Todays events relating to GM are overall positive, I guess. But wow, going into bankruptcy requires another $30B? It seems we’ve just transferred the losses from the investors to the taxpayers, which is a bit infuriating.
It seemed obvious 8 months ago, when all the bailouts started, that GM would end up in bankruptcy no matter how much money they were given. Their problem wasn’t a shortage of cash, it was a broken business model.
The one bright point is this means the Chevy Volt should definitely see production. I think it’s the most impressive concept in electric vehicles to date. Pure electrics are still plagued by short range (which is great for in-city commuting, but not as a primary vehicle). The Volt is driven entirely by the electric motors, but it also has a small gas-powered engine that can kick in when the batteries are drained to run an alternator for electricity. If it weren’t a GM it would be high on my list, although actually if it gets really great reviews it would still be worth consideration.