General Motors Corp. (GMGMQ.PK), now known as Motors Liquidation Co. (MTLQQ.PK), is nearing an agreement to sell its Hummer sport-utility vehicle business to China's Sichuan Tengzhong Heavy Industrial Machinery Co. for about $150 million, media reports on Thursday citing to people familiar with the deal.
The parties are trying to reach a deal October 9, said the people. GM estimated the brand's value at $500 million in bankruptcy court documents.
The sale requires the acceptance of regulators in the U.S. and China. Sichuan Tengzhong intends to apply for Chinese approval once a binding agreement with Detroit-based GM is made, the people said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.