Demand for General Motors cars plummets with cars piling up in China
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- Demand for General Motors cars plummets with cars piling up in China
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I moved to China 5 years ago, this was literally a Buick land. No joke. Buicks everywhere. How the things have changed, now hardly any new GM products on the road
Yes, GM only feeds on Buick business vans in China.
Interesting.... probably a status simbal at one time! Like owning a Benz was for years in the USA. Nothing lasts forever!
Chinese EV companies are building cars that Chinese want to buy whilst foreign companies still thinking whatever they build the Chinese would like... those times are gone
That's not just in China. Legacy brands have this strange belief that people will just buy whatever crap they make because of the badge in front of it. More money is spent on branding advertising than the actual product. The sad part is that for a long time it has worked.
Chinese citizens don't want them either. The CCP wants them to buy them. EVs are subsidized, while ICEs are not. The CCP is coercing citizens to support the CCP's goal of dominating the EV industry worldwide. Everyone knows this, except for this show.
The average Chinese citizen can’t afford them either….
@@lophiz1945Always some white dude jump out and claim they know China better than everyone. And he most likely has never been to China😂.
@@lophiz1945 Yes some country subsidized EV, however many country are subsidizing the oil industry also & were paying for it with our taxes!
With the new US tariff on Chinese ev, GM can forget about sell cars in China.
EXACTLY - two can play the game.
This is truly surprising. GM should be crushing it in the EV space with their first mover advantage. After all, they were the pioneers that gave us the EV1 back in the 90s. I wonder what went wrong.
Same mindset as this.....
en.wikipedia.org/wiki/General_Motors_streetcar_conspiracy
You did it Mary, you led!
Greed did it!
Question or sarcasm? Watch the documentary "Who Killed the Electric Car" for the answers.
wrg
Loans with a 1% interest rate aren't 'sub-prime'. They are soft loans. To be clear, a soft loan stimulus approach could either lift or depress EV sales depending on how it is applied. Clearing backlogs of ICE vehicles isn't a sound objective - the effect would be to depress EV sales.
Now, the overproduction of ICE vehicles is what the mid stage of a transition to EVs was going to look like. The Chinese government shouldn't permit soft loans for ICE vehicles. On the contrary, it should require penalties to be paid for overproduction (in an amount similar to normal sales taxes, say, despite the collection of these vehicles in lots unsold). The only sensible way to stop unwanted/excessive production is to suppress it.
Soft loans to deal with depressed EV sales however might make sense.
To reiterate ICE doesn't end with a smooth tapering and switch-over into EVs. It ends with ICE vehicle sales going over a cliff (and a massive spurt in EV sales) and obsolete ICE junk collecting all over the place as we are now seeing in China.
There's China's Taklimakan Desert, covering an area slightly smaller than Germany. Taklimakan is known as the "Sea of Death". Good place for the GM and VW 'no sales' vehicles. Myopia is a tricky blindness. It allows one to focus on the immediate while being blind to all the tomorrows. As our tour of failed industries passes through 2024, it's time to forget about people driving fuel burning cars and concentrate on the A.I. Robots and the self driving vehicles that flooded the earth in the mid 2020's.
The Chinese are trying to reclaim the Taklimakan Desert well all there deserts
If they are successful…
I read the sand from these deserts, blown into the atmosphere, helps to create as much as 40% more water in the rainfall in the USA Especially California
lol, i'm very impress at how far Chinese EV has risen, saying that , their's hilarious videos that are obviously showing pile up EVs in China's field, without pointing to the fact they are earlier EV's that are nowhere close to technology improvement of present Chinese EV's. funny how far some are willing to smear what they fear
😂 sure. Someone had to pay for them…
In the history of the development of photovoltaic industry in China, the number of bankrupt enterprises is more than that of current EV enterprises.
But if you regard those failed enterprises as the representatives of photovoltaic manufacturing in China, you are only deceiving yourself.
