Introduction: Fortune reported that General Motors and China's Tengzhong Heavy Industries confirmed on Tuesday that they had reached an agreement for Tengzhong to acquire GM's Hummer brand. Tengzhong stated that it plans to retain Hummer's management team.
Tengzhong CEO Yang Yi said, "We plan to retain the current management team of Hummer, promote brand innovation, increase R&D investment, and meet the U.S. market's demand for high-efficiency vehicles."