DETROIT (AP) — General Motors Co. says it has set up its own venture capital company with $100 million to find new technology.
The automaker says General Motors Ventures LLC will help nurture new technology and bring it to market so GM has the latest innovations.
GM says former vice president of global product planning Jon Lauckner will head the new venture starting July 1. He will report to vice chairman of corporate strategy Stephen Girsky.
The $100 million is an initial investment in the venture capital firm. GM says it already is exploring a number of equity investments in auto-related technology.
