GM and Ford were propped up by the government during the Great Recession to protect tens of thousands of jobs. Both companies have since repaid those loans...though GM discharged much of its loan through bankruptcy.
GM and Ford were propped up by the government during the Great Recession to protect tens of thousands of jobs. Both companies have since repaid those loans...though GM discharged much of its loan through bankruptcy.
GM was effectively nationalized (at a reported cost of $11b) and the creditors lost their shirts.
Also, I mixed up GM and Chrysler on which of them repaid the loan.
All automakers are eligible for this support...if they build electric cars. Ford and Tesla are the only automakers to have never declared bankruptcy. These are tiresome arguments that hold no water.
What did you mean to say here?
That GM eliminated (not repaid) the loan through bankruptcy?
Or that GM discharged the loan then repaid it anyway?
So in theory a loan can be completely paid off through a bankruptcy. In the case of GM, it did not happen, IIRC.
https://www.thebalance.com/auto-industry-bailout-gm-ford-chr...
https://www.reuters.com/article/us-autos-gm-treasury-idUSBRE...
Yes, the message here is almost all large industries in all countries receive substantial government support.
The amount of goverment subsidy for fossil fuels that normal cars run on, for instance, is much higher than for renewables.