“The investment from Tengzhong in Hummer will give the company the capital it needs to create new products and focus on the brand in a manner that it deserves,” HUMMER’s spokesperson told PickupTrucks.com. “We’ll be able to create new vehicles, like the Hummer HX Concept, that will help Hummer meet future environmental and regulatory standards as well as meet the demands and expectations of our customers.”
Tengzhong will hold an 80 percent stake in Hummer while a Chinese mining tycoon, Suolang Duoji, will hold the remaining 20 percent stake. Douji, also known as Li Yan, currently indirectly owns a large part of Tengzhong through an investment company called Sichuan Huatong Investment Holding Co.
According to a joint press release, “[Tengzhong] will acquire the ownership of the Hummer brand, trademark and tradenames, as well as specific IP license rights necessary for the manufacture of Hummer vehicles. The buyer will also assume the existing dealer agreements relating to Hummer’s dealership network.”
The deal will now go through regulatory approval by the Chinese government and the U.S. government – neither of which is expected to object to the deal.
Tengzhong will hold an 80 percent stake in Hummer while a Chinese mining tycoon, Suolang Duoji, will hold the remaining 20 percent stake. Douji, also known as Li Yan, currently indirectly owns a large part of Tengzhong through an investment company called Sichuan Huatong Investment Holding Co.
According to a joint press release, “[Tengzhong] will acquire the ownership of the Hummer brand, trademark and tradenames, as well as specific IP license rights necessary for the manufacture of Hummer vehicles. The buyer will also assume the existing dealer agreements relating to Hummer’s dealership network.”
The deal will now go through regulatory approval by the Chinese government and the U.S. government – neither of which is expected to object to the deal.
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