8.18Tengzhong preparing Hummer sales division in Shanghai

Tengzhong preparing Hummer sales division in Shanghai 

 

http://autonews.gasgoo.com/auto-news/1011800/Tengzhong-preparing-Hummer-sale
s-division-in-Shanghai.html

 

Shanghai, August 18 (Gasgoo.com) China's Sichuan Tengzhong Heavy Industrial
Machinery Co, the surprise leading bidder for the General Motors' Hummer
brand, is preparing to establish a separate sales division in Shanghai for
marketing of imported Hummer vehicles, according to a report compiled by
Chinese Internet portal Netease.com. 

 

The report said Tengzhong had poached Huang Zhiqiang, vice president of
Chery Auto's international business department, to head the upcoming Hummer
division in Shanghai, which is not yet registered. 

 

Tengzhong, which signed a memorandum of understanding with GM for the sale
of Hummer in early June, said it expects the deal to be completed this
September. 

 

The privately held Chinese company said that in the past months the two
parties have been talking about many substantive details, some of which have
to be discussed and finalized one by one. Media reports say Tengzhong is
expected to pay $170 million for the deal, much less than the $500 million
that GM had sought last year.

 

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