GM had $6 billion to spend on EVs, chose stock buybacks
GM had $6 billion to spend on EVs, chose stock buybacks
Despite delays and mounting competition from Ford, Stellantis, and the Chinese, the GM board decided to NOT invest $6 billion in new product.
Fun fact: The US Gov't never broke even on that bailout https://www.nbcnews.com/businessmain/u-s-exits-gm-stake-taxpayers-lose-10-5-billion-2D11716261
Of course not.
Just like Cash for Clunkers only lined the pockets of auto manufacturers.
You can't make more of something and somehow reduce energy and materials consumption.
Was it supposed to? The government isn't a company.
Exactly so they shouldn’t have bailed anyone out in the first place.
Um. Always has been [a business].
Also gm: we can't compete with china! U gives us subsidies and tariffs!
Who killed the electric car?
Oh. Oh, right.
Meanwhile Biden put 100% tariffs on Chinese EVs entering the US. No wonder the US is losing to China.
EV motors are simple and cheap to develop. The cost is in designing new cars, but the motors are cheap to develop.
The auto industry is a racket