GM Stock Value Drops 9 Percent During Week Of February 21 – February 24, 20234
The value of GM stock decreased during the week of February 21st to February 24th, 2023, compared to the stock’s closing value the week prior. Shares closed the week at $39.18 per share, representing a decrease of $3.99 per share, or 9.24 percent compared to the previous week’s closing value of $43.17. Note that markets were closed Monday, February 20th in observance of Presidents Day.
Movement And Range
By comparison, shares of GM’s crosstown rival, Ford Motor Company, decreased 7.84 percent, or $1.01 per share, during the same timeframe.
GM Stock Factors
GM stock value was down this week after a jump in value last week and stable performance the week prior.
The biggest factors affecting GM stock value this week included the announcement of a production stoppage at GM’s Fort Wayne production plant in Indiana. The Fort Wayne facility produces the Chevy Silverado and GMC Sierra pickup trucks, two of GM’s big profit drivers. GM also announced that the GM St. Catharines plant in Canada will build GM Ultium drive motors, while GM Defense has announced a partnership with the UAE. Finally, GM states that the spread of COVID-19 in China may affect its Q1 2023 results.
GM Stock Value Macro Factors – Strategy
General Motors continues to drive towards the mass adoption of all-electric vehicles, laying out its ambitious global future growth strategy last the summer and reaffirming its commitment to deploying zero-emission and autonomous technologies around the world. GM also previously announced several major investments, including a massive $7 billion for its Michigan-based production facilities that includes $4 billion to convert the Orion Township plant for production of the new Chevy Silverado EV and Sierra EV, $2.5 billion for a third Ultium Cells battery plant, and a further $500 million to support production of the next-generation Chevy Traverse and Buick Enclave. The $7 billion investment is the largest single investment in GM history, and prompted responses from the White House, among other groups. GM is now shooting for EV production capacity greater than 1 million units, although the automaker does not expect EV production to ramp up until later in the year.
The automaker recently announced that construction of a new cathode production facility under the Ultium CAM joint venture (GM-Posco Chemical) is now underway in Canada. Further investments include $45M for Bedford Castings Operations in Indiana for the production of EV components, as announced in November 2022. GM also previously announced a $491M investment at its Marion, Indiana Metal Center for EV component production, a fourth Ultium Cells battery plant, and a third EV truck plant, plus a $760 million investment for its Toledo Propulsion plant to produce EV drive units. Most recently, GM announced $6.5 million for Michigan Processing Centers and $14 million for Memphis Parts Distribution.
GM also announced a new round of investments totaling $918 million benefitting four GM’s U.S.-based production facilities, including $579 million for the GM Flint Engine plant in Michigan, $216 million for the GM Bay City GPS plant in Michigan, $68 million for the GM Rochester plant in New York, and $55 million for the GM Defiance plant in Ohio. The investments will support production of GM’s next-gen Small Block V8 gasoline engine, as well as EV production.
In December, U.S. Department of Energy finalized a $2.5B loan for Ultium Cells LLC to facilitate the construction of new battery manufacturing plants. In addition, the State of Michigan approved the construction of Lear Corporation’s new production facility to supply GM with battery disconnect units set for use in future GM EVs.
During the automaker’s investor presentation in November of 2022, GM President Mark Reuss laid out GM’s future product plans, including the launch of the next-generation Chevy Equinox and next-generation GMC Terrain, the launch of the redesigned Chevy Traverse, GMC Acadia and Buick Enclave crossovers, two new upcoming Corvette variants, the Ultium-based Buick Electra E5 and Electra E4 electric crossovers, and the eventual arrival of the Buick Envista in North America.
The automaker has stated that it is now holding 170,000 reservations for the new Chevy Silverado EV. GM is currently no longer taking reservations for the GMC Hummer EV, topping out at 90,000, nor is the automaker taking reservations for the 2024 Chevy Blazer EV following the fulfillment of its reservation target.
Back in November of 2021, the automaker hosted the grand opening of its new GM Factory Zero production facility in Michigan, GM’s first dedicated all-electric vehicle assembly plant. The first product to roll off the line was the 2022 GMC Hummer EV Pickup. GM CEO Mary Barra rang the NYSE opening bell from the factory floor the morning of the plant’s opening, and President Biden visited for a tour, driving the new Hummer. GM stock value rose to $65 per share following the opening.
