8/11/2023 1:36:17 PM
Section 4: National
Subject: EV suppliers in financial trouble Msg# 1191050
This week the largest electric bus company, Proterra, went into bankruptcy. That's the company that Biden and Kamala have recently been celebrating. It was the company that was supposed to eradicate diesel busses.
Making this bankruptcy a worse case example, involved Dems connected to the Biden administration making investments & profiting from the Proterra bankruptcy.
A Fox commentator asks- So why would the Democrats invest so much political capital and taxpayer capital in a broken electric bus company? Because it was a pump and dump scheme, pump up value and then dump stock at high prices. Al Gore had millions invested in the company, George Soros had over $20 million invested in Proterra. Jennifer Granholm sold her stock for about $$$ one-and-a-half million, after serving as its corp. secretary.
Proterra's stock is now worth 17 cents a share. Sounds like Solyndra, a political crony company with crony insiders making big bucks before it crashed.
Other firms suffering financially include Ford, expecting to lose $3 billion on EV's this year and $2.1 billion loses last year. Demand has been weak and manufacturing costs have risen. Even with growing sales, the losses seem to be recurring. quote: "The increase in losses is expected to come even as sales of the Mustang Mach-E electric crossover and F-150 Lightning full-size electric pickup truck grow"
There's also been a number of fires in those Proterra busses -- for example in California, Philadelphia, etc.
Fires in New Flyer brand electric busses caused investigations by both federal and Connecticut officials followed by a national recall of that brand.
Reuters this month reported several young EV start-up companies are burning through more cash as demand falters. Examples mentioned include: Lucid (LCID.O) and Nikola (NKLA.O). Also electric truck maker Lordstown Motors (RIDEQ.PK), filed for bankruptcy in June.
Chalk up another failure against Biden. America headed in the wrong direction. Govt waste, big bucks down the drain--& private profits lining Dem's pockets
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