General Motors Pulls Funding from Foundering Electric Vehicle Efforts in $10 Billion Bid to Appease Investors

SteinwayTransitCorp

Well-known member

It is yet more evidence that Americans simply aren't interested in EVs despite the enthusiastic boosterism of left-wing government officials.​

Warner Todd Huston By Warner Todd Huston November 29, 2023
General Motors is reassessing its investment plans in electric vehicles as sales collapse and shareholders fear that the initial headlong dive into EVs was a major mistake.

The massive carmaker is preparing a move to pull back from EVs and reassure investors that the business is still strong despite the slow EV sales, The Wall Street Journal reported Wednesday.

It is yet more evidence that Americans simply aren’t interested in EVs despite the enthusiastic boosterism of left-wing government officials who don’t have to worry about sales figures.

According to the Journal, GM is planning a $10 billion stock buyback, the largest in years, and will fund that buyback by curtailing many of its previously announced investments in EV and self-driving car development.

“[CEO Mary Barra] is trying to jump-start GM’s flailing shares while also refocusing investors on the underlying strength of its main business: selling gas- and diesel-powered trucks and SUVs,” the Journal reported.

In a Wednesday letter, Barra told shareholders that “the profitability and cash generation of our [internal combustion engine] business remains strong.”

GM’s stock has fallen 14 percent this year and hit a three-year low this month, due in part to the auto worker strike that cut its profitability projections from $12.7 billion to $11.7 billion.

One of the first moves the company made to try and right the ship after the strike was to reduce spending on the less reliable EVs. That included delaying the construction of a new electric truck factory and abandoning its stated goal of producing 400,000 EVs by 2024.

GM is also hitting the brakes on the development of its Cruise self-driving car project.

Should the government subsidize electric vehicles?
While admitting that “EV demand is evolving more slowly than expected,” Barra insisted that EVs are the future and that sales will grow. This, of course, is simply a feeling, as actual proof is non-existent.

“Our strategy hasn’t changed,” she said during an analyst call on Wednesday, despite the evidence staring her in the face that most Americans don’t want EVs. “Our tactics are changing to align with what’s happening in the marketplace.”

But some automakers are seeing the writing on the wall. Last month, Toyota chairman and former CEO Akio Toyoda said “people are finally seeing reality” as EV sales grind to a halt.

GM is not alone in pulling back from EV production. Ford recently downsized a planned $3.5 billion electric vehicle battery plant, and EV companies both large and small have slashed production targets.

Neither are carmakers the only ones realizing how problematic EVs are.

Related:
Governor Forced to Pull Gas Car Ban Proposal in Major Defeat for Electric Vehicle Pushers
Insurance companies have discovered that EVs are less reliable, making them more expensive to insure. Meanwhile, car dealers have been desperately offering discounts and attractive leases to try and cajole customers into taking an EV off the lot.

According to The Blaze, a coalition of almost 4,000 car dealers recently issued an open letter urging the federal government to “tap the brakes” on its “unrealistic” EV mandates.

Electric vehicles are simply not the panacea that Joe Biden and his climate change co-conspirators are claiming. And as each month passes, more and more people are realizing the truth.ß
 

Ph1llip

Active member
LOL. The same with Ford. Lightning sales are significantly down. I guess that's what happens when you try and dictate to the market. From his seat on the Central Planning Politburo of the Green Energy Cult, Spartz musn't be very happy 😆

 

SteinwayTransitCorp

Well-known member
Central planning fails again………..people want what they want period. I wonder what this guy will be saying a year from now when the batteries start to no longer hold a full charge……… that’s being taken on how long one of the big three will need to be bailed out because they’re hemorrhaging so much cash.
 

spARTacus

Well-known member
LOL. The same with Ford. Lightning sales are significantly down. I guess that's what happens when you try and dictate to the market. From his seat on the Central Planning Politburo of the Green Energy Cult, Spartz musn't be very happy 😆...
Ha. Nice try, but if you would have paid any attention to what's been posted you'd have remembered I'm not looking to buy an EV, they aren't yet suitable for my needs.
 

