GM invest $ 100 Million in VC firm
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Bangalore: General Motors reported that after it emerged from bankruptcy, it has funded a venture capital company with an initial $100 million to invest in automotive-related technologies. GM will continue to support ethanol fuel technologies; the firm has also invested in some high-tech endeavors. It currently trails Ford Motor, which has made major investment commitments for GPS, iTunes tagging, Opera software, and electronics technologies, reports David Gardner from The Informationweek. "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," Said Stephen Girsky, Vice Chairman of GM's Corporate Strategy in a statement. More than 60 percent of GM is owned by the U.S. government, the company is working to pay back the $50 billion it was loaned by the government to bail it out of bankruptcy. To date the company has paid the government $6.7 billion, and it has hopes of repaying the remaining $43.3 billion by selling stock to the public, possibly as soon as later this year. GM's former management left under pressure and Whitacre came out of retirement to run the company. He created AT&T after assembling a group of former Baby Bells, cobbling them together around Southwestern Bell. GM recently posted net income of $865 million in its first quarter.

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