Remember Obama’s Tesla bailout? Of course you do. The one where taxpayers forked over $140,000 for every $92,000 Tesla EV sold.
What makes news of the $250k cost to build one (as in single) Chevy Volt particularly interesting, is reporters failed to mention that the Obama administration used taxpayer funds to ‘purchase’ 1 in every 4 GM and Ford hybrids sold since 2008.
Anyone care for an all-day sucker?
Chevy Volt Costing Taxpayers Up To $250K Per Vehicle
(Steve Gill Show) Each Chevy Volt sold thus far may have as much as $250,000 in state and federal dollars in incentives behind it – a total of $3 billion altogether, according to an analysis by James Hohman, assistant director of fiscal policy at the Mackinac Center for Public Policy.
Hohman looked at total state and federal assistance offered for the development and production of the Chevy Volt, General Motors’ plug-in hybrid electric vehicle. Hohman included in his analysis 18 government deals that included loans, rebates, grants and tax credits. The amount of government assistance does not include the fact that General Motors is currently 26 percent owned by the federal government.
The Volt is subsidized by multiple companies on its way to production. The analysis includes adding up the amount of government subsidies via tax credits and direct funding for not only General Motors, but other companies supplying parts for the vehicle. For example, the Department of Energy awarded a $105.9 million grant to the GM Brownstown plant that assembles the batteries. The company was also awarded approximately $106 million for its Hamtramck assembly plant in state credits to retain jobs. The company that supplies the Volt’s batteries, Compact Power, was awarded up to $100 million in refundable battery credits. These are among many of the subsidies and tax credits for the vehicle.
It’s very unlikely all the companies involved in the production of the Volt would ever receive all the $3 billion in incentives, Hohman said. But the analysis looks at the total value that has been offered to the Volt in different aspects of production – from the assembly line to the dealerships to the battery manufacturers. The tax credits and subsidies are offered for periods up to 20 years, though the majority is offered over a much shorter time frame.
GM has estimated they’ve sold 6,000 Volts so far. That would mean each of the 6,000 Volts sold would be subsidized between $50,000 and $250,000, depending on how many government subsidies were realized.
“It just goes to show there are certain folks that will spend anything to get their vision of what people should do,” said State Representative Tom McMillin, R-Rochester Hills. “It’s a glaring example of the failure of central planning trying to force citizens to purchase something they may not want. … They should let the free market make those decisions.”
Wow! 281 Chevy Volts sold just last month – thank you Mr. Obama!: HERE
Obama administration bought 1-in-4 GM hybrids sold: HERE
Buy a Prius, kill a Mexican: HERE
Bailout Payback? Realtors double-counting homes sales for last 5 years: HERE
Polar Bear saving internet creator, Al Gore, set to become world’s first carbon billionaire: HERE
Solyndra ‘Green’ executive: $100,000+ in Obama donations and 20+ White House trips: HERE
Obama seeks $53 billion to fund ‘secretly’ bailed out GE for high-speed rail: HERE
Obama Hails, ‘Trans-Inter-Compu-Global-Hyper-Mega-Continental Railroad’: HERE
Boldface lies about GM service and warranties: HERE
Taxpayer funded Communist supporting GM pushes for higher gas tax: HERE
GM spend $4 million in 3 months on lobbyists: HERE
GM covers ladyboy transgender surgeries: HERE
Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE
Cash For Clunkers II – ‘Charging America Forward’: HERE