Four years after the United States-Mexico-Canada trade agreement (USMCA), Mexico and the U.S. face the prospect of cheap Chinese electric vehicles dominating a fast-growing market and undermining GM, Ford, and Tesla.
GM, who just announced a $6 billion stock buy back once they knew tariffs would keep them safe from having to compete with Chinese EVs, that GM?
This sort of stuff is realistically why I have no sympathy for the major US automotive manufacturers. The only reason I don’t just say “Screw them, let Chinese EVs drive them out of business,” is because it would put so many people out of work in their plants who have no role in these decisions. Barring some fantasy where the Chinese companies establish US plants and offer equivalent or better union contracts for current employees at GM, Ford and Chrysler, these companies should simply be bound hand and foot in terms and conditions whenever something is done by the government to help them. Like, make those protectionist tariffs conditional on them hitting investment targets in relevant technologies, raising worker pay and benefits, reducing cost to the customer and a ban on stock buybacks for the duration of the tariffs being valid.
Perhaps “barely a blip” wasn’t the most accurate phrasing but they’re not exactly crushing the competition. GM is at 16.5% while Toyota is #2 (14.4%), Ford #3 and Hyundai is #4. Stellantis isn’t even a US company so I don’t know why people still think of Dodge/Chrysler/Jeep as American brands. The whole market is pretty mixed and these tariffs on Chinese vehicles are protecting the market not US companies.
You mean Ford, GM, and Chrysler who make useless pieces of garbage and also outsource production to Mexico?
Who also got bailed out by the federal government for going bankrupt back in 2009?
GM, who just announced a $6 billion stock buy back once they knew tariffs would keep them safe from having to compete with Chinese EVs, that GM?
This sort of stuff is realistically why I have no sympathy for the major US automotive manufacturers. The only reason I don’t just say “Screw them, let Chinese EVs drive them out of business,” is because it would put so many people out of work in their plants who have no role in these decisions. Barring some fantasy where the Chinese companies establish US plants and offer equivalent or better union contracts for current employees at GM, Ford and Chrysler, these companies should simply be bound hand and foot in terms and conditions whenever something is done by the government to help them. Like, make those protectionist tariffs conditional on them hitting investment targets in relevant technologies, raising worker pay and benefits, reducing cost to the customer and a ban on stock buybacks for the duration of the tariffs being valid.
It isn’t 1970 anymore. Those three manufacturers are barely a blip on the radar in the US.
If they were barely a blip, they wouldn’t have been bailed out for
17.450 billion dollars.Perhaps “barely a blip” wasn’t the most accurate phrasing but they’re not exactly crushing the competition. GM is at 16.5% while Toyota is #2 (14.4%), Ford #3 and Hyundai is #4. Stellantis isn’t even a US company so I don’t know why people still think of Dodge/Chrysler/Jeep as American brands. The whole market is pretty mixed and these tariffs on Chinese vehicles are protecting the market not US companies.
https://finance.yahoo.com/news/teslas-us-market-share-now-tops-volkswagen-subaru-and-bmw-161055575.html
The bailouts were given to save US manufacturing jobs and all these companies besides Ford have fully paid back those loans.