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sabreW4K3@lazysoci.al to Automotive Industry@discuss.tchncs.deEnglish · 11 months ago

GM had $6 billion to spend on EVs, chose stock buybacks

electrek.co

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  • cross-posted to:
  • evs@lemmy.world
  • electricvehicles@slrpnk.net
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GM had $6 billion to spend on EVs, chose stock buybacks

electrek.co

sabreW4K3@lazysoci.al to Automotive Industry@discuss.tchncs.deEnglish · 11 months ago
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14
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  • cross-posted to:
  • evs@lemmy.world
  • electricvehicles@slrpnk.net
GM had $6 billion to spend on next-gen EVs, chose stock buybacks | opinion
electrek.co
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Despite delays and mounting competition from Ford, Stellantis, and the Chinese, the GM board decided to NOT invest $6 billion in new product.
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  • OpticalMoose@discuss.tchncs.de
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    11 months ago

    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

    • BearOfaTime@lemm.ee
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      11 months ago

      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.

    • TachyonTele@lemm.ee
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      11 months ago

      Was it supposed to? The government isn’t a company.

      • nehal3m@sh.itjust.works
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        11 months ago

        Exactly so they shouldn’t have bailed anyone out in the first place.

      • PunnyName@lemmy.world
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        11 months ago

        Um. Always has been [a business].

  • ChowJeeBai@lemmy.world
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    11 months ago

    Also gm: we can’t compete with china! U gives us subsidies and tariffs!

  • Optional@lemmy.world
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    11 months ago

    Who killed the electric car?

    Oh. Oh, right.

  • 3volver@lemmy.world
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    11 months ago

    Meanwhile Biden put 100% tariffs on Chinese EVs entering the US. No wonder the US is losing to China.

  • mihnt@lemmy.ca
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    11 months ago

    FUCK THE BIG 3

    • sabreW4K3@lazysoci.alOP
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      11 months ago

      Kendrick?

      • mihnt@lemmy.ca
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        11 months ago

        huh?

        • sabreW4K3@lazysoci.alOP
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          11 months ago

          It’s a Hip-Hop joke in reference to Kendrick Lamar saying “fuck the big three, it’s just big me” and starting the feud with Drake earlier this year.

  • workerONE@lemmy.world
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    11 months ago

    EV motors are simple and cheap to develop. The cost is in designing new cars, but the motors are cheap to develop.

  • The Assman@sh.itjust.works
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    11 months ago

    The auto industry is a racket

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