Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Why GM Really went Bankrupt, When They Could Have Been the World's Leading Car Company!

Politics / US Auto's Jun 05, 2009 - 06:10 AM GMT

By: Kevin_Geary


GM is bankrupt, and yet it could have now been the world's leading car company, way ahead of any competition. It had a world-beating, world-leading, unique, battery-operated car called the EV-1. It got 140 miles on a single charge! And yet it deliberately destroyed its own invention!

One of my best friends had one. She absolutely loved it. She drove it four times a week from Sebastopol in California, to San Francisco and back (a distance of about 120 miles), on one charge! The car was incredibly fast (it accelerated 0-60mph in about 4-5 seconds). It was quiet (no engine noise). Everyone who saw her in the car at traffic lights, etc., or at the shops would approach her and asked her about the "neat car" and asked her "if it was one of those electric cars."

I rode with her in it once, and it was utterly amazing. It was well designed inside; it was amazingly fast in acceleration; the seats were comfortable. And it was so quiet you thought the engine had been turned off! It ran on batteries that were NiMH batteries and they were the most advanced batteries ever (even more advanced than the Lithium-Ion batteries used now in computers and the new "electric" and "hybrid electric" cars.)

You couldn't buy the cars (even though they were only $25,000 each). You could only lease them. Everyone who had one, loved them, and there was never one single complaint about any one of them (that's unheard-of in the car industry!).

So, what did GM do? They recalled all of them from the leasees, and refused, when offered, to sell any one of them. They then took all the cars and crushed them in Mesa, AZ! They destroyed all the batteries, and sold the patent rights (remember, this was THE world's finest and first battery for cars that could get 120-140 miles on a single charge!!! New Electric cars can't even achieve this - except for the Tessla sports car, that does 220 miles on a single charge on souped-up lithium-ion batteries!).

They destroyed this wonderful invention AFTER 9/11! In 20002, after it was obvious that oil was going to be a big problem and dependency on oil was causing us to become the targets of terrorists and getting us involved in the Middle East (Would we have
even gone into Iraq if we'd had a growing, world-beating, electric car industry?)

To whom did GM sell the valuable patent rights to this amazing and world-beating technology? --------- CHEVRON Corporation!

Not that I'm a conspiracy nut or anything, but really, this is SO blatantly obvious that it would be funny, were it not so sad!

It is estimated by an electrical battery expert, who was interviewed by the BBC, that, had GM continued with the EV-1 and moved on and developed the technology, that they would have NiMH batteries now that could get 300 miles on a single charge! He also stated that had GM continued with all this, they'd probably NOT be in bankruptcy court now, but instead be the world's leading car manufacturer, selling cars that cost virtually nothing to run, when gasoline was over $4 a gallon!

Did you, when Congress was questioning the heads of GM, ever hear one Congressman or Congresswoman ask, "Why the hell did you guys crush and dump a world-beating car, and sell the patent to the giant Oil Company, Chevron?" And when did you hear any member of Congress suggest that they buy back the rights from Chevron?And force them to do so by legislation or Act of Congress if they refused? Imagine if GM had this available to them now. Do you think they'd be in bankruptcy court right now? Of course not!

By Kevin Geary

Kevin Geary is an artist who lives in Sedona, Arizona. He was the youngest political cartoonist on the Financial Times at the age of 19. He had his first one man show at 20, opened by the prime minister of Great Britain, Harold Wilson. He has had over 60 exhibitions of his work; has work in several major museums, including the National Portrait Gallery in London, and his work has sold at major auction houses, such as Christie's, in London, Whyte's in Dublin and Doyle in New York.

He has followed politics, history and economic history for many years, and has also written about it elsewhere online. He predicted this depression long before it happened, timed the collapse of the stock market in June last year, long before it happened, and his stock picks have often been very accurate. The four stocks he picked on January 1st, 2009 to do well (Amazon, Apple, Baidu and Google ), are all up from the beginning of the year. He does not offer specific public advice about stocks, but he has written from time to time about long and short term trends in the political and economic realm.

© 2009 Copyright Kevin Geary - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


mike c.
15 Sep 09, 11:56
i thought this was great

this all was so true if they had used this car (Ev-1) people would not being losing jobs or plants would not be shutting down; and the economy would be in better shape.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in