From Renault and Nissan to Toyota and Tesla, some of the world’s leading car makers are joining forces for this new, green era – and now you can add another partnership to the list.
General Motors has agreed to pursue a strategic relationship with Bright Automotive, the developer of the purpose-built, plug-in hybrid IDEA. GM will provide funding to the Indiana automaker that will allow Bright to ramp up the development and production programme for the IDEA in the third quarter of this year while Bright will continue to pursue a low-interest loan from the Department of Energy.
A memorandum of understanding was originally signed last month with funding provided to Bright this week and the two companies expected to tie up formal agreements later this year. This will see General Motors Ventures take a minority stake in Bright Automotive with Bright gaining access to GM’s technologies, advanced engine and transmission systems.
According to Jon Lauckner, the president of GM Ventures, GM hopes to gain a competitive advantage by funding early stage start-up companies. Reuben Munger meanwhile, the Bright Automotive chairman and CEO, commented that the relationship is an “important step forward for Bright” and a “strong endorsement” of the company’s automotive team and vehicle. He believes the funding will help put the IDEA on the fast track to mass production.
The IDEA is able to operate in electric mode for 40miles before switching to a 36mpg hybrid mode, meaning it offers 100+mpg based on daily driving behaviour.
