As General Motors Co. reaches a definitive agreement today to unload Hummer, the question on everyone’s lips remains why anyone would want a luxury SUV brand tarnished by a gas-guzzling image of late-’90s excess. “That’s a good question,” says Aaron Bragman, an analyst at IHS Global Insight in Troy, MI. “It’s a risky brand.” And China-based Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., which will acquire a controlling interest in Hummer, has adopted “a risky strategy,” Bragman ...

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