Chevy Volt Car of the Year…

18 Jul

But Obama saved General Motors … and brought us the Volt

“According to multiple GM executives there is little or no profit being made on each Volt at a present cost of around $40,000. Furthermore, the $700 million of development that went into the car has to be recouped.”

“The Treasury still owns 26.5% of GM, or 500 million shares. Taxpayers are still out $26.4 billion in direct aid. Shares would have to hit $53 for the government to break even.” Today GM closed at $20.oo

“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.”

But even that’s not the worst of it – the vast majority of sales were to the Obama administration and their cronies…

Examiner.com

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