How badly does General Motors want to offload Hummer, the world’s most notorious brand of gas guzzling vehicles?
The answer to that question would seem to be pretty badly, considering General Motors’ announcement this week that it has reached a tenative agreement to sell the brand to a privately owned Chinese firm – Sichuan Tengzhong Heavy Industrial Machinery Company.
Jokes are already being cracked about the prospect of Hummer – the very image of American excess – being owned by a Chinese company. However, the deal is far from certain. Reuters reports that the government of China may intervene to block the deal. Chinese officials are reportedly concerned about Hummer’s negative image and the difficulty of managing an expensive overseas acquisition.