GM: Market shouldn't hurt loan guarantees

September 16, 2008 8:36:06 AM PDT
General Motors Corp. Chairman and CEO Rick Wagoner says the turmoil in the U.S. financial markets should not affect government loan guarantees being sought by the auto industry.Speaking to reporters at the company's 100th anniversary celebration Tuesday, Wagoner said the $25 billion in loans were approved last year as part of an energy bill and should now be funded to help the industry meet government fuel economy standards and develop next-generation automobiles.

Wagoner also unveiled the production version of the Chevrolet Volt and says the company is confident in its batteries.

The Volt is supposed to go 40 miles on a single charge from a home outlet, with the batteries recharged by a small gasoline engine after that. It is due in showrooms by late 2010.