Keyword: fisker
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Electric vehicle start-up Fisker is exploring bankruptcy, The Wall Street Journal reported this week. Fisker’s stock plunged this week as investors worry about the company’s ability to survive amid a cash crunch. The auto company also said it would slash 15% of its workforce. The Wall Street Journal reported: Electric-vehicle startup Fisker FSR -55.88%decrease; red down pointing triangle has hired restructuring advisers to assist with a possible bankruptcy filing, according to people familiar with the matter. Fisker, which recently warned that it risked running out of cash this year, hired financial adviser FTI Consulting and the law firm Davis Polk...
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When Hunter Biden was driving 172 miles an hour while smoking crack on the way to meet prostitutes in Las Vegas, the son of a future president was driving a Porsche 911.Devon Archer, Hunter’s closest partner, told the House Oversight Committee that the car had been paid for by an oligarch from Kazakhstan. “I believe it was a Fisker first and then a Porsche.”Kenes Rakishev, the banker for Kazakhstan’s dictator and a close associate of Ramzan Kadyrov, Putin’s ruthless Chechen warlord, had allegedly bought Hunter the sports car after a meeting with Joe and Hunter at Cafe Milano: an exclusive...
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Gannet News outlet, so LINK only. This is the first of a 3-part series on Hunter’s business dealings in Delaware.
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"There is no way the United States can reduce its greenhouse gas emissions without looking at how Americans drive," Schumer says. ========================================================================= Senate Majority Leader Chuck Schumer (D-N.Y.) says every vehicle on the road should be fully electric by 2040. "There is no way the United States can reduce its greenhouse gas emissions without looking at how Americans drive," Schumer said on Tuesday. "So I have put forward an ambitious, comprehensive proposal to accelerate our country's transition to zero-emission vehicles. We've called it Clean Cars for America. "The goal of that plan is that by 2040, all vehicles should be...
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The Detroit-based company's proposal, modeled after a California program the Trump administration is seeking to undermine, would mandate that manufacturers garner an escalating percentage of total vehicle sales from automobiles powered by electricity or hydrogen fuel cells.
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Former Aston Martin designer to challenge Tesla with claims of dramatic breakthrough Henrik Fisker at CES in Las Vegas, says the solid-state batteries have the potential to be much cheaper to make than lithium-ion batteries. ____________________________________________________________________________________________________________________________________ In an announcement designed, surely, to take some of the wind from Tesla’s sails, Henrik Fisker is claiming to have made a dramatic breakthrough in battery technology. Fisker, who left a job as chief of design at Aston Martin to set up his own eponymous car company, says that he’s filed patents on a new design of so-called “solid state” batteries, which can theoretically...
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Ford Motor Co. will more than double spending on electrified vehicles, amplifying its investment in a segment that the auto industry sees growing from what’s now just a fraction of the market. The carmaker will shell out $11 billion bringing 40 electrified vehicles to market by 2022, Jim Farley, president of global markets, said during a presentation at the Detroit auto show. That’s up from the $4.5 billion that Ford said in late 2015 it would invest through the end of the decade. “This $11 billion you’re seeing, that means we’re all in now,” Executive Chairman Bill Ford told reporters...
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UCLA researchers have designed a device that can use solar energy to inexpensively and efficiently create and store energy, which could be used to power electronic devices, and to create hydrogen fuel for eco-friendly cars. The device could make hydrogen cars affordable for many more consumers because it produces hydrogen using nickel, iron and cobalt — elements that are much more abundant and less expensive than the platinum and other precious metals that are currently used to produce hydrogen fuel. “Hydrogen is a great fuel for vehicles: It is the cleanest fuel known, it’s cheap and it puts no pollutants...
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Solid-state batteries represent the holy grail for automakers as they promise a driving range for electric cars comparable to internal combustion models, along with charging that could end up quicker than the time it takes to fill a gas tank. Revived electric car company Fisker has now revealed that it’s filed patents for solid-state battery technology that could enable a range of 500 miles and a charging time of just one minute. The key are three-dimensional electrodes that have 25 times more surface area than flat thin-film solid-state electrodes, along with high electronic and ionic conductivities. According to Green Car...
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No Word On When New Owner Wanxiang Will Start Making Cars We've reported extensively about Tesla Motors developing its massive Gigafactory in the hinterlands near Reno, Nevada. Now, reports are coming out that the most recent incarnation of Fisker Automotive will build a factory about halfway between Los Angeles and Palm Springs. There's lots of land left out there for any other aspiring plug-in automakers. Fisker, which is now owned by China-based Wanxiang, already has offices in Costa Mesa, CA, and employs about 200 people there, according to the Orange County Register. Now, Fisker will build a 556,000-square-foot plant in...
