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GM seeking $2.6 billion to build hybrids

Posted Thursday, Apr 2, 2009, 2:29 pm in Industry News

General Motors Corp. has asked for $2.6 billion in low-interest government loans to support the development of three new hybrid vehicles, according to a business plan update released on Wednesday and reported by Reuters.

GM’s loan request, which would help develop two spinoffs from its all-electric Chevrolet Volt, raises to $10.3 billion in aid it is seeking under a U.S. Energy Department program designed to support development of fuel-efficient vehicles, the article said.

The request marketed the first time GM confirmed that it intended to move ahead with production of variants of the Volt, a battery-powered car that will carry a small, 1.4-liter engine as a generator designed to kick in after 40 miles, Reuters said. The Volt is scheduled to go into production in late 2010.
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