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 ...
So is Ohms Law!........
“auto industry executives admitted this week that their ambitious electric vehicle plans are in jeopardy”
They shouldn’t have engaged in these plans to begin with. They can’t say they weren’t warned that this was foolhardy.
Fire the CEO’s who bought in on it. They are worthless and guessed wrong, and wrecked their companies.
Getting Dylan Mulvaney to appear in some ads could probably help increase sales, don’tcha think?
Gotta shut up the climate folks who say its our fault rather than mother nature at work.
It’s not supposed to be feasible. It’s supposed to contribute to the bankruptcy of the country and the enslavement of the public.
Follow the Japanese model making decent little ICE cars in the 20k range that are thrown away after 5 or 6 years. Little $300 per month payments.
This Luxury crap is nonsense.
“...at least in the near term...”
Eh-eh...all term.
Woke politics invaded business through human resource departments, legal, and board rooms...and businesses are learning that they have no place in business.
It's the Bud Light Effect.
Typical leftists with their pie in the sky ideas which are always poorly thought out. They always seem to think they can put the cart before the horse and the horse will push.
Morons!
Wait until the stocks are shorted..Talk about a bloodbath.....
Woke C-Suite clowns who have swallowed the Marxist “climate change” hoax and embraced CRT/DIE/ESG flapdoodle. Not just empty suits, but empty suits chock full of horse excrement.
Auto executives: EVs just aren’t working.
Biden: I’ll up the subsidies to $35,000 per vehicle.
Auto executives: EVs sure are swell!
Market saturation?
Dear customer! Are you tired of your two car garage? Do want to file an insurance claim and build a 3 car garage? Sure you do. Buy our EV and let it sit in your garage while charging and we guarantee within 6 months it will burn your garage down. Just make sure the rest of the house is secured and be on guard. If you fall asleep, the whole house may catch on fire! We don’t want that to happen with you in it, do we? Of course not.
They would be better off investing in breeding horses and building carriages and wagons.
Congress should repeal the Second Law of Thermodynamics. That’s what we pay the lazy bass turds for anyway.
They aren’t supposed to work, they are supposed to make the costs of personal transportation too high for the average person, and hasten the arrival of “15-Minute Cities”.
The Chinese are really behind this push as they are fully vested in the crap mobiles and want to dump their battery powered shitty cars on the world and us primarily.
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