China only insists on capitalist market competition, while the West is used to protecting lazy and obese companies.
It would be interesting to know how much US Saber-rattling & Sanctions play into Chinese consumer buying decisions... whether it might eventually become like Japanese cars in the US back in the early 70s.
I think it certainly did it's damages to the u.s. brands, and we don't see the sales of Starbucks, Iphone, Tesla, etc plunging "coherently" at the same time do we? The Americans are loud for sure, the Chinese ain't dumb. 😁😁
GM is MySpace… Tesla is FB walking in
Tesla also wasted billions on FSD. The difference is you can't see unsold copies of FSD piling up. 🤣 I wish Tesla had spun off the AI part and did an IPO instead of spending all the company money of it. For what they have spent already they could have several new factories and two new models.
BYD will be TikTok
Tesla didn’t spend billions on FSD. Before 2023, they spent a few billion at best.
They are making more than a billion dollars in FSD money already just by being in US.
Now they are set to enter FSD in Europe and China. They will atleast make a billion dollars more through that.
This is high margin money btw.
We’ve been making too many cars for years and no one raised an eye brow, now the Chinese want in on the act and suddenly we have a problem with it.
Now I want you to do a video talking about the overcapacity of all the american military bases around the world. At least 300 of them are surrounding China at the moment but no one seems to talk about it. What the hell are they doing with more than 800 bases around the world???
Basing 😂 I‘m a german so my view is a little out of the box.
Here there are politic forces working for getting closer to china & russia as well as those american friendly.
In the end america with it‘s huge support through ne nato as well as some economic partnership bounds us close to america.
I think this is good. But there are also dofferent opinions…saying we should partner up woth russia or china more.
As well i see the huge costs for america...
China will take care of their own market. It wouldbe something though if the US govt divert some of the money they put into foreign wars to work for their citizens so they can get cars and use the to get to and from work. That's what's needed, at least as it was reported by mainstream media in the US.
With 103% tariff on Chinese cars exported to the US, expect legacy brands to get hit back; an accelerated demise in China after making money for so long in the Chinese market.
EV's & tech out of China will lead & evolve whereas North American consumers will be left behind with the "also rans".
America and the UK had 20yrs to anticipate EVs. To prepare. Instead the companies were spending all their money. If they dont wake up then in a few years the Indians will also be getting rid of ICEs. And if all the BRICS do that then its goodbye for sure. Instead of tariffs, Britain should be building EV relationships with China for future markets like India.
EV was non existend 10 years ago. Now Millions, and Millions. Cheap Quality EV Cars All over the World. Thank You China ❤️
Really?….whats really funny is that you have ‘cheap’ and ‘quality’ in the same sentence referring to Chinese cars 🤣
@@dingoeatswolf3663 China is High Quality Low Prices 👍👍👍
@@willeisinga2089 sure 😁.
An example of central command supply V. market driven supply. Always tradeoffs.
Sam misses the point about how this situation is similar to what happened in the early 1900s when cars first debuted.
It was a freaking bloodbath then too. Every cart and horse centric company went out of business or downsized. Multiple companies started making everything from steam powered to electric, to gas, to alcohol powered cars. Hundreds of companies collapsed as petrol won. Meanwhile there were piles of car inventories rusting in fields. Maybe not as much because the factories didn't go so fast, but there was a lot.
The Point?
THAT IS HOW TRUE CAPITALISM WORKS!
Picking winners and losers to avoid such carnage is NOT capitalism.
