These guys at Government Motors just continue to outdo themselves. Just as Chevy Volt owners are getting over being called idiots by the head of Audi, GM comes up with an ad that lends credence to the accusation. A supposed Volt owner tells how she loves her car because her friends think it looks like a spaceship and it saves a “crapload” of money.
I laid off the original story of the Audi head saying Volts were for idiots. The .001 percenters who bought Volts have a right to spend their money as they see fit and I gave them the benefit of the doubt (given their higher income) that they were as intelligent as the rest of us average folks. The newest GM ad does more to insult Volt owners’ intelligence than the idiots comment. It’s not just the use of the word “crapload;” in fact the words “load” … Read More ➡
The Detroit News reports that Mitt Romney wants a reexamination of the General Motors’ bankruptcy proceedings. Mr. Romney is quoted as stating, “I think it’s important for us to go back and look at what happened and take apart this bankruptcy process. See to what extent the finger of politics was placed on the scales of justice and see if we can’t be more fair to the people involved in this process.” I agree with the sentiment, but I do have to ask, where were the Republicans on this issue over two years ago?
Three years ago I served with a group called the Main Street Bondholders who went to Washington to present the case of individual bondholders who were discriminated against throughout the GM bankruptcy process. Most members were retired senior citizens who were not amongst the top 1% of income earners in the US and relied upon income … Read More ➡
I hate to beat a dead Edsel, but the Chevy Volt story is just too important to let slip away. After last week’s announcement by General Motors that it would be temporarily halting production of the Chevy Volt due to low demand, you would think that the evidence would finally be conclusive that the over-hyped, over-subsidized vehicle is a flop. The response by GM and lack of same from the Obama-loving media is worthy of continued criticism from those of us who have recognized that taxpayers have been bilked out of billions of dollars to produce a car that does practically nothing for the environment or foreign oil dependence while being unwanted by the 99% of consumers that can not afford, nor want the car. In fact, most 1 percenters don’t want the car either.
Americans should closely follow the Chevy Volt saga, as it epitomizes the crony capitalism, deception … Read More ➡
It looks like there is plenty of inventory of Chevy Volts available for those aliens that seemed to be so impressed with the car on Super Bowl Sunday. Unfortunately for General Motors, earthlings do not seem as enamored with President Obama’s favorite vehicle. Despite GM spending millions of dollars during the month to advertise the taxpayer subsidized Volt, only 1,023 sold in February.
The pitiful sales number is not stopping the ridiculous headlines on the web by proponents of the Volt. One reads, “Chevy Volt Sales Sizzle” as others brag about the car outselling the even more dismally selling Nissan Leaf. One shill site stated that the Volt outsold the Leaf by a “massive” margin of 545 units. Given the fact that GM outspent Nissan by millions of dollars on ads, we can guesstimate the added advertising cost per additional vehicle sold at about $10,000. In addition to the ad … Read More ➡
There has been much written and said about the operating costs of the Chevy Volt. Proponents and critics have both been a bit deceptive on claims about just how much the Volt can save or cost you by mostly running on an electric charge before switching to gas. Snopes.com gives a fairly accurate picture of the true fuel savings in a recent analysis.
First, it is important to recognize that true operating cost consists of depreciation, insurance and maintenance as well as energy consumption. The high cost of the Volt puts it at an immediate disadvantage to conventionally powered vehicles. Even after federal and state tax giveaways, the vehicle costs about $15,000 more than comparable gas-powered cars. It is unlikely that the car will hold much of its value considering that improvements should be made in alternate vehicle technology (thus making the Volt obsolete within years) and the battery is … Read More ➡
I discovered an interesting fact while reviewing the 2011 IRS form 8936 used for the $7500 EV tax credit. While under most circumstances it is the wealthy purchasers of Chevy Volts and other high priced plug-in vehicles that get the taxpayer-funded handout, it appears that General Motors’ dealerships that sell the vehicles to government entities are benefiting by being able to claim the credits. These dealers are able to double-dip into the seemingly endless pool of taxpayer funds designated for cronies of the Obama Administration under the guise of green initiatives. Not only do taxpayers pay for Chevy Volts purchased by various government “units,” the sellers can claim the credits which were designed to help individuals be able to afford the costly vehicles.
The instructions for form 8936 state, “If you are the seller of a qualified plug-in electric drive motor vehicle to a tax-exempt organization, governmental unit, or a … Read More ➡
Last week, Greencarreports.com reported that crony corporation, General Electric, will be purchasing only Chevy Volts for employee use. The move will help General Motors proclaim that the Volt is a success (and help ensure that GE sells more charging stations) as thousands of orders for the vehicle hit the books, conveniently timed to coincide with the run up to the 2012 presidential election.
The Volt has not caught on with the majority of consumers as the benefits of traveling 20 to 45 miles on an electric charge before getting about 30 miles per gallon on premium fuel do not outweigh the cost of over $40,000. The wealthy purchasers who have been able to afford the car defend the vehicle and proclaim it to be a technological wonder.
GM has had various unsubstantiated excuses for the low sales of the Volt ranging from lack of supply to a right wing conspiracy … Read More ➡
General Motors reported year end earnings figures today. The company made about $9 billion dollars in 2011. How much of its “fair share” is GM paying in taxes? Zero. In fact, from GM’s financial report, they actually received a “benefit” of $110 million for the year. The UAW benefited as well, as they are set to receive $7,000 per worker in profit sharing bonuses.
The sweet tax deal GM receives was set up by the Obama Administration as the company was granted a multi-billion dollar tax credit for loss carry-overs when they exited their bankruptcy proceeding. Normally, the company would not have received the tax credit but the bankruptcy process was anything but normal. Creditors were put in the back of the line to protect UAW interests and tax code was changed so that GM could profit for years without paying its fair share in taxes. President Obama now campaigns … Read More ➡
In the words of Yogi Berra, it looks like déjà vu all over again as General Motors plans to “relaunch” the Chevy Volt. Just in case you missed the first rollout that saw certain financial news networks dedicate loads of airtime to help GM build the hype surrounding a vehicle that was to be a savior for GM as support was garnered for a taxpayer bailout and subsequent IPO, we now get a second take on the failed first production.
Many of the same cast will appear as cronies at Motor Trend will be cited for giving the Volt Car of the Year award. If there was any question that Motor Trend is in the tank for GM and the Volt, just look at their report on January Volt sales where they stated, “As for the most improved models, there were some interesting inclusions: the best model was the … Read More ➡
It is mostly unanimous that Clint Eastwood’s Super Bowl ad appearance was a stirring and emotional tribute to America and Detroit. The ad was heartfelt, despite the fact that bailed out Italian-owned auto company, Chrysler, paid for it. Unless NBC offered some significant discounts to their ad rates, the ad cost Chrysler about $14 million. Considering the political nature of the ad and the fact that Chrysler vehicles were not touted in the ad, I must ask the cynical question; what’s in it for Italian-owned Chrysler?
Chrysler CEO, Sergio Marchionne, is a pretty smart guy. I don’t think he would cavalierly spend $14 million just to pay tribute to America and Detroit. An article in Businessweek touches on one possible ulterior motive when it states, “Chrysler continues to seek low-interest loans from the U.S. Energy Department to develop and produce fuel-efficient cars. The company sought $3.5 billion in such loans … Read More ➡