SteinwayTransitCorp

Well-known member
Ha. Nice try, but if you would have paid any attention to what's been posted you'd have remembered I'm not looking to buy an EV, they aren't yet suitable for my needs.
No nice try it’s just who you are you’re part of a group that wants to tell everyone what to buy and want to buy it and the public is pushing back and the corporate world is beginning to learn. It can be real expensive to go against the public.
 

spARTacus

Well-known member
No nice try it’s just who you are you’re part of a group that wants to tell everyone what to buy and want to buy it and the public is pushing back and the corporate world is beginning to learn. It can be real expensive to go against the public.
Stop lying. I've never told people to go buy EVs. I have consistently said EVs aren't yet for me and I've also said if people aren't doing their homework before buying one in consideration of their needs, then they're idiots.

I have said the world does need to move away from its dependency on fossil fuels, that EVs (as they currently are) already work well enough for lots of people and their needs, and limitations/issues about EVs will continue to improve.

The problem with you and others following the same group think as you is you're grasping at straws around denial. Denial that global warming is happening. Denial that humans are causing it. Denial that the burning of fossil fuels is a significant factor. Denial that the science and analysis and math is correct. Denial that the scientists are smart enough. Everyone is blinded by who is bribing/backing things. Denial that suggested mitigations can be effective. Poking at every turn at the mitigations. With fear of not much success from all those, then leaning on emotions about rights and freedoms to try to convince people to deny towards progress. Then also relying on a strategy of it all not mattering anyway as the earth has been through it all before and at least some of us will be able to survive, or at worst something will later re-spawn.
 
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SteinwayTransitCorp

Well-known member
Stop lying. I've never told people to go buy EVs. I have consistently said EVs aren't yet for me and I've also said if people aren't doing their homework before buying one in consideration of their needs, then they're idiots.

I have said the world does need to move away from its dependency on fossil fuels, that EVs (as they currently are) already work well enough for lots of people and their needs, and limitations/issues about EVs will continue to improve.

The problem with you and others following the same group think as you is you're grasping at straws around denial. Denial that global warming is happening. Denial that humans are causing it. Denial that the burning of fossil fuels is a significant factor. Denial that the science and analysis and math is correct. Denial that the scientists are smart enough. Everyone is blinded by who is bribing/backing things. Denial that suggested mitigations can be effective. Poking at every turn at the mitigations. With fear of not much success from all those, then leaning on emotions about rights and freedoms to try to convince people to deny towards progress. Then also relying on a strategy of it all not mattering anyway as the earth has been through it all before and at least some of us will be able to survive, or at worst something will later re-spawn.
Right you never tell people to do anything you just discount anything you don’t like and run away and hide when things get too hot for you. No I will not tell you to buy an EV but I want the government to stop selling gasoline powered cars. You really are a piece of work.
 

spARTacus

Well-known member
Right you never tell people to do anything you just discount anything you don’t like and run away and hide when things get too hot for you. No I will not tell you to buy an EV but I want the government to stop selling gasoline powered cars. You really are a piece of work.
Yes, I think the world is moving in a correct direction to aim to have way less ICEs. I also think the are lots of variables associated to how we get to that point, how fast we strive to get there, what steps to take along the way, how to manage the impacts, the transformation, and such.

I do discount posts in here that I think don't make sense (while explaining why I don't think they make sense), and especially posts in here that I will suggest are basically just propaganda or opinion attempted to be expressed as fact and science. I have no issue with people expressing opinion, I have often encouraged for it, but I certainly don't like when such is expressed as fact or science as part of attempts to tell other people what to do or that their opinions are wrong. The merits of opinions should be what needs to be discussed, kind of what like happens as part of the scientific process of experimentation and ensuring for repeatable results and conclusions, through mass scientific peer review and analysis/critique.

Not sure I've ever run away from discussions in here. Feel free to point out when you think I have.

Have a great Sunday.
 

SteinwayTransitCorp

Well-known member
Yes, I think the world is moving in a correct direction to aim to have way less ICEs. I also think the are lots of variables associated to how we get to that point, how fast we strive to get there, what steps to take along the way, how to manage the impacts, the transformation, and such.