I would disagree that it is the same as when the car overtook the horse. That was a disruption. A new product came along on its own and was better than the product it was disrupting. Capitalism then took over. In the current case there is an externality not present in the past, namely climate change. So governments around the world are mandating the phase out of fossil fuel vehicles. That’s not true capitalism, as it is driving this change in the first instance. EVs are a superior product, but not in the early days when they are not cost competitive and have range and other issues. But there will come a point very soon when regardless of government intentions, they will be a better product and the market will drive what happens from then on. But at the moment, much of the momentum is government mandated and not purely the market
@@zoransarin5411 Very cogent points. My analogy is not exact for sure and you bring up good points. However carnage, whether through govt putting its finger on the scale, or brought about by everyone and their grandmother deciding they can make an EV (which is similar to the bicycle companies making automobiles in the early 1900s), causes carnage in the market place. I, for one, am amazed that the CCP is allowing this carnage to continue and not forcing mergers. It appears that they are wanting to breed the leanest and meanest by letting them attack each other. One has to ask why?
GM and VW can send those excess inventory back to US. 100% tariff only applies to Chinese Brand cars.
Shipping them back cost money and they won’t sell anyway. The ones they have on their lots now aren’t selling.
The are joint venture cars, so not 100% GM or VW. So I would doubt they would avoid the tariff.
Facts and figures seem to elude the Tesla Viking
The car industry world wide is over producing. I've had my car three years, and they're trying to get me to replace it with a new one. There's absolutely nothing wrong with my car, but they've tried to convince me to replace it with another brand new car. It's bonkers.....
FACTS, Tesla sales have declined year on year over the past 12 months with over 14000 employees being sacked in the next few months. So please Elect Viking, why not a balanced report on the state of car manufacturing ?
S.E.A. wants more Chinese EVs (cheap ang good) but only a pittance made their way here.
No body wants the GM junk because of the poor quality and poor dependability
6 million people don't want them
Could it also be related to the recession in China? Couples with too many car manufacturers, both ICE and electric?
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Why not send these EVs to NZ ...at affordable prices? If LHD we could do the cinversion
But wait, Mary Bara said they will be leading in car sales by this time. All kidding aside, how can I get one of these GM cars sitting in stock piles in my driveway for a cheap price?
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I think you are wrong, Sam. Things will eventually work out. Just wait and see.
Tesla making huge cuts of workers in US.
How do you not know that Tesla does this every two years?
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Whoa Sam, where are you getting these vague numbers from. In 2023 there were 94 million new vehicles sold worldwide of which 14 million were EVs. The first quarter figures of 2024 shows an increase in EV sales globally but a bigger increase in conventional vehicle sales in comparison. EVs aren’t displacing ICE vehicles at all, they’re just adding to the numbers.
Only Tezla are selling.
If they subsidize EVs and buyers go EV instead of ICE then that’s all good.
If buyers would not have bought a car otherwise then it is not good.
Any car is bad.
Yes, way too many cars produced equals mass waste of resources.
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In America parking lots full of Tesla vehicles are becoming impossible to ignore as the electric automaker seemingly can’t sell enough cars and trucks to match its rate of production. According to its own figures, the electric automaker produced 46,561 more vehicles than it delivered to customers during the first quarter of 2024.
You do realise that you are comparing apples to oranges? Ford and GM have almost zero inventory because their cars technically sit on a dealers lot while Tesla doesn’t count a car as sold until it is in the hands of a customer. But if you want to be genuine, Cox Automotive recently published the inventory days of the major automakers. The industry average is currently 80 days. Tesla sits at around 76 days. GM is at 83 days and Ford at 104. Ram is at a whopping 153 days. So Tesla is not doing anywhere near as bad as your I’ll informed statement would suggest
The number of new vehicle inventory in the USA is closing in on 3 million.
@@dvader3263 That's it, the current slowdown is affecting all cars, not just EVs. The high inflation environment we have had across the globe for many many months had to bite eventually and with a car being the second biggest purchase most people make in their lives after their home, it was always likely to be affected
Inventory growth is inventory growth.. Days on hand is the uniform measurement. Doesn't matter if the dealer has paid for them.
