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GM and Bright Automotive Form Strategic Partnership
In brief: General Motors and Bright Automotive have announced a strategic relationship through General Motors Ventures, which has provided an undisclosed amount of funding to the startup automaker.
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General Motors VEntures was originally funded with $100 million when formed earlier this year. The venture firm is tasked with collaborating with chosen startup companies and technology firms to form strategic partnerships with GM.
Bright Automotive, based in Indiana, is the first of those. The funding is to allow Bright to continue work on development and production of the purpose-built IDEA. Bright is also pursuing a Department of Energy loan through the ATVM program.
GM Ventures will have a minority stake in the new company and will provide Bright with access to GM's technologies, including advanced engine and transmission systems.
Some analysts are saying that this partnership could be GM's foray into creating real competition for Ford's Transit Electric delivery truck, for which the IDEA would be a direct competitor once on the market.
And so ...
Interesting, though where GM got the money to do this is something many of us might be asking, since they have yet to fully pay back their government bailouts.
Photo credits: General Motors
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