General Motors announced that the deal with Chinese automaker Tengzhong's purchase of Hummer fell through. GM expressed its plans to make an orderly shut down of the brand's operations. The announcement comes a day after GM announced the successful sale of Saab to Spyker.

"One year ago, General Motors announced that we were going to divest Hummer, as part of focusing our efforts on Chevrolet, Buick, GMC and Cadillac going forward. We have since considered a number of possibilities for Hummer along the way, and we are disappointed that the deal with Tengzhong could not be completed," said John Smith GM vice president of corporate planning and alliances.

"GM will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner," added Smith.

Despite the announcement, GM assured customers that it will continue to honor Hummer warranties, while providing service support and spare parts to current Hummer owners around the world.