US Government Backs GM for Electric Motor Business
In a stir as a part of an effort of General Motors and the Obama administration to develop technology for electric cars in the United States GM on Tuesday said that it will set up $246 million facility backed by funding from the U. S. government to build electric motors. In 2013, the first GM-designed and built electric motors are expectedly scheduled to emerge with hybrid rear-wheel- drive vehicles. GM also said that announcement for the site of manufacturing these electrical motors is planed later this week.
GM Vice Chairman Tom Stephens informed, "By designing and manufacturing electric motors in-house, we can more efficiently use energy from batteries as they evolve, potentially reducing cost and weight".
The automaker said, “The electric-motor project is expected to create about 200 jobs and will be funded in part by a $105 million grant from the Department of Energy. “
President Barack Obama intends to put 1 million rechargeable hybrids vehicles on U. S. roads by 2015. The U. S. government holds 61 percent of the company after investing $50 billion in it as has invested $50 billion in the rescue of GM.
Electric motors work by converting electrical energy from batteries to mechanical energy. A statement coming from the company said, “GM's investment in electric motor technology will be underwritten in part by a $105-million grant awarded by the U. S. Department of Energy in August”
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