Free Republic 4th Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $14,158
Woo hoo!! And the first 15% is in!! Thank you all very much!!

Keyword: fisker

Brevity: Headers | « Text »
  • New Fisker ready to reopen in California?

    06/19/2015 2:46:39 PM PDT · by Red Badger · 16 replies ^ | Jun 19th 2015 at 1:28PM | Staff
    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...
  • Remember Solyndra? Those loans are making money (o rly?)

    11/13/2014 6:54:33 PM PST · by Olog-hai · 9 replies
    Washington Post Wonkblog ^ | November 13, 2014 at 8:26 AM | Max Ehrenfreund
    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...
  • Taxpayers lose $139 million on Fisker Automotive loan

    11/25/2013 7:16:47 PM PST · by DBCJR · 3 replies ^ | 3:59 PM 11/22/2013
    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...
  • About that failed Fisker loan costing U.S. taxpayer $130+ mil.? Scratch that. It Might be way more.

    11/25/2013 5:59:18 PM PST · by SeekAndFind · 6 replies
    Hotair ^ | 11/25/2013 | Erika Johnsen
    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...
  • Energy Department to lose millions on electric car maker loan

    11/24/2013 5:24:36 PM PST · by Extremely Extreme Extremist · 18 replies
    10 NEWS.COM ^ | 23 NOVEMBER 2013 | 10 NEWS.COM
    <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>
  • U.S. Eats Another Loss On Green Tech Car Loan

    09/06/2013 11:38:20 AM PDT · by george76 · 18 replies
    Forbes ^ | 9/06/2013 | Joann Muller
    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...
  • More Loan Disasters Like Fisker and Solyndra Could Be On the Way

    09/02/2013 10:21:48 AM PDT · by SeekAndFind · 8 replies
    Pajamas Media ^ | 09/01/2013 | BECKY GRAEBNER
    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...
  • Details Revealed of Fisker's Waste and Mismanagement

    06/21/2013 10:59:37 AM PDT · by jazusamo · 8 replies
    NLPC ^ | June 21, 2013 | Paul Chesser
    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...
  • Special Report: Bad Karma: How Fisker burned through $1.4 billion on a 'green' car

    06/17/2013 6:05:56 AM PDT · by Oldeconomybuyer · 14 replies
    Reuters ^ | June 17, 2013 | By Deepa Seetharaman and Paul Lienert
    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...
  • Courts and Congress give Obama adult supervision (Obama failing on many fronts)

    04/27/2013 1:51:35 PM PDT · by what's up · 7 replies
    Washington Post ^ | Apr 23, 2013 | George Will
    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...
  • Administration Denies Reality at Fisker Congressional Hearing

    04/25/2013 11:03:04 AM PDT · by jazusamo · 11 replies
    NLPC ^ | April 25, 2013 | Paul Chesser
    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...
  • 47 depressing facts about Fisker’s epic electric car failure

    04/24/2013 1:11:26 PM PDT · by theruleshavechanged · 20 replies
    Washington Examiner ^ | Wednesday April 24, 2013 | Charlie Spiering
    “Bankruptcy now appears unavoidable, and a political reckoning is coming” writes the New York Time’s Bill Vlasic today about Fisker Motors, the Obama administration’s pet electric car company that received millions in federal loans. Vlasic described the car company as the “Solyndra of Electric car companies.” As Congress prepares to grill the leaders of Fisker Motors this afternoon, here are 47 depressing facts about Fisker:
  • Fisker Failure was Easy to See Coming

    04/24/2013 7:50:14 AM PDT · by jazusamo · 12 replies
    NLPC ^ | April 24, 2013 | Mark Modica
    While hindsight may always be 20/20, foresight should be pretty clear in many instances as well. The Fisker failure was one of these times. Many saw the folly in spending hundreds of millions of taxpayer dollars to support the green debacle. In fact, the Associated Press has reported that even the Obama Administration had warning of the Fisker loan risks back in April of 2010 when the Energy Department began emailing their concerns. Congress will be holding hearings starting today to address the scandalous waste of taxpayer money on Fisker. Reuters states one of the goals of the hearing, "'The...
  • Bad Karma: Obama admin kept funding Fisker while knowing it was failing

    04/24/2013 7:05:55 AM PDT · by SeekAndFind · 5 replies
    Hotair ^ | 04/24/2013 | Ed Morrissey
    Stop me if you've heard this before. An administration walks into Congress and insists on billions of dollars to "invest" in green-tech startups, then loses its shirt on bad bets — even while knowing the bets were bad. If that sounds like Solyndra, well, you're right — but it's also part of a pattern in which Barack Obama and the White House have treated taxpayer funds like Monopoly money. CBS and the AP unveil the latest example of this pattern, Fisker Automotive, which continued to get millions in taxpayer funds even while failing to meet the conditions of its loan:...
  • A look under the hood: why electric car startup Fisker crashed and burned

