this post was submitted on 14 Jun 2024
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Automotive Industry

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GM had $6 billion to spend on EVs, chose stock buybacks (electrek.co)
submitted 4 months ago by sabreW4K3@lazysoci.al to c/automotive@discuss.tchncs.de
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[–] OpticalMoose@discuss.tchncs.de 37 points 4 months ago (2 children)

Fun fact: The US Gov't never broke even on that bailout https://www.nbcnews.com/businessmain/u-s-exits-gm-stake-taxpayers-lose-10-5-billion-2D11716261

[–] BearOfaTime@lemm.ee 19 points 4 months ago* (last edited 4 months ago)

Of course not.

Just like Cash for Clunkers only lined the pockets of auto manufacturers.

You can't make more of something and somehow reduce energy and materials consumption.

[–] TachyonTele@lemm.ee 6 points 4 months ago (2 children)

Was it supposed to? The government isn't a company.

[–] nehal3m@sh.itjust.works 6 points 4 months ago

Exactly so they shouldn’t have bailed anyone out in the first place.

[–] PunnyName@lemmy.world 0 points 4 months ago

Um. Always has been [a business].

[–] ChowJeeBai@lemmy.world 13 points 4 months ago

Also gm: we can't compete with china! U gives us subsidies and tariffs!

[–] homesweethomeMrL@lemmy.world 12 points 4 months ago

Who killed the electric car?

Oh. Oh, right.

[–] 3volver@lemmy.world 9 points 4 months ago

Meanwhile Biden put 100% tariffs on Chinese EVs entering the US. No wonder the US is losing to China.

[–] mihnt@lemmy.ca 8 points 4 months ago (1 children)

FUCK THE BIG 3

[–] sabreW4K3@lazysoci.al 1 points 4 months ago (1 children)

Kendrick?

[–] mihnt@lemmy.ca 1 points 4 months ago (1 children)

huh?

[–] sabreW4K3@lazysoci.al 1 points 4 months ago

It's a Hip-Hop joke in reference to Kendrick Lamar saying "fuck the big three, it's just big me" and starting the feud with Drake earlier this year.

[–] Assman@sh.itjust.works 6 points 4 months ago

The auto industry is a racket

[–] workerONE@lemmy.world 6 points 4 months ago* (last edited 4 months ago)

EV motors are simple and cheap to develop. The cost is in designing new cars, but the motors are cheap to develop.