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Lost in the hubbub following President Obama’s climate agreement with China was a smaller bit of surprising environmental news Wednesday: the Department of Energy’s loan program is expected to make money for taxpayers. Most people are familiar with the program because of Solyndra, a solar-panel manufacturer that went bankrupt in 2011 after borrowing $528 million from the federal government. […] You can’t avoid defaults when you lend money, though, and on balance, the loans are being repaid. A report released in the next several days will give the department’s first estimates of how the program is performing financially: the loans...
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Happy Thanksgiving from the Obama administration. The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million — the biggest taxpayer loss on a green loan since the failure of Solyndra. The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009. “Once again, American taxpayers are...
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On Friday, I mentioned that it seems that the odyssey of fail that was the Obama administration’s commitment to “investing†in Fisker Automotive was finally drawing to a merciful close, as the Department of Energy managed to (kind of shadily?) auction off the down-and-out company to some Chinese investors. With the deal, Americans taxpayers would only be taking a net hit of an oh-so-trifling $130 million or so. No big deal, right?Wrong.The Department of Energy originally extended Fisker a $529 million line of credit back in the 2009 stimulus effort, but cut off the already ailing Fisker in 2011 after...
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<p>WASHINGTON - The Energy Department says it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc.</p>
<p>The government sold the loan for $25 million Friday to Hybrid Technology LLC, a holding company that plans to keep the California carmaker operating.</p>
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Humvee manufacturer AM General paid $3 million at auction to purchase the U.S. Department of Energy‘s loan to Vehicle Production Group, a defunct maker of wheelchair-accessible vans that struggled to meet performance targets and shut down earlier this year. Together with $5 million seized from the company’s accounts in April, that means the DOE recovered just $8 million of the $50 million it loaned VPG back in March 2011 under a government program designed to promote advanced technology vehicles. VPG’s plan was to sell handicapped vans that run on compressed natural gas. Taxpayers also took a loss on the collapse...
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The word on the street is that the Obama administration is ready to reignite the Department of Energy loan program for alternative vehicles. I think I’ve harped on Fisker Automotive, Vehicle Production Group and the battery-failure twins Solyndra and A123 Systems enough for you all to remember that each one of these flops received large loans from DOE… and failed to pay them back. The controversial loan program was taken offline by then department head Steven Chu two years ago. Well, it’s back. Chu’s successor, Ernest Moniz, is hoping that the department can jump-start the loan program again — and...
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As NLPC has covered Fisker Automotive’s catastrophic flop over the last few years since it was granted a $529-million taxpayer-guaranteed loan from the Department of Energy, one big question that repeatedly came up was: How could a company that produced only one electric car model burn through $1.4 billion in investment so quickly? Reuters uncovered a number of reasons in a report published earlier this week. Citing documents and some sources, mostly anonymous, the news syndicate painted a disturbing picture of mismanagement, incompetence, disinformation, and squander. While businesses stumble and go out of business every day, Fisker’s case illustrates why...
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Fisker Automotive hasn't built a car in nearly a year. It fired most of its workforce, hired bankruptcy advisers and is seeking a buyer. Co-founder Henrik Fisker resigned in mid-March in a dispute with some of the directors. And despite raising $1.4 billion in private and public funds since its founding in 2007, the company is out of cash. For months, key investors have been footing the car maker's day-to-day expenses to keep it alive in diminished form. The Energy Department has repeatedly defended its handling of the Fisker loan. Nicholas Whitcombe, who previously led the DOE loan program, told...
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Rep. Jeb Hensarling (R-Tex.), chairman of the Financial Services Committee, has told Richard Cordray not to bother. This is part of the recent evidence that government is getting some adult supervision. Barack Obama used a recess appointment to make Cordray director of the Consumer Financial Protection Bureau. But a federal circuit court has declared unconstitutional three other recess appointments made the same day because the Senate was not in recess. So Hensarling has told Cordray not to testify before his committee: “Absent contrary guidance from the United States Supreme Court, you do not meet the statutory requirements of a validly...
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As the Department of Energy seized the last of Fisker Automotive’s reserves in lieu of an unknown amount that it was due to repay this week, what’s left of the lame electric automaker clings to the slim hope it can survive. While CEO Tony Posawatz and his team may need an intervention, a hearing before the House Oversight and Government Reform Committee yesterday revealed that DOE and committee Democrats (as well as those in the Obama administration) are hopelessly stuck in an alternate universe, where losing millions of taxpayer dollars is considered a good record. Republicans had called officials from...
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