So far American taxpayers have been forced – through stimulus loan guarantees from the Department of Energy – to “invest” $1.4 billion in a Japanese car company to build an unproven, impractical, expensive vehicle at a Tennessee power plant.
And now it can’t stand the heat.
Nissan has been dealing with complaints from owners of its Leaf electric car who reside in hot-weather states like Arizona, who say their vehicles have lost range capacity.
“When I first purchased the vehicle, I could drive to and from work on a single charge, approximately 90 miles round trip,” said one Phoenix-area Leaf owner to CBS television affiliate KPHO. Now, “I can drive approximately 44 miles on this without having to stop and charge.”
The usefulness of an electric car that costs at least twice the equivalent gas-powered vehicle, at a 90-mile range, that requires hours to fully recharge, is dubious … Read More ➡
A week and a half ago cash-poor A123 Systems, recipient of $279 million-plus in federal money and millions more from the State of Michigan, announced it would access $39 million via a stock sale to institutional investors and the release of other cash after meeting requirements related to its existing reserves.
It has been downhill ever since – all the way down to its all-time low of 75 cents per share price Tuesday (and 69 cents Thursday morning). It may be too much for even these masters of the press release cycle to overcome by creating good news out of thin air.
A123 is in the throes of a deathwatch. Occasionally its leadership has goosed its stock price by telling the media about real-or-phantom positive developments – like new contracts with automakers, new developments in China and India, or a technological breakthrough – but every time the … Read More ➡
General Motors has announced that Vice Chairman, Steve Girsky, will be taking over its European Operations. According to one article, “Several trade union bodies are broadly welcoming the appointment of Steve Girsky.” That makes sense, as Mr. Girsky was appointed by the UAW to serve on GM’s board.
Mr. Girsky’s past experience centers on Wall Street, where he spent 20 years, mostly at Morgan Stanley. According to cmaturbo.com, “Girsky earned the UAW’s trust during his analyst days, when he often presented to the union his unvarnished take on the deteriorating financial health of the Detroit 3 and suppliers, sometimes at no charge. In 2009, when the UAW retiree benefit trust got an equity stake in GM as part of the federal bailout, then-UAW President Ron Gettelfinger picked Girsky as the trust’s representative on GM’s board.”
GM’s continually struggling European operations remain as one of the anchors around its neck. … Read More ➡
General Motors has announced a 60 day money back guarantee policy for all new Chevy models, including the Chevy Volt. The move sets up a scenario where purchasers can buy a Volt, claim the $7,500 federal tax credit (and most likely state credits) and return the vehicle for a refund within 60 days. Did GM really not consider this glitch, or is this just another way for Government Motors to prop up politically important Volt sales leading up to November elections?
IRS tax form 8936, for plug-in motor vehicle credit, does not have any minimum time requirement for buyers to own their qualified vehicles. The vehicle only has to be new and purchased during the tax year being claimed. Buyers of Volts will have documentation and VIN numbers for qualifying vehicles. The 60 day return policy lays the groundwork for a very easy way to scam the IRS out … Read More ➡
Just how uninformed does President Obama think that American voters are? Judging from the misrepresentations coming out of the Obama camp regarding the General Motors’ bankruptcy process, it would appear that the Administration believes it can get away with rewriting history as the President continues to imply that GM never even went bankrupt. The obviously false implication continues to go unquestioned by mainstream media.
Realclearpolitics.com quotes Obama as saying during an Ohio campaign tour, “When the American auto industry was on the brink of collapse, more than 1 million jobs were on the line. Gov. Romney said we should just let Detroit go bankrupt. I refused to turn my back on communities like this one. I was betting on the American worker . . . and three years later, the American auto industry has come roaring back.”
This is not the first time that Democrats and members of the left … Read More ➡
We’ve heard this story before.
Much like taxpayer-backed Abound Solar – which just revealed it would declare bankruptcy – General Electric announced last week it would suspend construction of a solar panel manufacturing plant in Colorado. The excuse given was that GE plans to focus on research and development to improve the technology and efficiency of the panels it wants to produce.
“With the re-focus on technology, we’re sizing our team accordingly and really focusing our people on the technology side as we take this pause in the manufacturing build-out,” said Lindsay Theile, communications leader for GE’s renewable energy business, to the Web site Recharge.
That’s what officials at Abound said in February when the company – also based in the Centennial State – lopped off 70 percent of its employees while it allegedly performed upgrades to its plant to manufacture more efficient solar panels. That move followed an … Read More ➡
NLPC Chairman Ken Boehm reacted yesterday to the release of a report detailing how members of Congress and their staffs received discounted mortgage loans from Countrywide Financial. Boehm told the Washington Examiner:
“It certainly doesn’t look good when reports come out based on legitimate investigations that show all kinds of special treatment, and not only is there no action, the Ethics Committee doesn’t even take it up,” said Ken Boehm, chairman of the National Legal and Policy Center. “What part of unethical don’t they understand?”
The report by the House Oversight and Government Reform Committee, chaired by Rep. Darrell Issa (R-CA), cited loans to Reps. Edolphus Towns (D-NY), in photo, Buck McKeon (R-CA), Elton Gallegly (R-CA) and former Rep. Tom Campbell (R-CA).
The Countrywide case is the latest instance of inaction by the House Ethics Committee, which is already dragging its feet on investigations of Reps. Maxine Waters (D-CA) … Read More ➡
It looks like General Motors will be throwing everything in but the kitchen sink to help fluff its second quarter earnings numbers. Taxpayers continue to help with the cause as President Obama campaigns on the “success” of GM following the manipulated bankruptcy process that cost taxpayers $50 billion and another $45 billion of tax credits gifted to GM to help protect powerful UAW interests. We now learn that government purchases of GM vehicles rose a whopping 79% in June, year over year.
The discovery of the pick-up in government fleet purchases at the taxpayers’ expense comes just weeks before GM announces its second quarter earnings. Overall fleet sales (which are typically less profitable than retail sales) at Government Motors rose a full 36% for the month, helping to drive decent sales improvements year over year.
GM claimed that sales increases did not rely on incentive spending, which appeared to remain … Read More ➡
The suspicions of Oklahoma Sen. James Inhofe were correct: Rather than sitting before the House Energy and Commerce Committee three weeks ago to explain the ways he “crucified” oil and natural gas companies, instead Al Armendariz – who cancelled his appearance at the last minute – met with the Sierra Club for a job interview.
This time the recently resigned EPA’s Region 6 administrator will eagerly attack another fossil fuel, joining the litigious environmental group as part of its “Beyond Coal” campaign. If there was any question that Armendariz unfairly regulated the gas and oil businesses under his authority in Texas, Oklahoma, Louisiana and other neighboring states, the Sierra Club announcement left no doubt.
“I know how important it is to transition to cleaner sources of energy that don’t pollute the air that our children breathe,” he said, “and I’m proud to be working on a campaign with … Read More ➡
The next time a green energy company announces it is intentionally slowing down for a transition phase, or that a technology breakthrough is just around the corner, or that all that’s needed for future success is just a little more taxpayer “investment” – don’t believe it. It’s likely a lie.
The latest example is Loveland, Colo.-based Abound Solar, which only four months ago laid off 70 percent of its employees in what it said was a plan to upgrade its plant to manufacture more efficient solar panels, with plans to restore production levels and rehire most employees within six to nine months. Yesterday – hidden under the news that the Supreme Court upheld Obamacare – the company released a statement that said it would end operations next week, liquidate, and make unemployed its remaining 125 workers.
The Department of Energy had awarded Abound a $400 million loan guarantee, $70 … Read More ➡