OP
EV thread
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No he hasn't. He swore off the oil sector after 2014 and told his shareholders he would not be investing in oil again in the future. He did an about face last year and began loading up. It's now his 7th largest holding.
OP
He put 10 billion into Occidental in 2019 saying it was a bet in long term oil prices.
OP
My point is that he has been in and out of oil and has not been very interested in it in recent years and has said so to his shareholders until last year when he decided to put over 40 billion into it with plans to buy more. It is expected to be a big topic at the upcoming shareholder's meeting. I'd like to know why. Is he seeing high oil prices coming due to cutbacks in production? High demand from mining for electrification? Failure of the present electrification goals? I like to watch smart people to get some indicators of where we might be headed.
OP
Because he understands that even with electric vehicles we still use oil to make everything, including electric vehicles.
Of course but in order for it to be a good investment there must be another factor that will make it worth more in the future, like lowered production or increased demand. Without that the price won't increase as we just keep using and producing the same amounts.
If I had to guess I would say he sees production being cut as part of the electrification plan and he knows demand will not drop resulting in higher prices and profits. Of course that could change if the electrification goals begin to erode and fail and production increases, but it takes a long time for that to happen with oil, you can't just unlock the door at a refinery and start back up, or start up an oil rig overnight.
That's the company that Al Gore still has a very large share of his wealth in as well. The CEO of that company once bragged that the Gore dynasty (Al and his poppa) were the largest non-institutional holders of their stock. Lot's of interesting federal lease info over the years to see why.
OP
You are correct. And my favorite part, what was Al Gore in 1997?
on Oct. 6, 1997, the Energy Department announced that the government would sell its interest in the 47,000-acre Elk Hills reserve to Occidental Petroleum Corp. for $3.65 billion. It was the largest privatization of federal property in U.S. history, one that tripled Occidental’s U.S. oil reserves overnight.
https://publicintegrity.org/politics/how-the-gores-father-and-son-helped-their-patron-occidental-petroleum/#:~:text=6%2C%201997%2C%20the%20Energy%20Department,Occidental's%20U.S.%20oil%20reserves%20overnight.
That not how this works, thats not how any of this works. Production will not drop if demand remains high.
For starters, “GM celebrated the start of production for all-electric 2023 Cadillac Lyriq luxury crossover last March, but since then, just 122 units were delivered for the entire 2022 calendar year”. Pathetic.
The Hummer EV is even a bigger joke.
I get the ‘it’s new give us a break growing pains’ argument as related to EVs, but GM should’ve been further ahead of this particular curve, the EV writing has been on the wall too long to claim ignorance, and, they’ve been making cars for over a century - many of the bugs that have to be worked out of this new platform are the same as old bugs, they’ve been down this road before & they need to get their shit together before we need to (inevitably I’d wager) bail them out. Again.
Japan started kicking the shit out of GM 50+/- years ago then other east Asia countries joined in with the latest one to the party, China, now by far the largest auto maker on the planet & that’s without even selling cars in what has traditionally been the largest car market in the world, the US, though we no longer hold that distinction either…
https://gmauthority.com/blog/2023/01/why-your-cadillac-lyriq-is-taking-so-long-to-arrive/
Brianj5600
TJ Expert
I know this guy.
GM was very optimistic when they moved production up 18 months. We will also be building an Acura on the same platform. There were a lot of Lyriqs being shipped Thursday and Friday.
GM was very optimistic when they moved production up 18 months. We will also be building an Acura on the same platform. There were a lot of Lyriqs being shipped Thursday and Friday.
That’s wonderful for the fraction of a percent of people who want and can afford north of 60k for an electric Cadillac that’s untested, but can GM actually get these things out the door and not lose money on every one of them?
Maybe I’m naïve but it seems to me we’re at a crossroads in this country, the world for that matter, where a great bulk of the people have less spending power & less access to credit they can actually contend with yet GM continues to ignore them in favor of a market that’s markedly smaller & dominated by a company that has this shit down to a science due to what looks like at least a 10 year jump on seriously developing this sector. They’ve pretty much conceded China to BYD & such & Europe probably isn’t far behind.
Killing off the Bolt in my opinion was foolish, they should continue to develop that car to compete for that segment; it’s a beautiful little rod & seemed to have a bright future if they could've figured out how to ramp up production so the masses could actually get their hands on one (and turn a profit), makes no sense to me. It reminds me of when the first Honda Civics & other Japanese imports hit the market when I was a kid. GM fumbled about with some pitiful attempts to make small cars Americans would buy but ultimately ceded that market to Japan. They’re doing it again and I just don’t get it.
I'm not rooting against GM, I want them (and Ford) to succeed, I'm just not seeing moves that give me confidence in them.
OP
They need compact sized, comfortable, affordable long range EV’s that accelerate like a ICE compact car currently does.
Stop worrying about replacing work trucks or show off trucks and sports cars.
^^^THIS^^^
Nobody seems interested in making EVs affordable. Ridiculous gadgets, useless technology, insane performance, stratospheric price. An affordable EV with a 60 mile/60 MPH "real world" range would fit 90% of my use model - and would work for a lot of people. A good PWM controller and an E-meter to monitor charge state is all that's needed. Cheap SLA batteries could probably do the job. *shrug*
Oh yeah it's dropped a bit, from 40 to 30. Some gradually over time and a bit when GM did a software update to help the battery last longer. But it's still totally usable switching to gas and getting 38mpg. A regular EV gets less usable when range drops.
$.10/kwh iirc
No solar.