Skip to comments.Car Company Gets U. S. Loan, Builds Cars In Finland
Posted on 10/20/2011 6:17:38 PM PDT by kcvl
click here to read article
So, does this count for US jobs saved or created?
We have more than enough evidence that the government loan program is mismanaged, counterproductive and outright corrupt.
WHY is there not already a moratorium on new loans until the issues surrounding Solyndra and similar are investigated and addressed?
Every loan seems to be a half-a-billion here and a half-a-billion there. WHY hasn’t the GOP worked to stop this now?
Now I know why the Google CEO was spinning so hard for Obama last week on TV.
The people in this administration are showing all the characteristics of the French nobility before the Revolution, exhibiting lavish lifestyles and providing images of wild extravagance as the people were starving. While Americans see their standard of living decline sharply the Obamas throw lavish parties, take luxurious vacations and underwrite luxury toys for the rich while running up deficits that were unimaginable just three years ago. Its as if taxpayers were French peasants, our money was Monopoly money and they represent a natural aristocracy. Its pitchfork time!
“We’re not in the business of failing; we’re in the business of winning. So we make the right decision for the business,” Fisker said. “That’s why we went to Finland.”
Umm...Did he just call the U.S. a failure and a loser? It sure sounded like he did. (after accepting the loan, of course)
Gore-Backed Car Firm Gets Large U.S. Loan
This guy Henrik Fiskar already sounds Finnish or German. (Come to think of it Fiskar is the name of a huge company in Europe that sells a lot of sheers and scissors, for example.)
Just wondering if maybe he had a inkling BEFORE he took the U.S. loan that, oops, there would be no U.S. manufacturer for his product and he’d have to take the production home — I mean, to Finland.
How do you take a half-billion dollar loan to produce a car and then realize a short time (designwise) that you haven’t figured out who can manufacture your product.
So, if Algore is involved, it automatically becomes a “risk-y scheeeeme”.
Oh, and I see that former VP Al Gore is a major investor in Fiskar Automotive.
Okay, I finished reading the article (was commenting as I went along).
We MUST start pushing for a MORATORIUM on these loans NOW.
Ricardo Reyes, Teslas vice president of communications, called us this morning to clarify that the company is considering another loan, and been working through the pre-application process. But Tesla hasnt made a decision on it or submitted a formal application to the US Department of Energy, which administers the loan program.
Tesla has no completed loan applications pending before the DOE, he said.
The program that has awarded loans to Tesla, Fisker Automotive and a handful of other car companies is separate from the one that gave $528 million to Fremonts Solyndra, which declared bankruptcy earlier this month.
LOL!!! Just like the ‘Hoopties for Hybrids’ (Cash for Clunkers) fiasco! (That was a Van Jones brain fart, BTW.)
A pox on all of them and a moratorium on all these types of loans, regardless of which “program” they are under.
Donors, Bundlers, and Obama Allies Secure $1 Billion in Loans, Export Jobs to Finland
Stimulus Working as Intended
Vice President Joseph Biden heralded the Energy Departments $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.
Yet an audit this year by the Government Accountability Office, the investigative arm of Congress, criticized the Energy Department for not keeping close enough tabs on its fleet of auto loans including those to Fisker and Tesla to ensure they meet benchmarks. The funding was issued under the $25 billion Advanced Technology Vehicles Manufacturing loan program, one piece of a giant umbrella of DOE loans and loan guarantees going out the door.
DOE cannot be assured that the projects are on track to deliver the vehicles as agreed, said the GAO report examining the departments ATVM program. It also means that U.S. taxpayers do not know whether they are getting what they paid for through the loans. [emphasis mine]
The Fisker website says its vehicle will be an “electric luxury vehicle.”
So this thing is for rich people, anyway! Way to go, President Obama! Tell OWS your taxpayer-funding an electric vehicle for it’s a luxury car for fat cats! WOOT!
