Sound the trumpets! Here comes the next best, all-new, electric wonder-car from General Motors. The dust had not even cleared from the rollout of the new and improved 2016 Chevy Volt when GM CEO Mary Barra announced the newest Tesla-killer from GM, the Chevy Bolt. Let's hope that the engineers working on the Bolt put more thought into the design of the vehicle than the GM executives put into naming the car.
President Obama traveled to Michigan this week to declare the auto bailout a success. Interestingly, he toured a Ford plant. The company did not participate in the bailout. GM is still trying to shake the Government Motors moniker, and that was certainly the reason for Obama's nonvisit.
The death toll for General Motors' faulty ignition switch victims continues to rise with the last reported number being 42. There has been speculation that the death count is significantly higher, as safety advocate Clarence Ditlow has written to GM to request an expansion of efforts to uncover victims of accidents resulting from defective GM vehicles.
Today, we requested that the House Committee on Oversight & Government Reform undertake an "independent" investigation of the General Motors ignition switch recall delay, in light of newly obtained emails by lawyers suing GM.
Those emails suggest that the Treasury may have timed its final sale of GM shares to precede public knowledge of the ignition switch fiasco. They also cast doubt on GM CEO Mary Barra's previous account of what she knew and when she knew it.
Here is the text of a letter I sent today to Rep. Jason Chaffetz (R-UT), in photo, the incoming Chairman of the Oversight & Government Reform Committee:
General Motors announced today that CEO Mary Barra will not attend a ceremony on November 17 at which she was scheduled to receive an award from the National Women's History Museum (NWHM).
On Monday, we asked the museum to rescind the planned award to Barra in light of questions about her "credibility and veracity" in the wake of Sunday's report that GM ordered 500,000 ignition switches from a supplier almost two months before it reported the safety defect to the government.
The evidence continues to mount that General Motors has been less than transparent, if not outright culpable, regarding its ignition switch recall fiasco. As the death toll mounts (from the original 13 casualties reported by GM to the just revised 32 deaths) for victims involved in crashes of GM vehicles with defective ignition switches, new evidence has emerged that GM actually ordered replacement parts for the defective switches a full two months before they even reported a problem.
Today I sent the following letter to Dr. Gretchen Green, the Acting Chair of the National Women's History Museum:
We ask the National Women's History Museum (NWHM) to withdraw its planned award to General Motors CEO Mary Barra.
As you know, Barra is scheduled to receive the Katharine Graham Living Legacy Award on November 17 as part of your annual de Pizan Honors at The Mead Center for American Theater at Arena Stage in Washington, DC.
Barra has indeed made history - of the wrong kind.
Every so often a General Motors' truck owner forwards me their story regarding problems with brake line rust, a problem that executives at GM refuse to acknowledge. One recent such correspondence tells of one of the highest repair bills that I have heard of relating to corrosion and failed brake lines. Repairs were made to the vehicle after the owner narrowly avoided an accident as a result of failed brakes due to the corroded brake lines.
It must be difficult for the Mom and Pop investor to make sense of General Motors' recent earnings announcement and subsequent drop in share price. On Thursday morning, GM reported earnings that were trumpeted as being "impressive" by one major financial TV network. In fact, early in the day, headlines at the network stated that the entire market was being driven higher by strong earnings at GM and Caterpillar. That hyperbole came into question when GM share price dropped about 3% on a day that the broader markets were strong.
Environmentally conscientious, wealthy car enthusiasts are in luck! The much-hyped "D" unveiling came last week as Tesla CEO, Elon Musk, presented what appears to be a very impressive version of its plug-in Model S electric car called the P85D. Boasting 691 horsepower, 687 ft/lb of torque, AWD and a blazing 3.2 second zero to sixty time, the new rich peoples' toy is expected to cost in the neighborhood of $120,000. In fact, the car is so darn impressive that the only obvious question is why in the world do we need to give the affluent purchasers of cars like this a federal tax credit of $7,500 each?