| Hear the 1 minute show: | |
 |  |
Electric car killer General Motors, after showcasing their new electric car, the Chevy Volt, shut down the plant producing it in January 09, despite showcasing the hybrid with much fanfare at the Detroit Auto Show after receiving billions from taxpayers. The car company that sued California rather than produce a zero-emission vehicle now find itself in the cross-hairs of President Obama and just 60 days from bankruptcy.
We thought that flying to Washington in separate corporate jets asking for bailout money was the height of chutzpah and hubris. But this takes the cake: after finally receiving their federal billions, they shut down production of the only 100 mpg vehicle they had in development -- 4 days after showcasing the car with a flurry of press and ballyhoo at the January 09 Detroit Auto show.
Experts agree that the high cost of petrol in the summer of 08 caught the Big 3 by surprise when consumers were looking for gas sippers. Yet the next big closure GM announced in January was their Saturn plant, the one that makes small GM cars with mpg's of more than 30. Both The Volt and the Saturn plants closed because management deemed them "unprofitable". Tell that to Toyota, who makes the Prius Hybrid.