During the most recent GM Investor Day event, the automaker also said its EV business would be “solidly profitable” in 2025, that BrightDrop would reach $1B in revenue in 2023, and that its digital retailing platform for EV sales would save the company $2,000 per vehicle. It also expects to double its revenue by 2030 through new software platforms and connectivity, while adding 50 new in-vehicle digital services by 2026, creating a wealth of new potential revenue streams. GM will also generate revenue by rolling out new software such as the Future Roads data platform and enhanced subscription services, while expanding OnStar Insurance service to all 50 states.
To help ramp up EV production, agreements were announced regarding electric and hydrogen energy sources, as GM will collaborate with Nel ASA on affordable hydrogen production while a long-term deal was inked with Vale for supplying the nickel needed for manufacturing battery packs. GM previously announced a joint venture with POSCO Chemical to process materials for the automaker’s Ultium batteries, plus a joint investment with Lithium Americas for raw battery materials. GM is also exploring the possibility of manufacturing EVs in Egypt, while increasing its investment into the GM Lake Orion Plant from $160 million to a whopping $1.3 billion for expanded EV production. Production at GM’s joint venture Ultium battery factory in Ohio is now under way, while construction of the factory in Lansing has also started, as is construction of its third plant in Spring Hill, Tennessee. GM Defense is also set to provide the Department of Defense with GM Ultium battery technology.
Back in 2020, GM CEO Mary Barra shared the company’s plan to launch a total of 30 new electric vehicles globally by 2025, with a total investment of $7 billion. To put that in perspective, 40 percent of GM’s offerings will be fully electric by the end of 2025, compared to just three percent in 2021. GM CEO Mary Barra has also stated that General Motors could catch up to Tesla in EV sales by 2025, while announcing plans to build 40,000 new charging stations throughout North America. What’s more, GM has made a commitment to phase out fossil fuel vehicles by 2040, and, per the GM 2021 Sustainability Report, the automaker states that it used more than 17 million pounds of recycled plastic in the manufacturing of its vehicles in 2021. GM hopes to support EV adoption by building a new network of charging stations across the U.S.
GM has also announced that it will buy out dealers that do not wish to support EV sales, including Cadillac dealers and Buick dealers.
With regard to EV and AV investments, GM has earmarked a total of $35 billion between now and 2025. GM’s Cruise autonomous vehicle brand is expected to rake in $50 billion over the coming years, with the finalization of autonomous vehicle rules from the NHTSA paving the way for GM to launch a fleet of new self-driving ride-share vehicles. Cruise division is now seeking to test the fully autonomous Cruise Origin without a steering wheel or pedals on the streets of San Francisco. SoftBank previously announced a further $1.35 billion investment in GM’s Cruise AV arm. The Cruise AV division reported a $500 million loss for Q2 of 2022. The NHTSA recently opened a safety probe regarding GM’s Cruise AVs after reports that some driverless cars exhibited erratic behaviors that caused blocked traffic and minor fender-benders. Cruise reports that it is currently operating roughly 300 AVs on city streets.
With regard to its private passenger vehicle semi-autonomous products, GM doubled the size of its current Super Cruise road network, and the company’s full-size SUVs including the Chevy Tahoe and the Chevy Suburban were the first models built with the updated Super Cruise software. Units equipped with driver assist system already on the road will receive an over-the-air update.
To promote the pivot towards EVs, Buick has introduced a new logo and brand identity as it transitions to an all-electric portfolio by 2030. Buick has also revealed the new Buick Wildcat EV Concept vehicle as a preview for its upcoming EV design language.
Although investors are eager to see GM pivot to EVs, some groups are frustrated by the automaker’s progress. Investment banking company Morgan Stanley previously dropped its price target from $75 to $55, sending GM stock tumbling in February. A Citigroup analyst also lowered his GM stock price target to $87 per share, while German multinational investment bank Deutsche Bank has downgraded its stock rating from Buy to Hold. That said, some investors are coming around, with GM CEO Paul Jacobson purchasing 35,000 shares of GM stock in April, much more than was required by his executive position, and Cathie Wood’s Arc Invest Firm also purchasing shares after Wood criticized GM’s move towards EVs. GM President Mark Reuss has also stated that GM has learned from past mistakes with regard to bringing electric vehicles to market.
GM previously issued $2.5 billion in new senior unsecured notes, and recently announced a first quarter 2023 dividend of 9 cents per share on the company’s outstanding shares of common stock.
Beyond GM’s EV and AV efforts, GM CEO Mary Barra has also indicated that GM is ready to return to the European market.
