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Detroit Free Press covered the annual GM Analysts call this week and with the second quarter results it showed that GM has lost $800 million in the quarter but over all North American Earnings were breakeven and this was with 8 weeks of shutdown. Over all the Stock beat wall streets estimates and yet still sold off in large numbers during the pandemic closure. Analysts had plenty of questions for GM with a major question of will GM consider spinning off their technology arm which would include electric vehicles operations into a stand alone company? The idea of a stand alone GM Tech company is to recognize the advanced tech GM has over other auto companies and to unlock what Analysts see as considerable shareholder value. This new entity would allow access to cheap new capital to keep the old GM going till the new GM would replace it as a cutting edge tech auto company with what is seen as future strong growth. GM has reinforced it's future of all electric auto's, self driving auto's and what it expects to become a zero emission company with 20 new EV auto's on the market by 2023, the first being out in Q1 of 2021. The group of Analysts has suggested the new company be called Ultium based on GM's new battery tech. The CEO responded that GM is evaluating many scenarios for the future of GM. She had nothing further to say other than the board and executive team will consider all options for what is best for driving long-term shareholder value. Quote: "Nothing is off the table." Analysts have since added notes to their research suggesting that GM could already be considering this since so many start ups are valued more than GM such as Tesla, Nikola, Rivian, etc. The Billions of cheap dollars that could help drive GM long term into the future is hard to ignore. Some analysts say that to split the company would kill off the baby, meaning the EV side would die after the money was harvested from the stock sale as you only have the Chevrolet Bolt and the new company would have to follow Tesla in going back to the market for more and more money. This is based on what some analysts see as only a US/Canada interest in EVs compared to the rest of the world needing ICE. That being said it does show a clear line between those Analysts that see Europe and China leading in new tech with a change to EV's versus those Analysts that are more inline with the oil industry and imply that there is little to no interest in EV's. End result is WHAT WILL GM DO? I suspect GM will stay the course of using ICE auto's to fund the change to an all EV world. 50 years from now, people will be wondering why it took so long to dump ICE auto's in favor of EV's. What are your thoughts on this? https://www.freep.com/story/money/cars/general-motors/2020/08/01/gm-electric-vehicles-mary-barra/5549426002/
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G. David Felt - Staff Writer Alternative Energy - www.cheersandgears.com States Leading Charge to Ban ICE Auto's. The last 48 HRS has been very interesting as we have a story that is developing. Washington state in it's battle to reduce climate change is considering following other countries by setting goals to phase out ICE auto's. Washington state has stated the following for this: We used a record 2.78 billion gallons of gasoline in Washington State in 2015. Every gallon of gasoline releases 20 pounds of carbon dioxide. Cars and trucks account for nearly 45 percent of our region’s carbon footprint. Washington spends more than $6 billion annually on gasoline, most of which goes to out-of-state fossil fuel companies to finance drilling, fracking, pipelines and destructive environmental practices. Driving electric vehicles will save the average Washington family about $1,200 a year in fuel costs. Washington has clean and low-cost hydroelectric power, making electric vehicles a sensible and cost-effective solution. Car and truck exhaust is responsible for 53,000 deaths annually in the United States. Washington State and Olympia should implement the following policies: Adopt a phase-out date of 2030 for the sale of new gasoline and diesel vehicles, consistent with the global trend. Plan for and build the charging infrastructure necessary for mass electric vehicle adoption. Create incentives to spur the sale of electric vehicles including preferential HOV lane access, lower tolls, vehicle registration discounts, and preferred parking. Increase funding for infrastructure for public transportation, bicycling and walking. The governor who has signed off on all climate change legislation is wanting to lead the USA in being the first state to start the process of phasing out ICE auto's as he joined New York and California to abide by the Paris Climate Accord. This will create an interesting business climate of how auto dealerships will survive if the auto companies are not building enough EV's for the public to buy. So many questions and not enough answers are brought on by this. While I am all for EV's, I do question this aggressive approach for the state that I live in. Washington State Phasing Out ICE Auto's
