L.A. Auto Show: Chevrolet to invest $40 million in sustainability projects
General Motors Co. is leveraging the many kudos it's been receiving for its new plug-in electric hybrid, the Chevrolet Volt. Thursday the Detroit automaker announced its Chevrolet brand will invest $40 million in various clean-energy projects.
Its goal is to reduce U.S. carbon dioxide emission by 8 million metric tons -- matching those it says will be generated in 2011 by the 1.8 million vehicles it expects to sell in the U.S. next year.
"We believe this is the right thing to do for our customers, our communities and our company," General Motors CEO Dan Ackerman said in a conference call Thursday.
"This is an important announcement for GM and what it says about our focus and priorities going forward," he added. "This morning we launched an IPO [initial public stock offering], which is an important milestone on the way to being the new and better GM. ... GM is doing things differently now, and one way is through our brands."
Chevrolet, Ackerman said, will be investing the $40 million in energy efficiency, renewable energy and energy conservation projects throughout the country. He cited installing solar panels on schools and wind farms in rural areas as possible investments.
Specific projects haven't been determined. General Motors is soliciting ideas at a dedicated website.
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-- Susan Carpenter
Photo. The Chevy Volt. Credit: General Motors