GM Stock Value Macro Factors – Sales
GM’s Q4 2022 sales figures were marked by a 41-percent year-over-year increase in the U.S. to 623,261 units. Sales increased at Chevrolet, Cadillac, and GMC brands, but decreased at Buick. The new figures brought GM’s total U.S. annual sales to 2.27 million units, besting Toyota’s 2.1 million units sold to once again make GM the number-one automaker in the U.S.
GM’s Q3 2022 sales figures were released in early October, which were highlighted by a sales increase of 24 percent to 555,580 units, with all four of GM’s U.S. brands seeing a sales increase.
GM sales figures for Q2 of 2022 decreased by 15 percent to 582,269 units, with sales falling at all four U.S. GM brands. However, GM Executive Vice President and President, North America, Steve Carlisle, indicated in a statement that the company’s “long-term momentum will continue to build thanks to the launches of groundbreaking new EVs like the GMC Hummer EV and Cadillac Lyriq, and the tremendous customer response to the Chevrolet Silverado and GMC Sierra.” Also during the second quarter, GM’s new CarBravo used vehicle shopping service opened for business.
GM sales figures for Q1 of 2022 fell 20 percent to 512,846 units, with all four U.S. brands seeing a dip. GM expected continuing disruptions to the global supply chain will affect inventory going forward, as seen in the automaker’s Q2 2022 results, but offered tempered optimism that 2022 will outperform 2021 in terms of production, especially towards the latter half of the year. GM China sales figures were down 21 percent in Q1 of 2022 to 613,400.
Fourth-quarter 2021 sales figures were headlined by a 43-percent sales decrease in the U.S., down to 440,745 units. Sales at all four GM U.S. brands decreased, with GM saying that it focused on delivering as many high-demand, capacity-constrained products as possible in the face of record-low inventory resulting from the microchip shortage.
GM stock value was up to a record $65.98 per share following the release of GM’s Q4 2021 sales report, rising on the news of better-than-expected sales numbers and optimism regarding improvements in the global microchip shortage.
GM Q2 2022 Global Deliveries* Vehicle deliveries in thousands
|Q2 2022 / Q2 2021||Q2 2022||Q2 2021||YTD 2022 / YTD 2021||YTD 2022||YTD 2021|
|Asia/Pacific, Middle East and Africa||-15%||627||736||-22%||1,362||1,755|
Q2 2022 Earnings table:
GM Q2 2022 Earnings Summary
|Q2 2022||Q2 2021||Q2 2022 - Q2 2021||% CHANGE Q2 2022 / Q2 2021|
|GM FINANCIAL EBT-ADJUSTED||$1,106||$1,581||$-475.0||-30%|
|NET INCOME ATTRIBUTED TO STOCKHOLDERS||$1,692||$2,836||$-1,144.0||-40.3%|
|NET INCOME MARGIN||4.7%||8.3%||-3.6%||N/A|
|EARNINGS PER SHARE (EPS) DILUTED||$1.14||$1.90||$-0.76||-40%|
|NON GAAP METRICS|
|ADJUSTED AUTOMOTIVE FREE CASH FLOW||$1,407||$2,478||-$1,071||-43.2%|
|EPS DILUTED - ADJUSTED1||$1.14||$1.97||$-0.8||-42.1%|
|GM NORTH AMERICA EBIT-ADJUSTED||$2,299||$2,894||$-595.0||-20.6%|
|- GM NORTH AMERICA EBIT-ADJUSTED MARGIN||8.0%||10.4%||-2.4%||N/A|
|GM INTERNATIONAL EBIT-ADJUSTED||$209||$15||$+194.0||-|
|GM CHINA EQUITY INCOME||-$87||$276||$-363.0||-131.5%|
GM Stock Value Macro Factors – Earnings
The release of GM’s Q4 2022 earnings were headlined by $2.0 billion in net income on $43.1 billion in revenue. Compared to the fourth quarter of 2021, these results are a 17.6-percent improvement in net income and 28-percent increase in revenue. GM cited “wholesale volume growth and robust pricing across the portfolio,” which was partially offset by “mix normalization, commodity costs, and GMF [GM Financial] EBT lower” than last year.
GM’s Q3 2022 financial results were highlighted by a record $41.9 billion in revenue and EBIT-adjusted of $4.3 billion, with GM reaffirming its full-year earnings guidance. Analysts, however, are expecting a significant decline in profits next year in the wake of a projected weakening in consumer demand.
