this post was submitted on 20 Jun 2024
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Automotive Industry

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Bank of America tells Detroit’s Big 3 they can’t make money in China and should just leave the hypercompetitive car market ‘as soon as they possibly can’ (fortune.com)
submitted 6 months ago by [email protected] to c/[email protected]
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[–] [email protected] 13 points 6 months ago (1 children)

You know that American car makers are heavily subsidized right? Didn't we just post a story about GM fleecing the government of 6 billion.

It's amazing how Americans have zero self-awareness.

[–] [email protected] 1 points 6 months ago (1 children)

See my other reply to a similar comment.

I assume the $6 billion refers to their recent stock buyback? Stock buybacks should be illegal, but I don't see where that's ripping off the government. It's actually notable that the government took a massive ownership stake in GM in exchange for the COVID bailout.