GM goes further down the dumper; NiHM battery supplier broke due to Chevron

DeserTBoB · 2008-02-28T19:14:18+00:00

GM may soon be feeling some of Chrysler's pain over bankruptsuppliers. The CarConnection reports Cobasys, supplier of the NiMHbatteries used in the light-hybrid Vue, Aura and Malibu and holder of"a key contract in the development of GM's much-anticipated plug-inhybrid, the Volt," is out of money. The battery maker lost more than$76m last year and expect to lose $82m this year. To make mattersworse, the company's joint owners, ChevronTexaco and ECD, can't agreeon the 2008 budget. So Cobays' operating budget is $92m short.Cobasys is now on GM's "distressed supplier list;" the General refusesto comment on the situation. In the meantime, GM has struck a deal tobuy batteries for its two-mode hybrid trucks from a Panasonic - Toyotajoint venture.Note how it's ChevronTexaco who's putting the kibosh on Cobasys bystalling their budgeting...another move by Big Oil to stop any movetoward electric propulsion dead in its tracks. A Democraticadministration will probably have the government take over funding ofNiMH development, thus ruining this attempt by Big Oil to "defund"competition for their products into oblivion.To read more:

Feb 28, 2008 56 Replies

Rate this thread:

80 Knight 18 years ago

Did Bush manage to get that entire sentence out without either stopping to think, or smiling, as though he was looking directly at the sun?

Vote

cavedweller 18 years ago

Hoser

Vote

<n5hsr 18 years ago

G'day. If you guys start singing the 12 Days of Christmas, I'm going to call Geddy Lee and offer him 5 bucks (Canadian of course) not to sing with you.

Charles the Curmudgeon

Vote

William W Western 18 years ago

I believe I will put on my thinking toque now and just mull that over, eh?

Vote

DeserTBoB 18 years ago

I think there were a couple of the usual "uhhhhhhhs..." interspersed here and there, but they're so common, I usually don't note them.

Vote

DeserTBoB 18 years ago

TAKE OFF, EH?

Vote

<n5hsr 18 years ago

I thought thinking involved at least one pack of two-four, eh?

Charles the Curmudgeon

Vote

William W Western 18 years ago

"Ten bucks is ten bucks".

Vote

cavedweller 18 years ago

messagenews:sueyj.27317$pM4.4008@pd7urf1no...

It's not a "pack", it's just a "two-four", eh?

Vote

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required