General Motors stock (NYSE: GM) finished 2011 down 46.1% – the absolute worst car or car-related product stock on the board. Besting (so to speak) the second worst by 4.5%.
And GM’s unprofitable, unpopular, combustible electric Chevy Volt was a ‘Worst Product Flop of 2011’ winner. Oh, and GM is moving electric vehicle development (and production?) to China – which sort of undermines the jobs “created or saved” reason for the $50 billion GM bailout.
All of which is even more terrible GM news for We the Taxpayers.
Per the titanic GM stock price drop-off: As a result of President Barack Obama’s $30 billion in additional bailout coin, we own more than 500 million shares of GM stock. To break even on our “investment,” these shares must be sold at $53 per. GM closed yesterday at $21.15. Which if sold today would mean for us about a $16 billion loss – just on the stock portion of the GM bailout (we’ve suffered additional huge losses on other portions thereof).
Less Government tracks the looming stock loss – and offers the solution for how we can extricate ourselves from GM – at www.BailoutCost.com.
Less Government President Seton Motley:
“There’s the unprofitable, unpopular, combustible electric Chevy Volt – a ‘Worst Product Flop of 2011’ winner. That costs We the Taxpayers $250,000 per unit sold. GM sold in 2011 25% fewer Volts than they had planned – but is in 2012 bizarrely increasing production by 500%. And despite all of this failure – including the inability to determine what is causing Volts to burst into flames – GM will next year begin producing an electric Cadillac and an electric Cruze.
“GM in 2010 received more clean (non-energy) energy patents than any other entity – of the Solyndra, Tesla, Fisker, uber-failure variety.
“And GM and its Obama Administration-Democrat backers ludicrously tell We the Shareholders that all of this failure is a ‘success.’
“Well, GM was last year the worst car stock of all – and the Chevy Volt was an award-winning flop. So the market ain’t buying it. And neither are We the People.”
Note: This post originally reported the American public’s stake in GM to be 500,000 shares. It is actually 500 million.