Automaker Bailout Sold on Empty Promises
Nicolas Loris /
Have an idea but strapped for cash? Not sure if the idea is going to pan out? That’s all right, just ask the government for a few billion dollars. That’s what the automakers did. USA Today reports:
If you believed all the talk from Chrysler about how our tax dollars would help finance its fast-track electric-vehicle future, you’re in for a big disappointment.
Chrysler has disbanded the engineering team that was trying to bring three electric models to market as a rush job, Automotive News reports today. Chrysler cited its devotion to electric vehicles as one of the key reasons why the Obama administration and Congress needed to give it $12.5 billion in bailout money, the News points out.”
No one, except for the government, expected the transition from the internal combustion engine to an electric battery to occur overnight, but did anyone expect the plans for the electric car to fail this quickly? As wasteful and frustrating as this is, it’s not entirely surprising and could even be a blessing in disguise.