Hummer Sold To Chinese Company For $150 Million

GM had hoped to net $500 million

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    GM's Hummer brand was sold for $150 million to the Sichuan Tengzhong Heavy Industrial Machinery in China.

    Hummer, the gas-guzzling, muscular icon of the American road, has been sold to a Chinese heavy equipment manufacturer.

    General Motors and Sichuan Tengzhong Heavy Industrial Machinery finalized the deal on Oct. 9. Although financial terms were not disclosed, sources said GM got $150 million for the brand and related assets. GM said in its bankruptcy filing last summer the Hummer brand could be sold for $500 million or more.

    The deal gives Tengzhong an 80 percent stake in Hummer while a private Hong Kong investor, Suolang Duoji, will recieve the other 20 percent. The investors will also have access to Hummer's well-established U.S. dealer network.

    The deal must still be approved by U.S. and Chinese regulators.

    Get more: MSNBC