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DETROIT — General Motors said Wednesday it will shut down Hummer after its bid to sell it to a Chinese company collapsed.
Heavy-equipment maker Sichuan Tengzhong Heavy Industrial Machines pulled out of the deal for the maker of hulking, military-style SUVs because it was unable to get clearance from Chinese regulators within the proposed deal timeframe, the manufacturer said in a separate statement.
GM said it will honor existing Hummer warranties.
As recently as Tuesday, private investors were trying to set up an offshore entity in a last-minute effort to complete the acquisition ahead of Sunday’s deadline.
“There’s no way forward with that,” a source close to the situation said. “We’re out of time.” The Associated Press
