Remember when the Chevy Volt was going to have only an electric engine?
Turns out, the Volt is merely GM’s version of a hybrid, though the state-capitalist organization protests that entirely accurate label. Accepting it would speak volumes both to the epic failures of General Motors and to the host of problems with the effort to preserve cars-first transportation by eventually converting vehicles to all-electric fueling.
The Volt will go “up to” 40 miles before its gas engine takes over, “though aggressive driving, along with extensive use of air conditioning, heat or headlights will lower that number.” Price? $40,000.
The state-capitalist firm General Motors has been running a marketing campaign with the tagline “Everyone Deserves Excellence.” A standard piece of product differentiation, the campaign is designed to promote the false notion that GM is doing something new in making and pushing wildly expensive petroleum-guzzling death machines. It is not, of course.
But now the other shoe is dropping. Turns out the new tagline is also a set-up for this:
NEW YORK (Reuters) — General Motors Co. is in talks with JPMorgan Chase and Wells Fargo on deals aimed at providing improved access to consumers for auto loans at its U.S. dealerships.
The negotiations with JPMorgan and Wells Fargo are intended to broaden the availability of auto financing — particularly to subprime borrowers and for leases. Such a move would remove a potential investor concern around GM ahead of a planned initial public offering, according to the sources.
So, the “excellence” that even the “subprime” deserve turns out to be yet another high-interest loan on a lemon product.
And the atrocious Obama Administration is performing its unwavering role. Saying it knows it “can’t win every fight,”* it will accede to exempting car dealerships from the purview of the Potemkin Village it is now setting up to provide the illusion of “consumer protection.”
This overclass has nothing left but bubbles.
*Translation: “We don’t actually fight any fights.”
From Automotive News:
Chevy aimed to stick with its Americana theme through playing off the last line of the Pledge of Allegiance: “With liberty and justice for all,” one of the sources said.
US car crash deaths, 2009: 33,963
US annual expenditures on automobiles, gas, repair, parking, insurance, and roads: >$1 trillion (my calculations from government and insurance industry data, see Courting Carmageddon, my forthcoming book)
Total outstanding U.S. automotive loan debt: $1 trillion (sources: here minus here)
“I thought what was good for the country was good for General Motors and vice versa.” Charles E. Wilson, GM President