GM’s Q2 2022 earnings results were highlighted by $1.7 billion in income on $35.8 billion in revenue. Compared to the second quarter of 2021, these results represent a 40-percent downturn in income and 4.7-percent upturn in revenue. GM cited “higher corporate expenses primarily due to year-over-year market-to-market changes,” forecasting full-year net income of $9.6 billion to $11.2 billion, and EBIT-adjusted between $13.0 billion and $15.0 billion.
Previously, GM’s Q1 2022 earnings report was headlined by $2.2 billion in income on $36 billion in revenue, a 33.3-percent drop in income and 10.8-percent growth in revenue compared to the first quarter of 2021. The automaker cited strong product demand as an influencing factor, in addition to good results from GM’s captive finance arm, GM Financial. GM reaffirmed its forecast of $9.4 billion to $10.8 billion in net income and EBIT-adjusted between $13 billion and $15 billion.
GM Q4 2021 Earnings Summary
|Q4 2021||Q4 2020||Q4 2021 - Q4 2020||% CHANGE Q4 2021 / Q4 2020|
|GM FINANCIAL EBT-ADJUSTED||$1,180||$1,039||$+141.0||+13.6%|
|EARNINGS PER SHARE (EPS) DILUTED||$1.16||$1.93||$-0.77||-39.9%|
|NON GAAP METRICS|
|AUTOMOTIVE OPERATING CASH FLOW||$9,384||$5,243||$4,141||+79%|
|ADJUSTED AUTOMOTIVE FREE CASH FLOW||$6,403||$3,433||$2,970||+86.5%|
|EPS DILUTED - ADJUSTED1||$1.35||$1.93||$-0.6||-30.1%|
|GM NORTH AMERICA EBIT-ADJUSTED||$2,165||$2,612||$-447.0||-17.1%|
|- GM NORTH AMERICA EBIT-ADJUSTED MARGIN||8.1%||8.7%||-0.6%||N/A|
|GM INTERNATIONAL EBIT-ADJUSTED||$275||$283||$-8.0||-2.8%|
|- CHINA EQUITY INCOME||$244||$248||$-4.0||-1.6%|
- Figures in millions of USD, except for per share amounts and percentages.
GM Stock Value Macro Factors – Products
GM is now pivoting to all-electric power, recently debuting several important EV models, including the 2024 Chevy Equinox EV, the 2024 GMC Sierra EV Denali Edition 1, the 2024 Chevy Blazer EV, and the Cadillac Celestiq. However, the automaker still has a wealth of ICE-powered vehicles on offer, recently unveiling the all-new 2023 Chevy Colorado, the 2023 Chevy Tahoe RST Performance Edition, the refreshed 2024 Chevy Silverado HD, the 2024 Chevy Trax crossover, the 2024 GMC Sierra HD, and the all-new 2023 GMC Canyon. GM has also unveiled the new 2024 Corvette E-Ray, the first-ever hybrid-electric Corvette model. Production of the new GMC Hummer EV SUV is now underway.
GM stock value was on the rise early in January 2022 with the introduction of several new GM EVs in conjunction with the 2022 Consumer Electronics Show, highlighted by the 2024 Chevy Silverado EV. GM stock value rose to a record high of $67.21 per share following a keynote speech delivered by GM CEO Mary Barra. Following the event, Barra indicated that reservations for the Silverado EV RST First Edition were filled in just 12 minutes. Other announcements at CES 2022 included the Chevy Equinox EV and Cadillac InnerSpace AV concept. Further critical debuts early in 2022 included the new 2023 Cadillac Escalade-V.
Late in 2021, GM debuted the fully refreshed 2022 GMC Sierra 1500, which includes two new trim levels, new styling, the latest technology features, and more. GM also previously unveiled the new Chevrolet Performance ZZ632 crate engine, as well as the new 2023 Chevy Corvette Z06 sports car.
GM is now offering the BrightDrop Zevo 600 all-electric light commercial vehicle, formerly known as the BrightDrop EV600. The new van is the fastest-developed vehicle in GM history. The Zevo 600 will be joined by the smaller BrightDrop Zevo 400. Merchant Fleet recently placed an order for 5,400 units of the new Zevo 400, previously known as the BrightDrop EV410. Full-scale production of the BrightDrop vans is underway now at the GM CAMI plant in Canada. BrightDrop has also announced that it has expanded its business to Canada.
