this post was submitted on 16 Jun 2024
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[Dormant] Electric Vehicles

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GM had $6 billion to spend on next-gen EVs, chose stock buybacks | opinion (electrek.co)
submitted 5 months ago by threelonmusketeers@sh.itjust.works to c/evs@lemmy.world
15 comments fedilink hide all child comments
 

Someone ought to make a clown applying makeup on how GM is handling the transition to EVs...

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[–] A_Random_Idiot@lemmy.world 56 points 5 months ago (1 children)

regular reminder that stock buybacks were, at one point in time, practically (but not literally) illegal because it was considered stock manipulation and anyone that did it would have the heavy hand of government come down on them and start going for a probin.

And, like seemingly everything else bad in the country, Stock buybacks were deregulated under Reagan leading to today.

[–] RunawayFixer@lemmy.world 18 points 5 months ago

I'm tacking on this opinion article from 2020 with a few good examples/explanations of how bad stock buybacks are in the long term.

https://www.forbes.com/sites/petergeorgescu/2020/05/13/stock-buybacks-are-banned-let-it-be-a-trend/

Boeing and general electric are of course mentioned. The line goes up, until it doesn't. The key to being a successful CEO, seems to be, to be the one making the line go up and then gtfo before it comes crashing down.

[–] Hello_there@fedia.io 36 points 5 months ago

How bout 56B to Elon 'give me my money or I'm taking my ball and going home' musk

[–] Blackout@kbin.run 23 points 5 months ago* (last edited 5 months ago)

"we don't have money for raises. You see we took that profit you helped us make and gave it back to ourselves. Good luck" - CEO Mary Barra

[–] j4k3@lemmy.world 20 points 5 months ago

Uhhh China! They invested in technology when we were too corrupt and stupid to take them serious. Now we pull McCarthy bullshit to whine about it. Xi said they were going to invest in the technology in 2014. It is not government subsidies, it is research and development of new technologies. China is better at it because we put no effort into it. The US auto industry has always been a shit show of back patting fools in their own bubble while building absolute garbage. That is why Japanese cars dominate, next will be China.

[–] IamRoot@sh.itjust.works 16 points 5 months ago

You mean the car company that the tax payers were forced to bail out? That GM?

[–] JayTreeman@fedia.io 11 points 5 months ago

Why would they? They'll just get bailed out again like they do every 20-30 years.

[–] Beaver@lemmy.ca 5 points 5 months ago

Up the pressure Joe Biden. Make them pay for languishing on our future.

[–] uebquauntbez@lemmy.world 3 points 5 months ago

old industry!1!!