Post by
Obscure1 on Mar 30, 2023 1:21am
You might not want to watch this
I know, the EV guys are dreaming. ICE cars and trucks are going to be around for a generation or more. Right!
Auto sales in China now make up about 38% of the automotive industry in the world.
Many of the legacy auto makers (Volkswagen and GM for example) have been making over half of their profits from their Chinese operations for years.
EV sales in China made up 6% of sales in 2020, 15% in 2021, and 30% in 2022.
Apparently (I have yet to find confirmation of this other than what I saw in the video below), China has or is introducing new environmental rules that will take effect in July that basically make it impossible to sell new ICE vehicles in China.
There are currently 4 million ICE vehicles sitting on dealer lots in China that either have to be dumped (he is suggesting that they are selling at 40% to 50% off) in the next 3 months or get moved offshore. Compounding the problem in China is that even if you buy an ICE vehicle, it is becoming very difficult to get an ICE vehicle registered.
Unlike America, the auto dealerships in China actually own the cars on their lots and 80% of the ICE dealerships have already closed. Any ICE inventory on surviving dealership lots are being sent to auction where the only buyers will be from offshore.
The claims in the video seem hard to believe. I have been following this guy for about a year and his work has been very credible. I hope the guy is wrong in regards to timing as the effects will be felt around the world.
There is no disputing that the $1.3 trillion of assets on the balance sheets of legacy automakers are rapidly becoming worthless.
Don't believe it? Why has VW announced a $195 billion buildout of its new EV platform?
Why did Ford just split into 3 companies and is rapidly building out Blue Oval city in Tennesee?
Why did GM just offer 58,000 white collar workers a buyout with the message that if they don't take the offer, layoffs would follow.
What has this got to do with you and I in our comfortable lives in Canada? Nothing.....YET.
Comment by
Davesnothere on Mar 30, 2023 9:06am
Scary. Don't know if his numbers are accurate but I am under the impression that China, unlike most major economies, can turn on a dime! Look how fast they built new hospitals for COVID. This forecast seems very easy to believe, and the consequences would be dramatic. thanks
Comment by
mofwmofw on Mar 30, 2023 5:53pm
Man, I can`t believe people believe this nonsense. WOW
Comment by
meritmat on Mar 30, 2023 8:31pm
https://ca.yahoo.com/finance/news/chinese-mega-refinery-lifts-heavy-204626949.html Refine that Alberta crude
Comment by
Lawisfun on Mar 31, 2023 3:05am
Wait until TMX is commissioned. Then we will see some major Asian slurpage. Slurping that dirty Alberta pump rod discharge.
Comment by
Konaboy on Mar 31, 2023 7:14am
I hope they slurp it all, and that Keystone goes dry.
Comment by
555rookie555 on Mar 30, 2023 10:11pm
AQN ELBM Are two of the picks I have in this space. Not accustomed to long term investing yet but expecting it will involve always being in the market to some extend and holding 50-75% dry powder on the high ends
Comment by
meritmat on Mar 31, 2023 11:37am
https://apple.news/AeOAd4LMBTTK2HCk-ZzPYVg
Comment by
GingerEnergy111 on Mar 31, 2023 12:19pm
It's Friday....a dedication from the late Neil Peart: https://www.google.com/search?q=red+barchetta+lyrics&rlz=1C1GCEA_enCA842CA842&oq=red+barchetta+lyrics&aqs=chrome..69i57j0i13i512j0i22i30l5j0i390i650.6783j0j7&sourceid=chrome&ie=UTF-8 GLTA and some good notes there from experienced - thanks...