuters, The General allowed Sichuan Tengzhong Heavy Industrial Machinery Co. – a little-known maker of heavy machinery in southwestern China – to have some more time to complete its purchase of the legendary SUV brand.
Tengzhong signed a contract with GM to buy Hummer back in October 2009 and has been waiting for a green light from Beijing to approve the deal. This original contract expired January 31, 2010.
Rumor has it that Chinese powers-that-be aren’t content to acquire a gas-guzzling brand at a time when fuel-efficiency is all the rage. Tengzhong better work hard and speed up the Chinese bureaucratic process if it wants to get a taste of a global automotive brand. Cuz – you know – February is only 28 days long in 2010 – no matter where you are!
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