Posted on 10/26/2023 3:16:12 PM PDT by thegagline
With signs of growing inventory and slowing sales, auto industry executives admitted this week that their ambitious electric vehicle plans are in jeopardy, at least in the near term.
Several C-Suite leaders at some of the biggest carmakers this week voiced fresh unease about the electric car market's growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Among the surprising hand-wringing is GM's Mary Barra, historically one of the automotive industry's most bullish CEOs on the future of electric vehicles. GM has been an early-mover in the electric car market, selling the Chevrolet Bolt for seven years and making bold claims about a fully electric future for the company long before their competitors got on board.
But this week on GM's third-quarter earnings call, Barra and GM struck a more sober tone. The company announced with its quarterly results that it's abandoning its targets to build 100,000 EVs in the second half or this year and another 400,000 by the first six months of 2024. GM doesn't know anymore when it will hit those targets.
***
While GM's about-face was somewhat of a surprise to investors, the Detroit car company is not alone in this new view of the EV future. Even Tesla's Elon Musk warned on a recent earnings call that economic concerns would lead to waning vehicle demand, even for the long-time EV market leader.
Meanwhile, Mercedes-Benz — which is having to discount its EVs by several thousand dollars just to get them in customers' hands — isn't mincing words about the state of the EV market.
"This is a pretty brutal space," CFO Harald Wilhelm said on an analyst call. "I can hardly imagine the current status quo is fully sustainable for everybody."***
(Excerpt) Read more at businessinsider.com ...
Forced into it...
SNORT.
No, they weren’t forced.
They were BRIBED.
With taxpayer money.
Can't we just agree that there's a whole lot wrong with EVs and the mandates for them. The physics, the safety, the performance, the economics, the morality, even the basic ecology of them.
...finishing the border fence.
60 million trucks are on American roads right now.
(And I swear that they are ALL going slowly in front of ME!)
Is it a hybrid that charges itself?
What a carny trick!
I’ve ridden in those!
They are the elites.
No, they are not. Not even close.
The problem with nonselling Big Three Electrified is Tesla selling electric cars.
Why even consider a GM EV when there is a Tesla?
Tesla
All across America the dealer lots are full of unsold and unsaleable pickups.
I saw a video yesterday that showed the actual countless unsold trucks. One was shown and submitted to math that had a sticker of $100 k plus. when all the various adders were considered the cash committed was $117 k. That calculation included an $8k down payment and at present rates a monthly payment of around $1,500
At the other end was an ordinary work truck that was stickered at $44k.
The UAW targeted truck Plants.
Meanwhile a four door sedan on that same lot (that ford quit making altogether) was stickered at $33K
The combined capitalization of the Big Three is less than Tesla
Disruption is in process
I observe and present a finding. I have no interest in owning a Tesla EV
The Boards are nothing but Elites.
No they won’t and haven’t. Toilets, shower heads. Lightbulbs.. these bastards want total control and the climate BS is the key.
It charges it self through regenerative braking. Not a plug in hybrid, more like a prius. I am liking the 50 mpg.
It charges it self through regenerative braking. Not a plug in hybrid, more like a prius. I am liking the 50 mpg.
There is a market for electric vehicles. That market is small and has been largely satisfied.
Electric vehicles are virtue signaling with too large a price tag for most consumers.
Yep. As others have observed, those for whom they ‘worked’, either from an economic standpoint or as a means to satisfy their desire to virtue signal, have already purchased them. If, as we were lectured, EV’s were so damned amazing, the market would have responded accordingly; they are not, and so the market fizzled. They seem to have a place for some applications, but not as a replacement for internal combusion engined vehicles enjoyed by most. But the globalist ‘elite’ are just fine with that. The sooner they can get us into our walled cities only occasionally zipping around in golf carts while they run the world for us, the better.
It was when ‘covid’ was going full swing that Lotus announced the release of its last ICE-powered vehicles. Made me want to vomit. Talk about losing a brand. Classically small-engined, high-revving, light and nimble racers turned into golf carts is not a good business plan.
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