General Motors said today that it won’t be getting any federal funding for its 2011 Chevrolet Volt until the company has been certified as financially viable by Obama’s automotive task force.
Along with its $10.3 billion loan request from the U.S. Energy Department for the development of fuel-efficient vehicles, GM has also requested $2.6 billion for development of two Volt derivatives and a third hybrid model.
According to Automotive News, GM spokesman Kerry Christopher said that the U.S. Energy Department will not provide any loans until a viable future for GM is clear.
Earlier this morning it as reported that the U.S. Treasury has asked GM to prepare for a bankruptcy filing by June 1. We’re guessing this may cause some delay in the Nov. 2010 availability of the Volt.
– By: Kap Shah