Skip to comments.Obama-backed Fisker Automotive laying off most rank-and-file employees, exploring bankruptcy
Posted on 04/05/2013 1:44:48 PM PDT by SeekAndFind
The Solyndra-fication of the Department of Energy loan-guaranteed Fisker Automotive, whose many merits as a hybrid sports car maker were once hailed throughout the land, is almost complete. The supposedly green-tech company announced that they intend to lay off nearly all of their regular employees on Friday, and that they will maintain about 53 senior managers and executives — mostly to pursue buyers for the company’s assets. The WSJ reports:
Struggling electric-car maker Fisker Automotive Inc. is dismissing 150 of its remaining 200-employee staff on Friday, according to a person familiar with the matter.
The company has been looking for a large investor or acquirer, but talks with at least two interested parties fell apart last month.
The U.S. government, a big lender to Fisker, holds collateral on the company’s assets and could influence the direction of any bankruptcy.
Fisker has delivered around 2,000 vehicles globally and at one point had 50 U.S. dealers, though the number has dwindled as its financial problems have increased. It hasn’t built a car since July and its primary battery supplier, A123 Systems Inc., filed for bankruptcy protection and was purchased by Chinese auto parts maker Wanxiang Group Inc.
A123 Systems, you’ll remember, was once upon a time another Obama DOE-backed venture. Winning.
Shockingly, despite the Obama administration’s very best market-interfering and subsidizing intentions, the hybrid company just didn’t take off the way it was supposed to, dagnabit — so it’s really comforting that the DOE is getting back to dishing out those stimulus funds, no?
Despite a fiscal cliff and sequestration worries, more than $1.2 billion in cash payments for energy projects (in lieu of tax credits) have been issued by the Department of Treasury and Department of Energy since January 1, according to documents from the U.S. Treasury.
Through February 14, $1,254,769,726 was distributed by the 1603 program to 435 solar, wind, and other renewable energy projects. The vast majority of the projects381were for solar electricity. The cash payments represent up to 30% of the projects total eligible cost basis in lieu of investment tax credits.
The average 1603 payment made in the first six weeks of 2013 for all projects was $2.88 million, with awards ranging from $120.2 million for a wind project in New York to $4,000 for a solar project in Montana.
Sequester? What sequester?
... as in “Wow, Obama just “Fiskered” us again.
Another Obama success story.
I was wondering how that electric “car” thing was working out for the “progressives”.
Obama = 100% business failures.
Exactly...The turkey is not concerned about it though, it’s not his money.
Slush funds at every turn....
Soon after Consumer Reports bought the Fisker Karma to test, it stopped working. The luxury plug-in hybrid had to be towed off the track.
Can Obama pick ‘em or can Obama pick ‘em? He is presently 0 for however many he’s put up. Its Cloward-Piven to the ultimate. Even by accident someone would have picked one prospect that won. Its an indication that he is getting EXACTLY what he wants to happen.
He has a black thumb
Pray for America
I'm sure he would flippantly say "You got to spend money to make money".
Obamacare will be equally effective as these other ventures.
Feel good yes.
Feel healthy, not so much.
I don’t know why anybody claims there is a problem w these cars. When they got wet during Sandy, the batteries didn’t actually explode; they just caught fire. Why would a battery catching fire when it gets wet be a problem. Just park the car on rainy days. Or else drive it in the desert; it almost never rains in the desert, right?
all these grants and crap to these kinds of companies were to derail funds from working technology, to prevent real solutions and products from being developed and available to citizens. They did double duty here wasting tax dollars on stuff that wouldn’t work and couldn’t get private investors, who knew better, and at the same time making sure this money couldn’t make useful products for people to be more energy efficient with. Third thing it did in many cases was give a kickback to political donor cronies to o-hole.
Solar is the new Government Charity. Noting is to be returned to the taxpaxer. Hell we created 200 jobs with that debachle!
Would have been better to just put on the dole and forget em!
Besides who can afford a 100,000 car!
The automobile has always been Joe citizen that buys what is affordable and is appealing and reliable!
I do not understand why people that think charging these things is free! Why would an Electric entity make less than the Gasoline or Natural Gas producer for the average family to get around! Plug that thing in and watch your electric meter spin! Prob why the Elec company replaced that dial that spins with digital read out.
Nothing is free!
Documentation File on the negative impact of the Obamanation Counterculture on America.
And how much taxpayer money went down the shitter on this one, Odinga?
Maybe Fiskars should buy Fisker. They could show them how to cut costs.
Obama: the kiss of death for America’s economy, industry and safety!
The imbecilic EPA should label Obama a pollution that needs removal.
Apparently they can be significantly improved with the addition of a 638 hp small block Chevy.
“Another Obama success story.”
He really is the kiss of death for a business, isn’t he? Maybe people should put pictures of elephants or Revolutionary War patriots on the doors of their homes and businesses to keep him away...
Now that’s funny. I don’t care who you are.