-- Connecting the dots between our economy, government and business --
Stellantis still plans to reopen its shuttered assembly plant in Belvidere, Illinois, but it has canceled its plans to bring in a new electric vehicle battery facility and parts hub to the state, Matt Frantzen, president of UAW Local 1268, said in an email to Automotive Dive.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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This *might* have something to do with the sudden, yet completely expected reversal:
“Stellantis reported a 48% decline in revenue in North America in the first half of 2024. The company’s net profits also declined by 70% for the year. The automaker also reported a negative 6 billion euro free cash flow largely due to declines in income and increase in capital spending to launch new models.”
That and customers don’t want impractical electric cars.
Dem green promises made, Dem green pie in the sky promises not kept. Par for the course.