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GM CEO says fuel economy requires huge investment
General Motors Chairman and Chief Executive Officer Rick Wagoner talks about cost cutting restructuring during a news conference at GM Headquarters in Detroit, July 15, 2008.
Credit: Reuters/Rebecca Cook
WASHINGTON |
WASHINGTON (Reuters) - Meeting U.S. targets to improve automotive fuel efficiency will take substantial
capital investment by industry, General Motors Corp chief executive Rick Wagoner told Congress on Friday.
Appearing at a Senate energy summit and lobbying lawmakers for $25 billion in low interest loans for industry, Wagoner also said meeting the government's target of 40 percent better fuel efficiency by 2020 will take leadership and direction from Washington.
Struggling Detroit automakers are pressing Congress to activate the loan program included in last year's energy law so they can retool factories and accelerate research on battery technology to make more fuel efficient vehicles.
Congressional Democratic leaders hope to push through a $3.8 billion funding measure in the coming weeks that is necessary to issue the government-backed credit assistance.
(Reporting by John Crawley; Editing by Tim Dobbyn)
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