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General Motors today reported a Q2 loss large enough – it rounds to One Billion Dollars – to send it back toward bankruptcy if the Covid-19 plague continues unabated as it is predictably doing under the current national mis-administration.
However, GM after its previous bankruptcy is in a stronger position – financially, and with a wiser, faster acting management team – than it was when Wall Street speculation sent global markets plummeting in 2008-2009. The deep Great Recession that ensued was turned around by the Obama Administration, but the non-protected classes in lower income and racially harassed and immigrant populations never really recovered. Do we really want to watch that horror movie sequel? Continue reading
Lordstown and Lithium. A New GM Constellation is Rising
The first steel goes up during construction at the new Ultium battery cell manufacturing facility in Lordstown, Ohio. Ultium Cells, a General Motors joint venture with LG Chem, will mass-produce battery cells for electric vehicles. Click to Enlarge.
General Motors says that workers are now hanging steel at the all-new Ultium battery cell manufacturing facility in Lordstown, Ohio. Ultium Cells is a joint venture with LG Chem that will mass-produce Ultium battery cells for electric vehicles and create more than 1,100 new jobs in Northeast Ohio. Since May 2020, ground has been broken and concrete footings have been poured at the facility. Steel construction at Ultium Cells will continue into fall 2020. (Don’t Hold Your Breathe Waiting for the New Hummer EV)
Back in March GM revealed a third-generation global EV platform powered by proprietary “Ultium” batteries. GM claimed it will allow the company to compete for almost every customer in the market today, whether they are looking for affordable transportation, a luxury experience, work trucks or a high-performance machine. A space that is largely occupied by Tesla, which caught all global automakers napping. Covid 19 has complicated launch plans across the industry and timing on such projects is unstable. Continue reading →