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GM unit invests $5 million in electric car start-up

Tue, 08/03/2010 - 9:25am
Reuters

DETROIT (Reuters) - General Motors' venture capital unit is buying a minority stake in electric car start-up Bright Automotive to advance the development of fuel-efficient vehicle technologies.

GM and Indiana-based Bright Automotive said on Tuesday they have agreed to pursue a strategic partnership under which GM will invest $5 million to help accelerate Bright's production of its IDEA plug-in hybrid commercial vehicle.

GM is also launching this year its highly anticipated Chevrolet Volt electric car for the consumer market, a program it started four years ago in part to shake an association with gas-guzzling trucks and to show it could compete with the likes of Toyota Motor Corp on hybrid technology.

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