Comment by testing22321

Comment by testing22321 14 hours ago

The US automakers lost the plot a long time ago, and have just been sucking out money without innovation or improvement since.

When California and the EPA tried to legislate lower emissions 9 years into the future, the US automakers sued to block saying it was impossible. Japanese automakers were already selling vehicles that met those standards.

When they badly, badly screw up, they just get bailed out with public funds and then go on to pay execs tens of millions of dollars a year and fat bonuses. Guaranteed profits no matter what made them lazy and uncompetitive.

They’re all dying

Animats 8 hours ago

GM and Chrysler went bankrupt and were partially bailed out, the CEOs were replaced and the Government took a stake in the companies, which eventually paid off.

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yellowapple 13 hours ago

> When they badly, badly screw up, they just get bailed out with public funds

When this happens, I think it's only fair that the bailed-out company becomes publicly owned. If I'm forced to invest in a company with my tax dollars, then I damn well better be treated as an investor. Where are my shares? Where are my dividends?

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directevolve 11 hours ago

When the USG bailed out banks via TARP during the 2008 financial crisis, it did so by buying shares in those companies. It later sold those shares for a $30.5 billion profit.

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EasyMark 10 hours ago

If GMC had been “publically owned” it would have been gutted for profits (kickbacks) by its bureaucracy and politicians and been long dead by at least a decade. Bureaucrats are not good at running companies and private companies should not be providing public services (prisons, toll roads). I don't know why Americans have become so unpragmatic and either all in on “government doing everything” or “private corps doing everything” when life is never ever that simple.

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ajmurmann 10 hours ago

There also is the chicken tax which has been protecting US automakers in the pickup truck space which has lead to then leaning much more into that. Together with absurd CAFE rules that benefit huge cars and more beneficial tax write-off rules for vehicles over 3.5t regulation has lead to US automakers focusing on cars that are absurd by international standards.

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