GM Asks Feds for Another $2.6B to Put Chevy Volt Tech in New Hybrids

Dygest.net:

GM's updated business plan, released yesterday, says that the company hopes to build three new hybrid models, including two Chevy Volt spin-offs, using $2.6 billion in loans from the U.S. government. General Motors is asking for the money as part of the DOE program to help companies develop and build more efficient vehicles. ²

Last time General Motors revised its turnaround plan - after Congress soundly rejected draft No. 1 - the company said $7.7 billion in low-interest loans from the Department of Energy would help it make headway on cleaner cars. That's how much the beleaguered automaker was planning to get from the agency's $25 billion loan program for fuel-efficient vehicles. The idea behind GM's latest request is that it will help the company ramp up production volumes, lowering costs across all four vehicles. GM unveiled a luxury plug-in hybrid concept car - the Cadillac Converj (pictured) - with the so-called Voltec plug-in hybrid propulsion system at the Detroit Auto Show earlier this year. And earlier this month, the company revealed in a call with reporters that it is already working on second- and third-generation battery technology. ¹

1. GM Asks Feds for Another $2.6B to Put Chevy Volt Tech in New Hybrids (earth2tech)
2. GM to Gov't: $2.6 Billion for More Volt Hybrid Models, Please (autobloggreen)

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