GM Creates Venture Capital Subsidiary

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Jun 04, 2010, 08:15 ET

DETROIT, June 4 /PRNewswire/ --

Enhances company's ability to pursue innovative technology
Provides a path to establish partnerships with other venture capital companies

General Motors today said it has established General Motors Ventures, LLC, a subsidiary designed to help the company identify and develop innovative technologies in the automotive/transportation sector.

Leading the initiative will be Jon J. Lauckner, who is named GM Vice President and President General Motors Ventures, LLC, reporting to Stephen J. Girsky, GM vice chairman of Corporate Strategy and New Business Development. Lauckner's new position is effective July 1, 2010. He was GM vice president of Global Product Planning.

"We are constantly looking for ways to deliver the best technology for our customers," said Stephen J. Girsky, vice chairman and vice president Corporate Strategy and New Business Development. "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."

General Motors Ventures, LLC, has been funded with an initial investment of $100 million, and is currently exploring equity investments in a number of auto-related technologies and business models.

General Motors, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 205,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM is the joint global automobile partner of World Expo 2010 Shanghai along with Shanghai Automotive Industry Corporation Group (SAIC). More information on the new General Motors can be found at www.gm.com.

SOURCE General Motors