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How about Tesla's inventory...filling up parking lots nationwide. The market is changing, the Y is outdated and Elon is crazy
I can listen to a brain dead commenter or I can google Cox Automotive and get the real numbers for inventory. The median is 80 days. Toyota is the lowest with 36 days, Ram is at 153. Tesla is at 76. GM at 83 and Ford at 104. “Filling up parking lots nationwide”…. too funny Mr brain dead
As soon as profits from Chinese made cars dry-up, it will have impact on the brand worldwide. Layoffs, bankruptcies.
Alas, too late, ship has sailed, no turning back.
ICE is History. Only in the Museum. America will be a kindo open Air Museum with ICE Cars. The World goes All Electric.❤👍👍👍
Naysayer
We are in a Global financial Recession... That's what is happening! We are heading into the biggest great depression bigger than 1920's
Aren't Tesla stashing cars as well with demand falling and overproduction?
Seems I saw that it was happening in Germany and the US?
There's a reason that they're offering deals imo.
Tesla will send excess inventory to there store worlwide, so they are available now.
Citroën has been in China since 1992. It never sold millions of cars but it had its niche. At one point PSA (Peugeot-Citroën group) was actually bailed out in France with half Chinese money (through Dongfeng) and half French government money.
The argument about the early days of the automobile are valid if they're saying that many of these early brands disappeared because that's what happened.
Yes this overproduction is a massive waste, like many things China is doing, while talking about environmental goals...
100.000 unsold Byd's and other Chinese cars in Antwerl and Rotterdam harbor......100.000! Cann't be sold.
Not allowed to be sold due to Europe regulations.
That’s due to regulations not demand
i just hope they recycle the unsold cars
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I hope the US is helping US manufacturers as much as the Chinese govt helps the Chinese manufacturers.
Don't be naive. A lot of tech comes directly from government funded research.
Chinese Govt warned its citizens not to be seen in any Yank EV Tank or EU EV
The CCP doesn’t have to😁
Chinese companies are selling way more existing cars at better prices.
And the more the US sanctions Chinas cars the more Chinese citizens will support them.
Western dominance in the Chinese car market is over.
Tesla may be the only profitable survivor of this scenario you paint. Because they not only make a PROFIT on their cars, but also seem to have backed off on many growth plans for possibly reading the tea leaves correctly.
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Is this "game changing"?
Great news! Did you get that Biden????
From an environmental perspective, the faster people ditch there ICE for EV the better. Cheap EV's are good for the planet, just not for the manufactures.
time to short GM, and Ford
EV sales are now beyond the innovator’s stage in the lifecycle, having moved into the early adopter’s stage, so future growth has slowed for all those well documented reasons. There is a fundamental world issue of EV over supply against the early adopter’s demand. In China company rationalisation has commenced and undoubtedly others will follow. Clearly there is far more to the Biden 100% tariff surprise announcement last week than meets the eye. Possibly significantly more, than just protecting GM and Ford. The focus has now turned to Europe and will the EU follow Biden irrespective of the German big three’s significant investments in China.
He's not doing so great right now and he needs automotive workers on his side. That's all.
@@justinr9753 Indeed, the outcome of the forthcoming elections in America and Great Britain will have significant implications for vehicle electrification deployment momentum, one way or the other.
Cheers mate
Afternoon mate
China has no need for outdated US cars anymore, they do their own cars cheaper and better. Tesla is next to be kicked out. Additionally,wWorldwide ICE sales are up and doing fine. Instead, Tesla is running into rough waters. Should better discuss the future of Tesla here a bit more, it is at the edge of whether it survives or vanishes.
Nokia sold the highest number of its phones in 2008. The year after the release of the iPhone. They decreased to oblivion within about 7 years from then. Something to think about.
I would also suggest you google phase out of fossil fuels. ICE cars have a death sentence hanging over them across the world. There was no such mandate against Nokia.
Micromanagers see a minor blip and go off the rails. Ignore them. There are only ~900 oil refineries worldwide and the number is going down. Can you imagine EV sales when gasoline coasts past $10 a gallon?
We don't even buy American crap in America..
Viking is jumping onto the 'over-production' bandwagon.
