General Motors plans on scaling back — but, this time, it’s not talking about layoffs. The beleaguered car company announced today that they’re looking into developing a two-wheel electric car with Segway.

Called the Personal Urban Mobility and Accessibility — or PUMA — the vehicle will be ideal for urban environments, claims GM, and can reach speeds of up to 35 miles per hour. It can also run 35 miles on a single lithium-ion battery charge, according to MSNBC.  Segway couldn’t be more thrilled. Said chief executive Jim Norrod, “We’re excited about doing more with less. Less emissions, less dependability on foreign oil and less space.” Certainly GM is happy about the deal, which could help them revive their brand and, more importantly, make some money. No production schedule or price, however, have been fixed.

In addition to the earth-friendly electric engine, the PUMA will also employ Segway’s two-wheel balancing technology, as well as some other novel ideas:

The vehicles would also be part of a communications network that through the use of transponder and GPS technology would allow them to drive themselves. The vehicles would automatically avoid obstacles such as pedestrians and other cars and therefore never crash, [GM vice president of research and development Larry] Burns said.

As a result, the PUMA vehicles would not need air bags or other traditional safety devices and include safety belts for “comfort purposes” only, he said.

Watch Burns take the Today Show’s Meredith Vieira for a spin: