After a Botched EV Push, General Motors Is in Deep Trouble

Auto Evolution ^ | 3/10/23 | Christian Agatie

[CFW]

I once believed that GM had everything needed for a successful EV program. The Detroit carmaker invested billions in overhauling its factories and building new ones. Its EV plans looked rock solid, with more than a dozen EV models planned, some in the mass-market segments. GM even started partnerships with battery makers and raw material suppliers to ensure it has everything in place for a successful execution of its EV plan.

I smiled when Mary Barra vowed to surpass Tesla by 2025, although I thought if anyone were to challenge the EV leader, it would be GM. With all the resources, all the money, and all the factories, GM had a shot at being an important player in the EV arena, even without selling more EVs than Tesla. GM proved me wrong despite all this, with a disappointing EV production in 2022 and no sign of improvement in 2023.

[rktman]

Awwwww. And they’re wanting to dump 650 million into a lithium mine in NV. Hope they lose a bunch more.

[Gunslingr3]

Is production of only 1,000 vehicles in a year for an EV model low for a type of automobile which is supposed to be in big demand? So, are EVs really not in that much of a demand by the general population?

You misunderstand. GM has standing orders for over 200,000 EVs, they're just having trouble manufacturing them, so they're unable to cash in. It's a corporate execution failure, not lack of demand.

[OKSooner]

Fascism, one seems to recall having read the definition, at some time.

[j.havenfarm]

Yeah they had every tool they needed to succeed in EV, except a good reason to do it in the first place

[Renfrew]

Are you just sore you didn’t invest in Tesla when it’s shares were going for $10?

[Bullish]

GM has been in “deep trouble” for decades. The unions destroyed them.

[Hambone 1934]

General Motors and the shareholder wipeout was a test run for the dems on how to destroy investments...Now,ESG becomes all encompassing and everyones investments will be hurt by it.....

[equaviator]

For a while there she was “too cute to fail” but look at her now. /s

[volunbeer]

Yes, but the market cap for EV’s (i.e. - those who desire them) is much smaller than that for ICE vehicles. Putting all your eggs into one basket (especially a new one) is a big problem (see Chevy Bolt recalls).

I am more an “all of the above” person and let the consumer decide but I will say that ANY person in our government who promotes this technology for our military should never have anything to do with our governance again. There is stupid and there is dangerously stupid. Putting children on electric buses made by a company with no real history of EV production is not only stupid, its dangerous.

Imagine your young child on a bus that fails like this (thankfully driver got everyone off this bus) on some rural road or a bridge....... what could go wrong?

https://www.youtube.com/watch?v=5r-yN8SugWM

[dznutz]

This is the result when government controls industry. Enjoy your socialism Government Motors.

[Colo9250]

Wait, the E-vette will get them out of the hole.

[chrisser]

I’m not all that impressed with these “reservations” numbers.

Firstly, they’re not orders, they’re just slots on a list. I imagine any deposit is dwarfed by the cost of these vehicles.

Secondly, even if they were orders, some people are going to be underwhelmed by the vehicle or overwhelmed by the final price. Or God help them if they want to finance a 100k vehicle. Good luck with that.

Thirdly, GM generally produces half a million annually just in Silverados. If you add the F150 that’s like 1.4 million vehicles in that one segment. Against that, 300k reservations that might result in 100k that actually take delivery for two new models is basically a rounding error in comparison. They’re going to have to sell multiple times those numbers of reservations over multiple years to pay back the development and assembly line costs, and that’s assuming they can sell them at prices high enough to cover their production costs.

Color me skeptical.

[Man from Oz]

Yea, I have been holding my breath for the past 18 mos. After listening about the SVB banking implosion, I pulled the trigger on buying $10,000 dollars worth of silver this morning.

MFO

[griswold3]

2 days agoFord is recalling 2018 electric F-150 Lightning pickups that the company has identified as potentially having a battery cell defect that caused a truck to catch fire last month
Skeptical about the reliability of products.

[NWFree]

If they don’t deliver my ice they’ll never get my money.

I’ll go to Ford if I have to

Been waiting many months for a car that’s supposed to be built

Part constraints or something - who really knows. It’s probably because they moved too much over to battery crap. They won’t get a dime from me for anything battery related

[dynachrome]

"The Detroit carmaker invested wasted billions"

[duckman]

“Wait, the E-vette will get them out of the hole.”
Can’t understand why anyone would want a ‘quiet’, noiseless vette or a quite motorcycle. IMO it defeats the purpose. Just sayin.

[Secret Agent Man]

Thanks Mary, you’re doing well destroying GM

[devane617]

I am seeing a big banking issue coming this week. SVB is just the tip of the GREEN iceberg of banking that has jumped on the GREEN bandwagon and are now failing.

[gibsonguy]

Unless there is no choice