Tesla is renting Mall parking lots, etc. here in USA to place their unsold cars.
Uh, those are undelivered Tesla vehicles to customers who ordered them. This is far different from all of the legacy auto vehicles sitting on dealer lots not yet sold to retail customers.
@@tomdrewenskus8167 No, I have seen many reports recently these are unsold cars, that is why they laid off and continue to lay off so many workers...over production.
Your wrong, those tesla cars are waiting for delivery, Tesla does not not have car stealerships to offload and store excess production,@@michaelphillips4452
@@tomdrewenskus8167 th-cam.com/video/qeEA_FkvboQ/w-d-xo.html
Tesla sold almost 1 million EVs in 2021.
They sold 1.3 million in 2022 and 1.8 million in 2023.
They just released the CyberTruck.
If they desire, people can keep believing EV sales will tank. People are free to dream.
You talk as if the EV market should be interfered with by governments around the world. Let those companies who cannot endure the turbulence go out of business and not try to "save" them. I find your line of thinking as represented in your videos confusing when it comes to business matters. Your videos that focus on things other than business or politics are excellent.
Google phase out of fossil fuels. Governments around the world are mandating the end of the ICE vehicle. You cannot ignore politics when it comes to the car industry. Bit like a sailor ignoring the wind and weather reports
While I appreciate your promotion of EVs, what about the well documented multiple raveyards with tens of thousands of new EVs in China and the 300,000+ of imported Chinese EVs sitting on docks in Europe for up to 18 months?
Not a single person I know in China wants to buy a Chevrolet
Why no video about number 13 BYD showroom burning down Sam ???? You happen to be very one sided.
How many times has does your local car dealer burn down people ???
Please tell everyone how the fires started at the dealership from the fire service report.
@@8739paulstep7 oh wake up if you believe all 13 buildings just happened to have electrical issues
Well good for you. Maybe all the car carrying ships that burnt to a crisp had the same problems
Guess you have had up your mind and will only hear what you want to hear. I don't know what happened, but I wouldn't just assume.
@@8739paulstep7. We’ll name the ice dealerships that had 13 lots burn to the ground.???? Seriously can’t be that stupid can we people.
Then you make a video, show us all your sources of information, and teach us something about this issue.
10,000 Teslas sitting unsold 😂 but totally not failing. 46,500 over stock cars not sold, totally not failing. GM is failing 😂😂I’m totally not biased and being paid.
"This is subprime - "You hit it on the nose Viking
CCP is also considering spending $4.5tn buying up unsold homes to try and stop the slow implosion of Chinese housing market, they already have a much worse problem than the GFC Subprime crisis in housing, and there response, diversify, bring targeted manufacturing like NEV's and Solar and Chips into the crisis too.
The amounts of money the CCP needs to prevent a depression means one thing, huge amounts of money printing.
This will devalue the renimbi
This will make Chinese exports even cheaper and mean Chinese workers can afford less imports.
This will result in more anti dumping / protectionism from the wider west (inc Japan, Australia etc, do we include those when we say west economically?)
Anyway, the increasing tariffs on Chinese goods will make the problem of over production and stockpiles of unsold houses and cars etc worse...
economically, China appears to be in the early stages of an economic Death Cycle. Peter Zahain doesn't think the government will last the decade. He is not always right, but I don't think he is far off.
The US economy is not in a bowl of roses either.
Peter Zahain are know to be a CCP agent working for China strategic deception. 😂
@@albback8176sure, if you say so 😂.
@@dingoeatswolf3663 countries are increasingly avoiding trade with the US dollar. Sanctions have a side effect that will soon reflect in the world economy, especially the west. Inflation will increase, and treasuries will collapse as less countries lend to the US. There is no free ride.
@@albback8176 looking at US trade figures/gdp seems stable as a rock. Let’s not forget the chinese government actually controls the value of its currency (and everything else) unlike the US $. I can comfortably say the RMB would be in dire straits otherwise. China is already experiencing deflation which is worse than inflation!