On the software front, GM debuted its new Ultifi end-to-end software platform, designed to provide the latest upgrades and features to future GM vehicles via over-the-air updates.
The start of production for the new Cadillac Lyriq EV was celebrated at the GM Spring Hill plant in Tennessee last March, coinciding with the announcement that the facility will also accommodate the production of additional EV models. Cadillac Lyriq deliveries are ramping up now. What’s more, GM announced the new Ultra Cruise autonomous driving system, which promises true “door-to-door hands-free driving” capabilities in 95 percent of all driving scenarios, with plans to eventually make the system available on every paved road in the U.S. and Canada.
GM Stock Value Macro Factors – Events
In international news, GM has established a new import business in China, and has failed to sell the GM Talegaon plant in India.
The global microchip shortage has also affected GM stock value by impacting production, vehicle supply, and pricing, with production pauses for the Chevy Bolt EV and Bolt EUV, as well as a production pause for the Chevy Camaro, Cadillac CT4, and Cadillac CT5. However, it also looks like GM is turning a corner on production issues, recently clearing out 20,000 unfinished vehicles and addressing missing features for the GMC Acadia and Chevy Colorado. GM has also announced that it has cleared out three-quarters of its vehicle backlog, while GlobalFoundries and GM have signed a longterm agreement to supply GM with new microchips.
Nevertheless, a previous analysis predicts that the shortage may end up costing the global auto industry upwards of $210 billion in lost revenue, almost twice what was originally forecast. General Motors president Mark Reuss has indicated that he expects the microchip supply to stabilize at a lower level than desired for full recovery. General Motors is also currently gearing up to make significant changes to its supply chain in the hopes of avoiding future shortages. That includes the development of new microcontrollers, with GM CEO Mary Barra stating GM is expected to launch its own line of chips by 2025.
In January of the 2022 calendar year, the Biden Administration pushed Congress to pass a $52 billion microchip production bill aimed at alleviating the ongoing shortage.
Looking ahead, strong demand for new cars is expected to continue in 2022, while new vehicle incentives are down to a five-year low amid low inventory. General Motors CEO Mary Barra has indicated that there are no plans to return GM inventory to pre-pandemic levels, making GM leaner and more efficient.
In labor news, a dispute in the railroad industry threatens to have substantial impacts on the U.S. economy. The latest is that the U.S. Senate has passed legislation that will impose an agreement settled in September, despite the majority of rail workers voting against its adoption.
GM Stock Value Micro Factors
The General previously announced that LG Electronics Inc. has agreed to cover $1.9 billion of the $2 billion in costs associated with the replacement of the recalled Chevy Bolt EV and Chevy Bolt EUV battery packs. General Motors has also announced a new battery software update for the recalled Chevy Bolt EV and EUV. However, a lawsuit against the automaker was filed regarding the recall.
GM previously announced that it will replace the battery modules on roughly 50,000 units of the 2017 though 2019 Chevy Bolt EV affected by a potential fire risk. The automaker later decided to extend the battery replacement on all model years of the Bolt EV, in addition to the all-new Bolt EUV. Despite the fault laying with battery producer LG Energy Solution, GM CEO Mary Barra announced that GM will continue its relationship with LG going forward.
The National Highway Traffic Administration (NHTSA) recently closed its investigation into the recent Chevy Bolt and Bolt EUV fires, while Chevy Bolt production has since restarted.
In other legal news, GM recently issued a major recall affecting 825,000 vehicles in the United States and Canada, which are equipped with faulty daytime running lights that don’t deactivate when the headlamps are turned on, violating a Federal Motor Vehicle Safety Standard. Another recall was released concerning the Chevy Bolt EV, whose seat belt pretensioners could ignite the vehicle’s carpeting in the event of a collision. GM has is also facing a lawsuit over an issue with the GM eight-speed automatic transmission, as well as an issue regarding faulty airbags. Certain examples of the 2022 Chevy Colorado and 2022 GMC Canyon mid-size pickups were recalled for an issue related to improperly welded seat frames, while no recall will be issued for alleged Chevy Equinox and GMC Terrain steering issues following the conclusion of an investigation by the NHTSA. A report from the NHTSA indicates that GM recalls accounted for only 8 percent of all vehicle recalls in 2022.
Previously, GM was hit with a $102 million verdict in a lawsuit concerning its 5.3L V8 engine. Additionally, a Chevy Bolt EV class action battery lawsuit was allowed to continue. Finally, more than 95,000 GM vehicles were recently recalled for faulty rearview cameras.
