The Free Enterprise site chronicles the "Free Enterprise Tour," which would be a welcome undertaking if not for the sponsorship of bailed-out General Motors. According to NLPC President Peter Flaherty, "I don't know who looks worse, the Chamber for not appreciating that the GM sponsorship looks silly to many people, or GM for acting like it's a competitive company operating in a real marketplace."
It appears that there is no end in sight to the Obama Administration's costly quest to electrify America's auto fleet, despite the recent flurry of reports that continue to confirm that the benefits of electric vehicles (EVs) are practically nonexistent in comparison to the costs. One of these reports even came from Obama's own NHTSA (National Highway Traffic Safety Administration) panel which downplayed the importance of EVs and claimed that electric cars will only need to account for between one and three percent of car manufacturer's product portfolios by 2025 for lofty government EPA requirements to be met.
A recent Reuters article regarding the likelihood of a bankruptcy filing by the city of Detroit may come as a surprise to those who have heard nothing but positive spin on Motor City's resurgence since General Motors and Chrysler emerged from their Obama-manipulated bankruptcies. Who can forget Clint Eastwood's 2012 Super Bowl ad which gave a heartfelt tribute (paid for by Italian-owned Chrysler) trumpeting Detroit's comeback? It seems like the outlook is now not so rosy for Detroit as its emergency manager Kevyn Orr puts the odds of a bankruptcy for the city at 50/50.
As if taxpayers didn’t already have to stomach enough corruption, incompetence and dysfunction in the government's promotion of "green" energy, two past exemplars failure have returned to discharge blame at each other.
The latest, from a FoxBusiness.com report, reveals that sparks flew between the two as both of the Department of Energy-financed companies plummeted in their production, public profiles and value. According to an anonymous source the network says was “familiar with the situation,” when Fisker announced last fall it would cease production, the manufacturer of the $102,000 plug-in Karma blamed the bankruptcy of its battery manufacturer – A123 – for its downfall. The last of Fisker’s only model was produced in July last year.
General Motors has announced a $4,000 rebate (or $3,000 and a four year, zero interest loan from government-owned Ally Financial) on the slow-selling Chevy Volt. The company had a choice regarding how to deal with an excess supply of Volts that is growing faster than demand. GM could have, once again, temporarily halted production until inventory (currently at about a 6 month supply) came down to reasonable levels. It instead chooses to lose more millions of dollars by spending on incentives designed to manufacture demand that otherwise is practically nonexistent.
It looks like the Obama Administration and the UAW are again working hand in hand as the two entities are coordinating on an offering of a total of 50 million General Motors shares. Treasury is planning on selling 30 million shares as the UAW's VEBA (Voluntary Employee Beneficiary Association) Trust will sell 20 million shares. The VEBA Trust was formed to cover retiree's medical benefits for the UAW and received about a 17.5% ownership stake in GM as part of the 2009 bankruptcy process.
All five ATVM recipients, awarded a total of $8.4 billion of taxpayer-backed financing under the Recovery Act, have earned derision to some degree. Most fit into the already much-ridiculed electric vehicles program. VPG was funded to produce wheelchair-accessible passenger vehicles that ran on compressed natural gas.
The IRS scandal that revealed targeting of conservative groups by the Treasury Department has reopened speculation that the Obama-orchestrated auto bailouts unfairly targeted Republican-leaning dealerships for closure. Republican Congressmen Mike Kelly (PA) and Jim Renacci (OH) have penned a letter to Treasury Secretary Jack Lew requesting documentation so that an investigation can determine what criteria was used to shutter dealers that appear to have had one thing in common: their political affiliations.
A recent search for new Chevy Volts on cars.com unearthed 9,254 vehicles currently at dealerships for sale. There were another 258 late-model, used Volts available. About half of those had less than 5,000 miles on them. Considering the abysmal sales rate for the self-proclaimed electric wonder-car (1,306 in April for those keeping track), the unofficial inventory numbers point to about a seven month supply of Volts available. Ideal inventory levels are considered to be in the two month range. It may be near time for General Motors to halt production, yet again, for the floundering Volt.
Great news for consumers who are considering buying General Motors' green wonder car, the Chevy Volt. I know how excited those environmentally conscientious Volt enthusiasts can get, but a little patience can pay off big time if potential buyers hold off for a year or so on their purchase. According to GM CEO Dan Akerson and following another dismal month of Volt sales (1,306 in April), the car that defies logic will soon be available for up to $10,000 less money. The good news extends to shareholders of GM as the next generation of the Volt will supposedly be profitable for the company. So, as we say prepare to say goodbye to the current generation of the obsolescent Volt, let's take a trip down memory lane to review how past promises for the car panned out.