GM's updated business plan, released yesterday, says that the company hopes to build three new hybrid models, including two Chevy Volt spin-offs, using $2.6 billion in loans from the U.S. government. General Motors is asking for the money as part of the DOE program to help companies develop and build more efficient vehicles. Fisker and Tesla are just two other automakers that have applied for funds from this program, which was recently fast-tracked. All told, GM is asking for $10.3 billion under the program. GM has already shown off the Volt's powertrain, known now as Voltec, in other vehilcles - see: Cadillac Converj - and have always said that the Volt would be just the first in a line of plug-in vehicles using the technology. The loan request is separate from the general bailout funds that GM is currenty discussing with the Obama administration.

[Source: Reuters]

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