As automakers race to make cheaper electric cars with greater battery range, General Motors is working on one that can go 200 miles per charge at a cost of about $30,000. Doug Parks, vice president of global product development, wouldnt say when or whether such a car will be built.
GM currently sells the $35,000 Chevrolet Volt plug-in hybrid, which can go 38 miles on electricity before a gas-powered generator kicks in.
GM on Monday showed off a 50,000-square-foot addition to its battery lab in Warren, Mich. The added space, which nearly doubled the labs size, will let the company test batteries and computer controls much faster than before.
Parks said the goal is to develop electric cars twice as fast as the company could in the past. It took GM about four years to develop the Volt and bring it to market.
JPMorgan to pay millions in fines
JPMorgan Chase has agreed to pay at least $750 million to resolve U.S. and British regulatory probes of its record trading loss last year, people with knowledge of the negotiations said.
The bank is seeking to settle as many inquiries as possible before the third quarter ends Sept. 30, the people said, asking not to be identified because the talks are private. Marianne Lake, chief financial officer, told investors last week that the quarters addition to legal reserves would more than offset about $1.5 billion of consumer reserve releases.
The banks bad bets on derivatives, placed by British trader Bruno Iksil, prompted authorities on two continents to open investigations into the firms controls and disclosures last year as losses surpassed $6.2 billion.
The Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and Britains Financial Conduct Authority are among watchdogs planning to sanction the lender.
US factory output led by strong autos
U.S. factories increased output in August by the most in eight months, helped by a robust month at auto plants. The gains are a hopeful sign that manufacturing could help boost economic growth in the second half of the year.
Manufacturing production rose 0.7 percent last month from July, the Federal Reserve said Monday. Thats the biggest increase since December. It followed a 0.4 percent decline in July.
Automakers increased production 5.2 percent, after a 4.5 percent decline in July. And factories stepped up production of other goods, including computers and electronics, furniture and business equipment.
Overall industrial production rose 0.4 percent in August following no change in July. Mining, which includes oil production, increased but output at utilities fell for a fifth month.
Job fair scheduled for health positions
Medtech College will host a local job fair from 10 a.m. to 2 p.m. Sept. 25 at the Landmark Conference & Convention Centre, 6222 Ellison Road.
More than 40 health-related employers will participate, including the American Red Cross, Lutheran Health Network and Parkview Health. In the past, organizers have not discouraged job-seekers without a medial background from attending.
For more information, call 436-3272.