GM had $6 billion to spend on next-gen EVs, chose stock buybacks | opinion
GM had $6 billion to spend on next-gen EVs, chose stock buybacks | opinion
Despite delays and mounting competition from Ford, Stellantis, and the Chinese, the GM board decided to NOT invest $6 billion in new product.
Someone ought to make a clown applying makeup on how GM is handling the transition to EVs...
regular reminder that stock buybacks were, at one point in time, practically (but not literally) illegal because it was considered stock manipulation and anyone that did it would have the heavy hand of government come down on them and start going for a probin.
And, like seemingly everything else bad in the country, Stock buybacks were deregulated under Reagan leading to today.
I'm tacking on this opinion article from 2020 with a few good examples/explanations of how bad stock buybacks are in the long term.
https://www.forbes.com/sites/petergeorgescu/2020/05/13/stock-buybacks-are-banned-let-it-be-a-trend/
Boeing and general electric are of course mentioned. The line goes up, until it doesn't. The key to being a successful CEO, seems to be, to be the one making the line go up and then gtfo before it comes crashing down.
How bout 56B to Elon 'give me my money or I'm taking my ball and going home' musk
"we don't have money for raises. You see we took that profit you helped us make and gave it back to ourselves. Good luck" - CEO Mary Barra
Uhhh China! They invested in technology when we were too corrupt and stupid to take them serious. Now we pull McCarthy bullshit to whine about it. Xi said they were going to invest in the technology in 2014. It is not government subsidies, it is research and development of new technologies. China is better at it because we put no effort into it. The US auto industry has always been a shit show of back patting fools in their own bubble while building absolute garbage. That is why Japanese cars dominate, next will be China.
You mean the car company that the tax payers were forced to bail out? That GM?
Why would they? They'll just get bailed out again like they do every 20-30 years.
Up the pressure Joe Biden. Make them pay for languishing on our future.
old industry!1!!
EVs aren't exactly flying off the lots. Maybe they were the smart ones?
EVs aren't flying off the lot here in North America because they're still to expensive, maybe spending that money on research would fix that problem since China's found a way to make money off amazing EVs, but no, spending money on shareholders is the American way
Aren't BYD EVs selling quite well?
In the places where you can buy them, yeah. Doesn't include the US.
Because nobody wants 55k pickup EVs with shit range. EV cars in the 20-45k range are selling great.
.
EVs are still too expensive for the features they provide.