Update: Fisker Karma Electric Car Gets Worse Mileage Than an SUV
...these are GREEN JOBS.
How Fisker got $500 million in government loans for a fuel economy flop
When Fisker Automotive won heaps of praise from Vice President Joe Biden and a $529 million loan from the U.S. government, officials touted the Karma luxury sedan as getting up to 100 miles a gallon, going 50 miles on a full battery charge and offering “supercar” performance. None of those targets were met but Fisker’s moving ahead, your tax dollars in hand.
The news of Fisker’s shortfalls in its mileage targets announced yesterday was the latest in a series of misses since designer Henrik Fisker unveiled his concept in 2008. Fisker is still sticking to the goal of selling 10,000 Karmas this year, even though it can’t legally deliver cars in California yet. And company officials pushed another deadline back Tuesday, telling the Wilmington (Del.) News-Journal that the smaller Nina sedan has been delayed from 2012 to mid-2013 at the earliest.
While the actual electric range and fuel economy numbers of the Karma 32 miles of electric-only range, a 52 mpg-e overall rating and only 20 mpg when its 2-liter GM turbo engine is on surprised many, they weren’t shocking to auto industry observers who’ve noted the Karma was not just an expensive electric sedan, but also the largest and heaviest one to date. Early prototypes were hidden with bodies of Chevy Silverado crew cab pickups, and the Karma tips the scale at roughly 5,300 lbs. unloaded, thanks to 22 kWh of batteries stored under the floor.
The figures along with performance results that now peg the Karma’s 0-60 time at an un-supercar 6.3 seconds were enough to convince one long-awaiting Fisker customer to consider asking for his deposit back on the $97,000 sedan:
This all needs to be shut down now.
I can’t believe we haven’t heard “moratorium” on Capitol Hill yet.
These people get caught with their fingers in the guacamole over and over again and the “loans,” which uniformly put taxpayers at great risk, just keep flowing. Right in the open, too!
How’s that cleaning of the swamp coming along.......? =.=
...The secret to access to the DOE money is The Westly Group, run by California Democratic Party stalwart and big Obama campaign bundler Steve Westly. The former eBay executive wasnt merely a prodigious fundraiser for Obama, raising $500,000 for his presidential campaign. He also served as the presidents California campaign co-chairman.
...Westly sits on a board that advises Energy Secretary Steven Chu
also from ABC (2008)
Obama Helped Supporters Get Millions in Illinois State Business
Ping to post #23.
It looks more and more like this president has taken ‘free reign’ of our tax dollars - with no outrage from our elected officials.
Every single day for the past three years, I have been shocked at the disgraceful moves by this president - and even more shocked that our Congress (and yes, Senate) are not screaming their heads off!
that kills the green jobs theory...
They finally realized they can publicly blatantly get away with it and they are.Who is going to stop them?
Senate Axes House Bid to Trim $25 Billion Green Car Loans
We are a very stupid nation. Sadly, I fear that America’s greatest days are in the rearview mirror as we have a dwindling supply of people who get it and are willing to do something about it. Our “leaders” subsidized their rich friends, who outsourced the jobs to Finland with American taxpayer dollars. And all so that Leo DiCaprio and other elites can buy a fancy car. Wow. Leaders like this would be strung up by their toes in days gone by.
May his kidneys fail tonight.
Congressional investigators try to deposition Solyndra loan memo author; DOE refuses
It greases the hand of an Obama operative...
Congressional investigators want to obtain transcribed interviews with Department of Energy officials involved with the Solyndra scandal, including the author of the legal memo justifying the restructuring of the solar companys loan, but the DOE has refused to submit, saying House Republicans dont have that authority.
On Oct. 18, the DOE informed the House Energy and Commerce Committee, which is leading the investigation into the Solyndra scandal, that it would not allow the committee to perform depositions of DOE officials, including Susan Richardson, chief counsel of the DOE Loan Programs Office.
