Back when GM was going down the tubes, we heard an awful lot about a futuristic electric car that would save the company. The Chevy Volt finally has a price tag, and it’s set at a luxurious $41,000 (before a substantial tax rebate). (continued)
General Motors Chief Executive Fritz Henderson tooted his company’s horn plenty when he ushered in a new, post-bankruptcy era for the Detroit automaker—but he couldn’t promise that GM 2.0 would be able to pay back the billions of dollars his company got from taxpayers.
President Obama grabbed the proverbial steering wheel on Monday, shaking up the American auto industry by stating tougher conditions for receiving federal subsidies and forcing GM’s CEO to step down. But critics are wrong to suggest that this represents an unprecedented use of executive power.
Gas prices and fiscal concerns are causing the demise of the American-made sport utility vehicle, a welcome development in the eyes of many fellow drivers but one that also spells the end for thousands of American jobs.