GM asks U.S. for $2.6 billion loan to produce three hybrid vehicles, two will be Volt spin-offs

Posted: Apr 02, 2009

Filed under: Chevrolet, GM, Hybrids, Green News, Industry News

General Motors on Monday asked the U.S. government for a total of $2.6 billion in low-interest government loans to support the development of three new hybrid vehicles – two of which it said will be spin-offs from the Chevrolet Volt plug-in hybrid.

That brings GM’s loan request to $10.3 billion in aid from a U.S. Energy Department program that is designed to support the production of fuel-efficient vehicles. This is GM’s third request for loans under the new program.

This is the first time that GM has confirmed to produce other variants of the Volt. The two spin-off models will feature the same battery-powered electric motor and a 1.4L engine that will kick in after 40 miles of zero-emissions driving.

We’re just hoping that GM isn’t asking money to build a production version of the Cadillac Converj in a market like this. The 2011 Chevrolet Volt will go on sale late next year.

2011 Chevrolet Volt:

Cadillac Converj Concept:

- By: The Daily Auto Editor

Source: Reuters

Ivan Gutierrez

So let me get this straight. After the auto task force gives GM a failing grade on their viability plan, citing that "While the Volt holds promise, it will likely be too expensive to be commercially successful in the short-term". In response to this GM wants more money, to produce more cars, like the volt which was a reason for which their viability plan failed?

egmCarTech

GM asks U.S. for $2.6 billion loan to produce three hybrid vehicles, two will be Volt spin-offs

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