GM creates new operation to pursue innovative technology

Seeking to better identify and more rapidly accelerate its involvement in the realm of advanced automotive and transportation technologies, GM today announced the establishment of a new dedicated subsidiary: General Motors Ventures, LLC. Jon J. Lauckner, formerly GM vice president of Global Product Planning will formally be installed as President General Motors Ventures, LLC, effective July 1, 2010. In that capacity, he'll report directly to Stephen J. Girsky, GM's vice chairman Corporate Strategy and New Business Development.

Although no specific details on this new undertaking were presented in conjunction with the brief press release, the automaker did admit that General Motors Ventures, LLC was funded with an initial internal investment of $100 million and is "currently exploring equity investments in a number of auto-related technologies and business models." Girsky also added: "We are constantly looking for ways to deliver the best technology for our customers. Our goal is to nurture these innovative technologies to help bring them to market, and to ensure our customers have access to the best technology available."

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