September 16, 2008 / 3:16 PM / 11 years ago

GM not counting on U.S. government aid to develop Volt: Lutz

DETROIT (Reuters) - General Motors Corp GM.N is not counting on potential U.S. government loan guarantees of $25 billion for the auto industry to help bring its plug-in Volt model to market, a top executive said on Tuesday.

“We are not budgeting on that (government aid),” global product development chief Bob Lutz said at an event to celebrate GM’s 100th anniversary, where it showed off the production version of the Volt.

Lutz said development of the Volt was fully funded and proceeding “very smoothly.” Production models should appear in showrooms by November 2010.

Reporting by Nick Carey and Poornima Gupta; Editing by Lisa Von Ahn

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