Chevy & Tax Payers Losing Huge On Volt

While Joe Biden continued touting the line at the Democrat National Convention last week that “Osama bin Laden is dead and General Motors is alive.” GM may be alive, but it appears it is on life support, especially when it comes to the Chevy Volt.

Nothing was mentioned by Vice President Biden last week about the $49 billion that is still owed to taxpayers by GM.

In fact, new numbers that are out show that GM is losing approximately $49,000 for every Chevy Volt they produce. What makes this more outrageous is that figure is more that the list price of the vehicle, which is $39,000. Of course we are not including taxpayer funded subsidies in this either.

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Reuters reports,

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Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts. GM today issued a statement disputing the estimates.

Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce.

And while the loss per vehicle will shrink as more are built and sold, GM is still years away from making money on the Volt, which will soon face new competitors from Ford, Honda and others.

GM has been on the way down for some time now. At the beginning of August it was reported

“Three years ago his administration invested more than $100 billion in taxpayer money to bail out General Motors. On Tuesday, the entire company, not just what the government owns, was worth less than $34 billion. By anyone’s definition, that investment is a glaring failure. Yet over the last few days the Obama campaign, in a $25 million marketing blitz, has flooded the airwaves with ads in battleground states, claiming the bailout should be counted a rousing success.”

Looks like it will be time for another bailout for Government Motors should Obama and Biden get a second term and all at our expense. Someone needs to inform Jennifer Granholm of these developments.

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