Still no video about the Onvo release? Do you hate NIO???
Yep, we hate that battery swapping crap.
He's required to make a video about everything?
@@alexishart1989 lol it's going to beat tesla for sure!
@@DzeiEidzyes he seems to be biased!
@@JoepS-zj6nh no way. Battery swapping is a losing strategy. Plus, they still don’t make profit on their cars even doing that.
China and Tesla will take over the car markets I think
jallopnik
tesla ev sales are down also
it's called a deep recession
people aren't buying anything
Buy a new £70`000 bmw or Porsche Merc Ev put no money down and a 1% loan own it for a year lose£35,000 and be sick as fuck that’s why nobody is buying Ev’s😭😭😭
Tesla has more than 150k stockpile. They should close Giga Berlin for good. Germany doesn't want their cars anyway.
Tesla was the biggest EV seller in Germany in Q1 2024. So your comment is pretty childish. Secondly, Tesla built deliberately in Germany to have a factory in Europe and avoid excess shipping, which is not environmentally friendly. They are further expanding the rail linkages at the factory to use more trains than semi trailers in furtherance of this goal. Thirdly, Germany provides good access to quality labour. They don’t just sell in Germany, they sell in Europe and the UK. So what were the best selling cars in Europe in Feb 2024? Model Y at 19,946, Model 3 at 8,120 and Peugeot e208 at 5,319. What automotive idiot CEO would shut down his plant in Germany and get rid of the car that is killing all other EVs and was the best selling car of any type in the world in 2023. Could you be any dumber dude?
Where do you get your data?
It's a bit disingenuous to claim China had wanted EVs. The national and local governments through regulations essentially forced EVs onto the consumer. It should also be noted there are plenty of stockpiles of unsold cars by Chinese makers most of whom are smaller in size than the foreign brands mentioned.
EV's are Piling up unsold everywhere.
Instead of all that bla bla, just call Van Mossel group and ask them why the BYDs are still overpriced in Europe. At least then we know. But yeah at 7 videos a day there is probably not a lot of time left for proper journalism. In the end some of your viewers will find itself forced to start a new channel and actually asking questions, rather than interpreting articles from well known autoblogs.
GMs hallways are littered with the carcasses of golden goose
EV's are stockpiling everywhere, ports, car parks, car dealers. Hybrids are the future.
Hybrids are basically cope cars. Best option when you want to larp as an EV owner while hoping nobody realizes your car isn't actually powered by electricity.
Google phase out of fossil fuels and see what the governments around the world are doing. Hybrids are for the I’ll informed and for idiots. They are fossil fuel cars that cost a lot more and have far more moving parts, far more to maintain and go wrong and the have a significant increase in likelihood of fires. Hybrids are ICE cars and will be phased out. They are Nokias with 5% smartphone capability in an era where smartphones are about to dominate. Connect the dots
EV sales growth is slowing worldwide. They are only being supported by massive government subsidies and tax breaks. Lets see how they go without government support.
Go back to sleep
@@user-vj2dw8pi5g Tesla is down 28 percent massively discounted there prices because they had the exact same problem. Not to mention pulling the pin on factory’s and then sacking a shit load of people. But Fan boys will be fan boys
@@user-wf4cc1oo6o Awesome grasp of the present my friend. All trend lines are not straight however. I'm already wealthy for more than 30 years , so pretty confident in my TESLA investment.
You foolish boy Martin.
Martinburns, let’s see how. On EVs will survive without the massive multi billion dollar subsidies of the petroleum industry. Also GM went bankrupt and Ford never repaid their government loans. Both Ford and GM have received additional loans from the taxpayer.
If China ranks first in automobile exports, it is said to be overcapacity. An electric car blogger like you would have nothing to talk about without China, and you still have such double standards.
🥱 wake me up when it’s all over and the dust settles….