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Bidenomics: EV Makers Go Belly Up As ‘Muricans Call-In “Uniterested”

Published 2 years, 7 months ago
Description
Time  Red Pill Topics & Headlines
6:03am cst Welcome to the Mike Church Show on www.crusadechannel.com Call the show  844-5CRUSADE
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  HEADLINE RUNDOWN
  HEADLINE: White Knight Takes Remdesivir Bishop; Remdesivir Queen Takes White Knight by Matthew Crawford 
48m EV’s 

  • The only reason the stock went up in that company is b/c Biden mentioned it and threw Federal money at it.
  • If these companies didn’t get government subsidies, they wouldn’t make it a month.
  • This is criminal!
  • Do you see what they do with all this ‘green’ subsidy stuff?

HEADLINE: Lordstown Motors files for bankruptcy, sues Foxconn by Mike Spector, Joseph White and Dietrich Knauth 

  • This stuff is happening in broad daylight now.
  • They don’t even care or try to keep it from the public anymore.
  • Shares of Lordstown tumbled 35% in trading on the Nasdaq. The company’s bankruptcy is not the first among the crop of EV startups that went public during the pandemic-era SPAC boom. But Lordstown was a high-profile member of that class because it was challenging the core of the legacy Detroit automakers’ business of high-margin pickup trucks, and because of its location.
  • Foxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds an 8.4% stake in the EV maker. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans.
  • “The bankruptcy of Lordstown signals that the days of successful EV startups is in the rear-view mirror,” said Thomas Hayes, chairman at hedge fund Great Hill Capital. “Moving forward it will be Tesla and the traditional incumbents … that will duke it out for market share.”
  • I believe this is what happened, there was never an intention to build this truck line to have them compete against the Big 3. 
  • On this day color me an Austrian Economist. 
  • This is what is called Malinvestment.
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