GM sets up venture capital fund

One of the largest auto companies in the United States recently made headlines after it stepped up its auto industry financing for high-tech startups. The Detroit Free Press reports General Motors placed investments in six different firms through its GM Ventures fund. The majority of the companies receiving funding have ties to GM's home state of Michigan and are hoping to get the state's economy back up to speed. One of the firms receiving money from the fund is Sakti3, an Ann Arbor-based electric-vehicle battery manufacturer run by a University of Michigan professor. "We're not insisting that the companies locate in southeast Michigan," Lauckner told the news source. "What we try to do ... is just say, 'Look, if ... you're thinking about a location, we can certainly make introductions to the right people within the state." GM has been making additional headlines as it meets with members of the United Auto Workers union. The two sides are trying to reach a contract settlement for the 49,000 workers employed by the company.