I do discount posts in here that I think don't make sense (while explaining why I don't think they make sense), and especially posts in here that I will suggest are basically just propaganda or opinion attempted to be expressed as fact and science. I have no issue with people expressing opinion, I have often encouraged for it, but I certainly don't like when such is expressed as fact or science as part of attempts to tell other people what to do or that their opinions are wrong. The merits of opinions should be what needs to be discussed, kind of what like happens as part of the scientific process of experimentation and ensuring for repeatable results and conclusions, through mass scientific peer review and analysis/critique.

Not sure I've ever run away from discussions in here. Feel free to point out when you think I have.

Have a great Sunday.
Like I said amazing, play both sides of the street. Real facts are discounted if you do not like them…lmao. Then you think it’s all propaganda what a joke. Hide under your bed hoping the government will save you as your rights slip away and your living standards go into the sewer…….btw we already know your response…….I do not see it , it is not happening…………….if people like you would were not so dangerous it would be fun……follow that’s what you do best. I and others are for freedom to do as we see fit not big brother……we love and die knowing we did our best……..you need to be part of a group…….long live the individualist !
 

spARTacus

Well-known member
Like I said amazing, play both sides of the street. Real facts are discounted if you do not like them…lmao. Then you think it’s all propaganda what a joke. Hide under your bed hoping the government will save you as your rights slip away and your living standards go into the sewer…….btw we already know your response…….I do not see it , it is not happening…………….if people like you would were not so dangerous it would be fun……follow that’s what you do best. I and others are for freedom to do as we see fit not big brother……we love and die knowing we did our best……..you need to be part of a group…….long live the individualist !
Feel free to point out the numbers you claim to have done the math on yourself to show/prove that global warming or human cause of it is not real, that none of the claims from the numbers work out. That would be fabulous if you would just present those as fact. You'd probably get to claim a nobel prize in science or math. Here's a hint, if your claim was actually real fact many credible scientists and mathematicians would have already presented it by now or it would be undergoing extensive ongoing debate. Have fun as an individual. I love being an individual. However, I also know enough to know when as an individual I have limitations of expertise and should rely on masses of individual scientific brains. If the scientific community was divided on global warming, maybe your claims would hold a bit more weight/fact. However, they aren't. Just admit it, you're part of probably a smaller than 1 percent of deniers, a very very small noisy vocal minority trying to desperately hold on in any way that you can to aspects of the past.
 
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SteinwayTransitCorp

Well-known member
Feel free to point out the numbers you claim to have done the math on yourself to show/prove that global warming or human cause of it is not real, that none of the claims from the numbers work out. That would be fabulous if you would just present those as fact. You'd probably get to claim a nobel prize in science or math. Here's a hint, if your claim was actually real fact many credible scientists and mathematicians would have already presented it by now or it would be undergoing extensive ongoing debate. Have fun as an individual. I love being an individual. However, I also know enough to know when as an individual I have limitations of expertise and should rely on masses of individual scientific brains. If the scientific community was divided on global warming, maybe your claims would hold a bit more weight/fact. However, they aren't. Just admit it, you're part of probably a smaller than 1 percent of deniers, a very very small noisy vocal minority trying to hold on to aspects of the past.
Blather on, I told you go pull the UN report……your just too frightened to find out your being played…….long wind nothing to say…….stay as sheep it’s easier for you
 

spARTacus

Well-known member
Blather on, I told you go pull the UN report……your just too frightened to find out your being played…….long wind nothing to say…….stay as sheep it’s easier for you
On the topic of global warming, you're not even able to identify what UN reports you think you might be referring to, or what from those reports or from all of the other earlier examples you listed, what about all of or from those is about something to construct some sort of logical mathematical or scientific argument or conclusion about something. You state you rely on yourself as an individual as opposed to relying on expertise from others about all of this, but you aren't actually presenting anything as an individual at a factual or mathematical or scientific level to counter what "the group" has concluded. You seem to literally be doing exactly what you criticize against in terms of only expressing your opinions and feelings on the topic. Opinions and viewpoints are great. Not good however when folks blindly believe such is an only possible ground truth.
 

