Posted on 06/20/2024 10:09:19 AM PDT by SeekAndFind
In just the last twelve months, how many electric vehicle-related corporate financial disasters have there been? I count no fewer than seven, depending on how meticulous you want to be, so let’s do quick rundown of all the E.V. woes, not in any particular order or importance.
💩 First disaster: This is the headliner and hot off the presses, from Stephen Council’s new report at SFGate:
California carmaker Fisker, once worth $2.9 billion, finally goes belly-up
Fisker, an electric vehicle company based in Southern California, has finally declared bankruptcy.
After months of brutal news — a bankruptcy warning, hundreds of layoffs, a massive recall— the La Palma carmaker filed for Chapter 11 protection on Monday. The company, which had already paused the manufacturing of its electric Ocean SUV, will now try to sell its assets.
💩 Second disaster: Lordstown Motors filed for bankruptcy in June last year:
Lordstown Motors, the troubled electric pickup truck company that bought a shuttered General Motors factory in Ohio, filed for bankruptcy protection on Tuesday.
After restructuring, the company reemerged as Nu Ride Inc. in March of this year.
💩 Third disaster: In October of 2023, a Cruise robotaxi struck and drug a pedestrian in San Francisco. In the litigious wake that followed, Cruise grounded its fleet nationwide, lost its CEO Kyle Vogt after he resigned, fired nine other executives and slashed around 25% of its workforce, paid between $8 million and $12 million to the pedestrian in a settlement, agreed to return billions of dollars to shareholders, and faced $1.5 million in fines from the state of California. Last week, parent company GM injected $850 million into Cruise to keep it “afloat”
(Excerpt) Read more at americanthinker.com ...
There ought to be a crawl on CNN.
Also, the (what used to be ) great car rental company, HERTZ.
Remember this?
https://finance.yahoo.com/news/hertz-loses-another-200-million-from-its-evs-172735716.html#
[EXCERPT]
The company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today’s charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit.
…......
For the quarter, Hertz reported an adjusted loss of $1.28 a share, wider than the $0.44 loss analysts were expecting. Hertz reported an adjusted net income loss of $392 million, more than double the $147 million loss expected.
How Dare You!
See here:
https://finance.yahoo.com/news/heres-staggering-amount-money-ford-140300424.html
Ford Kills Key EV Program
First introduced in September 2022, the program mandated significant investment for dealers to become ‘EV Certified.’ The investment covered the cost of DC fast-chargers and staff training. However, Ford’s initial optimistic EV sales forecasts did not materialize as expected. The growth in the EV market has slowed since 2022, with demand not meeting the projections.
Sales “did not materialize as expected” they say? Au contraire; sales materialized exactly as anyone with a brain and objective perspective anticipated.EXACTLY right!
The whole idea that you can rebuild the entire energy and transportation infrastructures from scratch in a few years is preposterous. It took almost 150 years of tough engineering work to evolve to where we are today. A few government whiz kids with no real-world experience are NOT going to will into existence "green" energy and EVs just to satisfy the mythical "climate crisis" and overnight replace what was built over 150 years.
But no corporate CEOs dare buck this and tell the government "You are wrong. It will not work."
(Some of you may recognize "whiz kids." It was a name given to a group of experts from RAND Corporation with which Robert McNamara surrounded himself in order to turn around the management of the United States Department of Defense (DoD) in the 1960s. It worked out real well.)
Butt, butt, butt..........
Are these the “bankruptcies” in which the debtor no longer has to pay back money owed but continues to stay in business?
One restaurant chain near me has been in that situation for a number of years. I think Rite Aid, too.
How do you go bankrupt with all the government subsidies, mandates and propaganda helping you? Could there be a problem with your product?
The answer as to why is in "Nineteen Eighty Four ".
The price for becoming the CEOs of a public multinational is unswerving support of the globalist elites no matter how much they contradict themselves or change policies.
Any deviance from the global groupthink will result in their dismissal.
Most American CEOs primary mission is to manage the decline of their company as operations are moved to third world countries.
“no matter how much they contradict themselves or change policies.”
“We’ve always been at war with East Asia.”
Failed to stay in their lane. Good scissors.
Yep, it is pure “corporatism.”
Someone had said of Fisker that it’s “Solyndra on wheels”.
Collectivism doesn’t take into account consumer demand.
You will buy an electric car, comrade.
It’s no wonder that they went bacnkrupt. Their cars like they were modeled after deep sea bottom dwelling fish.
I liked the karma, one of my co-workers had one when they were new.
It was better looking than any of the Ferrari or audi/bmws
certainly better than the unimogs.
Today at a different place one has a newish Ocean. I told him he was driving a boat and the ocean is where all his money would go, like a black hole.
I hope he has Gap insurance, but my auto insurance without all that stuff just went up 78% for no reason and I don’t need an Ocean boat anchor to drag it down more.
Honestly at an average of just about 30k I might be tempted to buy a few and sell the parts for huge markups. I mean if you cannot get a front fender, or a door, or a tailgate you have to total the car. So as an ins company you will pay for these things.
I bet the battery, power control unit and motors will be worth $$$$$ if someone needs them to keep their suv boating
When Fisker first went into the car business, their cars were exquisitely beautiful. You could have sworn that the body panels were hand-made by (the late) Sergio Scaglietti, Ferrari’s legendary English wheel man.
Anything you make after that that doesn’t look like Michelangelo carved it out of Carrara marble is a let-down.
Why can’t someone just come out & admit the EVs are generally a big flop? Taking years to realize this just prolongs the agony ... & expense.
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