GM Sets Up In-House Tech Incubator

GM Sets Up In-House Tech Incubator

General Motors Co. may be owned mostly by the government, but that isn't stopping the company from acting like venture capitalists: GM announced today it is creating a new subsidiary to "help the company identify and develop innovative technologies in the automotive/transportation sector."

General Motors Ventures LLC will be headed by former GM global vice president of product planning Jon J. Lauckner, who will report to vice chairman of corporate strategy and new business development, Stephen J. Girsky.

The company said the new subsidiary has been funded with a cool $100 million to get started and "is currently exploring equity investments in a number of auto-related technologies and business models."

GM also noted the new unit will create a channel through which the automaker potentially could establish partnerships with other venture-capital companies.

"We are constantly looking for ways to deliver the best technology for our customers," said Girsky in a statement.  "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."

Lauckner, an engineer, has been with GM since 1979. He has held numerous product-development and product-planning positions, was GM's first global vehicle line executive (for GM's midsize front-wheel-drive models such as the new Buick LaCrosse and Opel Insignia) and while at General Motors Europe in 2000 also helped develop GM's global Delta architecture cars, including the Opel and Saturn Astra. - Bill Visnic, senior editor

Jon Lauckner photo by GM

Bill Visnic:  is an AutoObserver Senior Editor. Follow @AutoObserver on Twitter