SteinwayTransitCorp

Well-known member
On the topic of global warming, you're not even able to identify what UN reports you think you might be referring to, or what from those reports or from all of the other earlier examples you listed, what about all of or from those is about something to construct some sort of logical mathematical or scientific argument or conclusion about something. You state you rely on yourself as an individual as opposed to relying on expertise from others about all of this, but you aren't actually presenting anything as an individual at a factual or mathematical or scientific level to counter what "the group" has concluded. You seem to literally be doing exactly what you criticize against in terms of only expressing your opinions and feelings on the topic. Opinions and viewpoints are great. Not good however when folks blindly believe such is an only possible ground truth.
Blah blah blah once again you’re either too ignorant, too lazy or just too stupid to look up the reports that the UN put on their webpages I did that you would rather just go blah blah blah. When you are presented with facts you discount them because you did not see them. So delude yourself do exactly what you would like to do but people like you are dangerous. You are signing onto something that will cut your own throat and then you’ll sit there and say to the government. Thank you sir, for cutting my throat and destroying my way of life.

in your way of thinking, if you do not see it, it does not exist. Therefore, you’re not dead yet, so you may not be able to die. LMFAO
 
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spARTacus

Well-known member
Blah blah blah once again you’re either too ignorant, too lazy or just too stupid to look up the reports that the UN put on their webpages I did that you would rather just go blah blah blah. When you are presented with facts you discount them because you did not see them. So delude yourself do exactly what you would like to do but people like you are dangerous. You are signing onto something that will cut your own throat and then you’ll sit there and say to the government. Thank you sir, for cutting my throat and destroying my way of life.

in your way of thinking, if you do not see it, it does not exist. Therefore, you’re not dead yet, so you may not be able to die. LMFAO
Ha. One of the earlier times you made claims about stuff in a report it was about the last Ford Annual Report, and I gave you opportunity to come clean about what you were claiming was in the report vs what was actually in the report, and I even parroted back to you a list of your stated claims of what you said was in the report to ensure people weren't making mistakes interpreting your posts, and then you shied away when you couldn't actual point out where in the report that list of stuff was actually written. You see, it's not that I'm ignorant or lazy to go looking for UN reports (although I do indeed have no desire to head off on a wild goose chase), rather it's that I'm again enabling you with opportunity to actually act as you say not as you do, for you to be specific about actual facts as opposed to just opinions and viewpoints, since you say you are only about facts and science, no opinions and viewpoints.
 

SteinwayTransitCorp

Well-known member
Ha. One of the earlier times you made claims about stuff in a report it was about the last Ford Annual Report, and I gave you opportunity to come clean about what you were claiming was in the report vs what was actually in the report, and I even parroted back to you a list of your stated claims of what you said was in the report to ensure people weren't making mistakes interpreting your posts, and then you shied away when you couldn't actual point out where in the report that list of stuff was actually written. You see, it's not that I'm ignorant or lazy to go looking for UN reports (although I do indeed have no desire to head off on wild a will goose chase), rather it's that I'm again enabling you with opportunity to actually act as you say not as you do, for you to be specific about actual facts as opposed to just opinions and viewpoints, since you say you are only about facts and science, no opinions and viewpoints.
You’re a fool -lain and simple, the report I quoted was also in the WSJ, you just are too laze to look…………..no sense carrying on with this. as my father would say…………I like to help you but I can’t fix stupid………bye
 

spARTacus

Well-known member
You’re a fool -lain and simple, the report I quoted was also in the WSJ, you just are too laze to look…………..no sense carrying on with this. as my father would say…………I like to help you but I can’t fix stupid………bye
Ha. See that's just it, I'm not going to be your fool. You were silent when I asked you to point out what specific reports and what specific from those reports or the example list you noted that you thought was a concern or for a point. I even gave you the opportunity to refer back to presumably whomever or where ever you are getting those general pointer instructions from. Seems maybe your group might need to replace you as you're not able to successfully execute the propaganda spreading mission they assigned to you for here in CB. Or, maybe go re-group with them and ask about how you should next respond.
 

SteinwayTransitCorp

Well-known member
more good news, the average EV will cost its owner about 15 grand more than a comparable gas engine and let’s not forget every year it goes less and less
 
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