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GENERAL MOTORS introduced America to the Chevrolet Volt at the 2007 Detroit Auto Show as a low-slung concept car that would someday be the future of motorized transportation. It would go 40 miles on battery power alone, promised G.M., after which it would create its own electricity with a gas engine. Three and a half years — and one government-assisted bankruptcy later — G.M. is bringing a Volt to market that makes good on those two promises. The problem is, well, everything else.
In the industry, some suspect that G.M. and the Obama administration decided against selling the Volt at a loss because they want the company to appear profitable before its long-awaited initial stock offering, which is likely to take place next month. For taxpayers, that approach might have made sense if the government planned on selling its entire 61 percent stake in G.M. But the administration has said it will sell only enough equity in the public offering to relinquish its controlling stake in G.M. Thus the government will remain exposed to the company’s (and the Volt’s) long-term fate.
In truth, the first-generation Volt was as good as written off inside G.M., which decided to cut its 2011 production volume to a mere 10,000 units rather than the initial plan for 60,000.
Quantifying just how much taxpayer money will have been wasted on the hastily developed Volt is no easy feat. Start with the $50 billion bailout (without which none of this would have been necessary), add $240 million in Energy Department grants doled out to G.M. last summer, $150 million in federal money to the Volt’s Korean battery supplier, up to $1.5 billion in tax breaks for purchasers and other consumer incentives, and some significant portion of the $14 billion loan G.M. got in 2008 for “retooling” its plants, and you’ve got some idea of how much taxpayer cash is built into every Volt.
Roam the state of Michigan, and you will hear the same insistent optimism:
The Volt is crucial. So much depends on this car. It cannot fail.
"The Volt," he says, "is going to be the most watched production in the history of autos."
In short, the Volt appears to be exactly the kind of green-at-all-costs car that some opponents of the bailout feared the government might order G.M. to build. Unfortunately for this theory, G.M. was already committed to the Volt when it entered bankruptcy. And though President Obama’s task force reported in 2009 that the Volt “will likely be too expensive to be commercially successful in the short term,” it didn’t cancel the project.
General Motors has officially added a 13th seat to its board of directors just for Cynthia A. Telles. If you live in the greater L.A. area, there's a good chance that name sounds familiar. She spent a lengthy 13 years as a Los Angeles commissioner, and has background steeped in ethics and equality.
Telles has her Ph.D. in Clinical Psychology from Boston University, and currently serves as the director of the UCLA Neuropsychiatric Institute Spanish-Speaking Psychosocial Clinic.
They claim to have invented a new ultracapacitor power system that would replace current battery technologies and hopefully turn the automobile industry on its head. Based on current claims, a three to five minute charge should give the capacitor sufficient energy to drive a small car 300 miles (480 km)
And I offer yet another example of how government interference in pure capitalsim kills the effectiveness of the system.
the Trabant is often cited as an example of the disadvantages of centralized planning; on the other hand, it is regarded with derisive affection as a symbol of the failed former East Germany and of the fall of communism (in former West Germany, as many East Germans streamed into West Berlin and West Germany in their Trabants after the opening of the Berlin Wall in 1989). It was in production without any significant changes for nearly 30 years with 3,096,099 Trabants produced in total.