Biden-backed electric vehicle company files for bankruptcy

[Leo123]

EVs are just not selling very well even with government incentives. Range stress is killing them.

 

[1srelluc]

While I certainly don't want one and live 125 mile west of you, I trust Ford to know what they are doing. I have a Ford in the driveway, right now. It is excellent. My daughter has the last Ford, I bought new. It's a beast. Their credit rating is probably better than some states.

Given the recent downgrade maybe better than the country.

I did hear today that Ford is going to go in the direction of Toyoda and concentrate on Hybrids from here on out.

That makes perfect sense to me. EV is not (nor will ever likely be) ready for prime time.

 

[Doc7505]

Another fed picked company goes belly up.

How many solar panel companies picked by Obama for fed funding went belly up?

Yeah, and taxpayers footing the bills.

And Jennifer Granholm made a bundle.

​

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.​

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Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”​

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The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.​

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In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.​

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​

He has promoted Proterra several times since taking office, and once virtually toured a facility.​

​

President Biden frequently touted an electric vehicle company — which his Energy Secretary heavily invested in — before it declared bankruptcy on Monday.AP

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.Getty Images​

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“Right now we’re running way behind China, but you guys are getting us in the game,” Biden said in April 2021. “We’re going to end up owning the future, I think, if we keep doing what we’re doing.”​

​

At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.​

​

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.​

​

...​

Biden-backed electric vehicle company files for bankruptcy

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.

nypost.com

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Joey Xi Bai Dung`s addition to his continued corrupt screw ups similar to the Solyndra scandal with insiders walking with their investments and more. after invests taxpayer money.

 

[odanny]

You're an idiot, you do know the policies you support are failing. Big time?

The country is thriving, and you are stupid.

Sucks to be you.

 

[Doc7505]

While I certainly don't want one and live 125 mile west of you, I trust Ford to know what they are doing. I have a Ford in the driveway, right now. It is excellent. My daughter has the last Ford, I bought new. It's a beast. Their credit rating is probably better than some states.

~~~~~~
Yes, those gas powered Fords are beasts. Although they still become rust buckets up in the North Country.

 

[EMH]

While I certainly don't want one and live 125 mile west of you, I trust Ford to know what they are doing. I have a Ford in the driveway, right now. It is excellent. My daughter has the last Ford, I bought new. It's a beast. Their credit rating is probably better than some states.

You trust Ford to be honest and return a $9 billion loan from Uncle Same that Ford knows it will NEVER PAY BACK...???

 

[EMH]

those gas powered Fords are beasts

That doesn't ensure the Ford EVs will have the same track record...

THAT Ford has to borrow from Uncle Sam shows

the actual credit markets won't lend it to them cheap for good reason

Uncle Sam is eager to install new capacity in what appears to be an overcrowded unprofitable market... due entirely to THE MOST OBVIOUS SCIENCE FRAUD IN HISTORY

 

[jknowgood]

The country is thriving, and you are stupid.

Sucks to be you.

Only to people that wants to see America fail.

 

[Biff_Poindexter]

Imagine if Biden didn't just back a company that went bankrupt....but actually had his own businesses go bankrupt....multiple times...over and over and over again.....man, that would look pretty bad....

Unless, he hated the same people you hate....

 

[Resnic]

Another fed picked company goes belly up.

How many solar panel companies picked by Obama for fed funding went belly up?

Yeah, and taxpayers footing the bills.

And Jennifer Granholm made a bundle.

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.


Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”


The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.


In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.


He has promoted Proterra several times since taking office, and once virtually toured a facility.

President Biden frequently touted an electric vehicle company — which his Energy Secretary heavily invested in — before it declared bankruptcy on Monday.AP

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.Getty Images


“Right now we’re running way behind China, but you guys are getting us in the game,” Biden said in April 2021. “We’re going to end up owning the future, I think, if we keep doing what we’re doing.”

At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.

...​

Biden-backed electric vehicle company files for bankruptcy

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.

nypost.com

Don't worry. Uncle Joe will bail them out, just like he is bailing out ford with billions of dollars in cash.

Biden is lending billions to Ford to help America win the EV race with China

The Department of Energy has allocated $9.2 billion to a joint venture involving Ford and a Korean company for three plants in Tennessee and Kentucky.

www.businessinsider.com

 

[White 6]

You trust Ford to be honest and return a $9 billion loan from Uncle Same that Ford knows it will NEVER PAY BACK...???

Until seeing proof they won't.

 

[EMH]

Until seeing proof they won't.

Why is Ford getting that loan from Uncle Sam?

Why not float a bond issue?

Because WE ARE ALREADY SUBSIDIZING these stupid fucking useless Algore electric cars...

 

[White 6]

Why is Ford getting that loan from Uncle Sam?

Why not float a bond issue?

Because WE ARE ALREADY SUBSIDIZING these stupid fucking useless Algore electric cars...

I don't know. They didn't ask me.

 

[whitehall]

Biden backed? What does that mean? did the president of the United States authorize funds to certain manufacturers without congressional permission? How does a democrat administration get away with backing, supporting or ordering the manufacture of goods and services? Isn't that the definition of fascism?

 

[Independentthinker]

Another fed picked company goes belly up.

How many solar panel companies picked by Obama for fed funding went belly up?

Yeah, and taxpayers footing the bills.

And Jennifer Granholm made a bundle.

​

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.​

​

​

Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”​

​

​

The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.​

​

​

In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.​

​

​

He has promoted Proterra several times since taking office, and once virtually toured a facility.​

​

President Biden frequently touted an electric vehicle company — which his Energy Secretary heavily invested in — before it declared bankruptcy on Monday.AP

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.Getty Images​

​

​

“Right now we’re running way behind China, but you guys are getting us in the game,” Biden said in April 2021. “We’re going to end up owning the future, I think, if we keep doing what we’re doing.”​

​

At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.​

​

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.​

​

...​

Biden-backed electric vehicle company files for bankruptcy

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.

nypost.com

This is why the free market is so important instead of artificially propping up companies that would go broke otherwise.