In political news, President Biden has signed the CHIPS And Science Act into law, providing funding for domestic chips manufacturing and new technology development. Investments also include $5 billion for the nationwide EV charging network with sweeping EV charging infrastructure approval from the Biden Administration. What’s more, several GM EVs will be eligible for tax credits under the Inflation Reduction Act, although a recent report indicates GM won’t be eligible for the full EV tax credit. In further political news, California can once again set its own emissions guidelines, while the Biden administration is urging automakers to ensure that their vehicle lineups consist of at least 40 percent EVs by 2030. California has also finalized plans to ban the sale of new ICE-powered vehicles by 2035. Meanwhile, Biden has signed an executive order calling for an end to the purchase of fossil fuel fleet vehicles by 2035. The Cadillac Lyriq now qualifies for EV tax credits under updated classification rules. Additionally, Biden has announced new charging network standards as the U.S. builds up its EV charging network.
Critically, a recent report indicates that battery prices have risen for the first time in a decade during 2022. The U.S. Treasury Department has also announced guidance regarding new EV tax credits, and Michigan Governor Gretchen Whitmer is set to propose a new EV sales tax reduction.
The greater auto industry, including the UAW workers union and major manufacturers like General Motors, have called on President Biden to roll out tax credits and incentives to drive EV sales. The latest is that the Biden Administration plans to roll out a $100 billion plan for new EV rebates. It was recently announced that the Ultium battery plant in Ohio will move forward on labor negotiations with the UAW.
GM stock value fell late last year following the announcement that Dan Ammann was stepping down as CEO of the GM-backed autonomous vehicle startup Cruise. Ammann’s departure was the second high-profile executive shakeup in a week, following the departure of GM innovation head Pam Fletcher. More recently, GM appointed Ashish Kohli as the new VP of Investor Relations. In October, Arden Hoffman was named as GM’s new senior vice president and chief people officer, while ex-Tesla executive Jonathan McNeill has joined the GM Board of Directors.
GM stock value increased considerably over the course of 2021, only to later rescind some of those gains and fall below the $50-per-share mark. GM stock value was back on the rise later in the year, however, hovering around the $55- to $60-per-share mark in December before breaking into record highs in January and peaking at $67.21 following CES 2022. In February, GM stock value fell back around the $50-per-share mark, dipping below the mark later in the month to open at $46 per share in March. GM stock value was on a downward trend through the summer, falling under the $40-per-share mark to open just over $30 per share in July and August, while rising towards the $40-per-share mark in September. GM stock value opened at $32.46 in October and just under $40-per-share in November at $39.35, rising to just over $40.00 per share in December.
Now in 2023, GM stock value opened around $34 per share in January, rising to $39.45 per share in February.
We’ll continue to stay on top of all the latest developments related to GM stock, so be sure to subscribe to GM Authority for ongoing GM stock news and complete GM news coverage.
- Sweepstakes Of The Month: Win a 2023 Corvette Z06 Convertible. Details here.
Mary Barra said GM will stop manufacturing ICE vehicles by 2040. I’ve been on the waiting list for a Z06 for over a year. I hope I get it before 2040. On a more serious note, I think this administration’s mandating, coupled with financial incentives to go to all battery-operated vehicles could bankrupt GM and others again. EVs are a good alternative but the world cannot operate or survive on batteries. There was no long-term strategy or testing for the Covid vaccine yet Biden mandated everyone to take it and criticized, and fired people who didn’t take it. Now 3 years later, more people are dying from the side effects of the vaccine than from Covid. There was no reason to mandate the vaccine other than power and financial greed during Covid. Now it’s powered and greed to stop all fossil fuel and go to solar, wind, and battery and please don’t tell me it’s going to save the planet. China and India are increasing their production of fossil fuels so that theory is out. The bottom line, nobody studies, plans, and strategizes for the future any longer. This administration and world elites look at the technologies and investments they should implement that are going to give them the most power and control over the populations of the world. They don’t care about the middle class. In the end there will be two groups, the powerful elites and the poor.
Well put, can’t wait for 24 and the road to prosperity again.
Amen. Nothing to add.
GM just shut down production to control inventory levels. REALLY, so the idea is to screw the customer by starving inventory. GM stock is lower today, hope it goes to 52 week lows. The Big Three don’t want to compete in the auto market anymore. Guess China or Japan will come back and they will go bankrupt again. GM let me in on a secret, your not a luxury brand.