Gore-Backed Car Firm Gets Large U.S. Loan
The initial 2012 Fisker Karma will in a future be delivered by a finish of this month and, fittingly, movie star Leonardo di Caprio will get a keys to Karma numero uno. Al Gore as good as Colin Powell will be receiving smoothness of their plug-in Fiskers shortly thereafter, according to Autocar.
Al Gore could become worlds first carbon billionaire
Last year Mr Gores venture capital firm loaned a small California firm $75m to develop energy-saving technology.
The company, Silver Spring Networks, produces hardware and software to make the electricity grid more efficient.
The deal appeared to pay off in a big way last week, when the Energy Department announced $3.4 billion in smart grid grants, the New York Times reports. Of the total, more than $560 million went to utilities with which Silver Spring has contracts.
The move means that venture capital company Kleiner Perkins and its partners, including Mr Gore, could recoup their investment many times over in coming years.
Former Secretary Colin Powell Named Strategic Limited Partner at Kleiner Perkins Caufield & Byers
MENLO PARK, Calif. Kleiner Perkins Caufield & Byers KPCB an innovator in providing venture and relationship capitalSM services to entrepreneurs announced former Secretary of State Colin Powell has become a KPCB strategic limited partner.
The Karma, which has been beleaguered by a series of production delays, will cost about $100,000. Actor Leonardo DiCaprio already got his Karma, while former Vice President Al Gore and former Secretary of State Colin Powell, both of whom are affiliated with Kleiner, are expected to take ownership of their Karmas in the coming days.
Fisker Automotive, based in Anaheim, was founded in 2007. Designed by Henrik Fisker, the four-passenger Karma is assembled in Finland, with production scheduled to move to a former GM factory in Wilmington, Del. The cars will be sold through a national network of high-end car dealers. Fisker says it plans initial production volume of 15,000 a year.
“The Karma is a high-end vehicle that could replace a regular car,” said Jeremy Anwyl, CEO of Edmunds.com. “But the segment of the market that buys cars that cost $100,000 and above is very small.”
Lane said he expects Europe, where gas costs about $9 a gallon, to “smoke the United States” in terms of sales.
Kleiner has a vast cleantech portfolio, with transportation one of six cleantech sectors the firm invests in. Kleiner first invested in Fisker in January 2008, after looking at several business plans from electric-vehicle startups. Lane credited colleague Trae Vasallo with bringing Fisker to the firm’s attention.
“There’s no downside to a Fisker Karma except high price,” said Lane. “But there is a consumer segment that buys high-end cars, that spends $120,000 on a Porsche. We underpriced this car. We brought an electric vehicle to market at a price below its competition in the internal combustion engine.”
That car went to actor Leonardo di Caprio, who also is a Fisker investor
It looks more and more like this president has taken free reign of our tax dollars - with no outrage from our elected officials.”
Why would they? they’re making millions too and laughing at us because we can’t do a thing about it.
Congress should raise hell about this anti-americanism!
Where the hell is the Republican opposition??
Why don’t they raise hell?
Speaking with my gnomes as of late, the trend is to build new product in new "flexible" plants.
Unless they gut this old GM albatross and the structure is more open than I know, this smells of a boondoggle.
The sad parts?
* I have seen this car in person, looks like a 4 door Ferrari, it is stunning.
* To get the weigh down she needs to be aluminum / composite construction.
If so, the chassis should be made by Lotus and made somewhere other than this plant.
I know I am a bit off topic, you folks are right, we shouldn't be given out money to determine winners and losers. For the record this is different than the loans to Ford and GM to retool via EPA monies to meet the new fuel regs. different pool of money, but they shouldn't have regs that tight, it is stupid.
Yet more government waste subsidizing failed corporations.
didn’t TESLA get about a million dollars per car they ever made from the Stimulus?? THAT wasn’t enough??
20th Century Motors becoming reality??
John Galt has definately left the building
Obama is saving the economy! Of course it’s Finlands economy, but still....
There’s some bad karma coming our way...........
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