GM Reaches Tentative Deal to Sell HUMMER brand to Chinese. Saturn, Saab 4 Sale By Owner.

DETROIT, June 3, 2009 -- Troubled General Motors announced a tentative deal to sell the HUMMER brand to Chinese manufacturer Sichuan Tengzhong.

The Chinese have embraced SUVs and the HUMMER brand specifically as status symbols as the Chinese economy blossoms under capitalism.

Sichuan Tengzhong is primarily known for road construction, plastics, resins and other industrial products. Automobile manufacturing would be a new venture for the company.

As part of the proposed deal, Hummer will continue to contract vehicle manufacturing and business services from GM during a transitional period. GM representatives estimate the sale will likely save more than 3,000 manufacturing, engineering and dealership jobs in the U.S.

The automaker also said Tuesday that it has 16 buyers interested in purchasing its Saturn brand, while three parties are interested in the Swedish Saab brand.

GM, which filed for bankruptcy in New York on Monday, plans to remake itself as a smaller, leaner automaker concentrating on its Chevrolet, Cadillac, Buick and GMC nameplates. As previously reported, GM has announced their intention to mothball the Pontiac brand.

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