said talks to sell the Hummer line of sport-utility vehicles to China-based
Sichuan Tengzhong Heavy Industrial Machinery
remain "on track," a report says.
Although the deal was originally planned to be concluded during the third quarter, Hummer CEO Jim Taylor, in an e-mailed statement to
, said the companies have been in frequent discussions. GM Treasurer Walter Borst earlier this month said the parties hope to complete the sale by the end of the year.
The acquisition of Hummer isn't only the first entry into passenger vehicles for Tengzhong, but also marks the first major Chinese acquisition of a U.S auto brand,
notes. Tengzhong said in June that it was in talks to buy Hummer as part of GM's plans to shed four brands.
reports Hummer will remain based in Detroit and that the deal will protect more than 3,000 U.S corporate, manufacturing and dealership jobs. While Tengzhong plans to hire GM to assemble SUVs, the Chinese company said that it will assume Hummer's dealer accords and a senior management team.
This article was written by a staff member of TheStreet.com.