    04/21/2013 8:03:27 PM PDT · by Impala64ssa · 19 replies
    CNN Money ^ | 4/17/13 | Katie Fehrenbacher
    It was a shining moment for Fisker Automotive. In the summer of 2011, four years after the upstart electric car company opened its doors, its first cars were finally rolling off the factory line in Finland, and the sleek vehicles were landing in the garages of some of the biggest names in Hollywood, politics and Silicon Valley. Actor and Fisker investor Leonardo DiCaprio received one. Al Gore and Colin Powell were next in line. A couple months after that, boy megastar Justin Bieber got one for his 18th birthday as a present from his manager. The car even had its...
  • Lawsuit and a Congressional Hearing as Fisker Bankruptcy Nears

    04/11/2013 11:45:46 AM PDT · by jazusamo · 3 replies
    NLPC ^ | April 11, 2013 | Paul Chesser
    As green energy stimulus recipients raked in billions of dollars the last few years, with President Obama declaring what a great “investment” they were for taxpayers, friends of mine would jokingly ask, “Where’s my dividend?” “Where are my stock certificates?” “Where’s my free electric car?!” In the case of our $193-million stake in Fisker Automotive, thanks to a Department of Energy loan guarantee, it looks like American shareholders will end up with the whole company itself. With the Anaheim non-automaker (no cars produced since last summer) firing about 160 of its 200 remaining employees on Friday, a bankruptcy law firm...
  • Chevy Volt Battery Technology Questioned After Billions Wasted

    04/11/2013 10:11:49 AM PDT · by jazusamo · 15 replies
    NLPC ^ | April 11, 2013 | Mark Modica
    It appears that the Mainstream Media folks may finally be starting to expose one of the worst cases of taxpayer abuse that this country has ever seen. Kudos to Deepa Seetharaman who wrote a piece for Reuters which questions the feasibility of the government-subsidized, lithium-ion based battery technology behind electric vehicles (EVs) like the Chevy Volt. While Seetharaman acknowledges the limitations of lithium-ion batteries, what remains unchallenged is the continued waste of billions of taxpayer dollars to support the failing, pseudo-green technology. The evidence that the Obama Administration's EV subsidization has been a costly fiasco (particularly regarding the Chevy Volt...
  • Sarah Palin Attacks American Car Companies, Calls Them 'Losers' (She speaks truth, they deny)

    04/07/2013 7:22:21 PM PDT · by 2ndDivisionVet · 48 replies
    Opposing Views ^ | April 7, 2013 | Michael Allen,
    Former half-term Alaska Governor Sarah Palin, who often attacks Democrats for hurting small businesses, slammed American automakers Tesla Motors and Fisker Automotive for being "losers" on her Facebook page. Palin attacked Fisker Automotive for laying off 75 percent of its employees last Friday, reports the Los Angeles Times. Palin also accused the Obama administration for supposedly attempting "to pick 'winners and losers' in the free market," but did not mention that for decades the federal government has made loans to businesses. She showed additional contempt for hybrid electric cars by slamming General Motors' Volt, which tripled its sales in 2012,...
  • Sarah Palin: American People Are The Real Losers In Obama's Fisker Failure

    04/07/2013 8:37:50 AM PDT · by Josh Painter · 12 replies
    The SPJ ^ | April 5, 2013 | Sarah Palin
    Citing Fisker's decision to lay off 75 percent of its workforce, Gov. Palin rebuked the Obama Administration on Facebook Friday for its failed green energy crony capitalism: Once again, the American public lost when the Obama administration attempted to pick “winners and losers” in the free market. Today the electric car company Fisker Automotive, which received nearly $200 million in taxpayer money, is laying off three-fourths of its U.S. workers. The Anaheim, CA-based start up has failed at pretty much every level – especially when it comes to the company’s ultra expensive luxury electric hybrid, the Karma (what a name!),...
  • Signs of Solyndra? Fisker Lays Off 75 Percent of Employees

    04/05/2013 3:12:20 PM PDT · by NormsRevenge · 22 replies
    Yahoo! News ^ | 4/5/13 | Matthew Mosk - abc news
    The government-backed electric car company Fisker Automotive laid off about 160 workers Friday, or roughly 75 percent of the automaker's staff, as it has struggled to find financial backing that would allow it to continue building its high concept clean cars. The layoff announcement came as the innovative start up faces a looming repayment on a loan from the U.S. Department of Energy, and as reports have swirled that it could be preparing to file for bankruptcy. As with the failed solar firm Solyndra, the green car company was once an early pick by the Obama Administration to be part...
  • Obama-backed Fisker Automotive laying off most rank-and-file employees, exploring bankruptcy

    04/05/2013 1:44:48 PM PDT · by SeekAndFind · 27 replies
    Hotair ^ | 04/05/2013 | Erika Johnsen
    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...
  • Al Gore, DiCaprio AWOL as Fisker Circles the Drain (Updated: Bankruptcy lawter)

    03/29/2013 11:13:00 AM PDT · by jazusamo · 15 replies
    NLPC ^ | March 29, 2013 | Paul Chesser
    UPDATE 11:30 a.m. Friday: Reuters reports that Fisker has hired a bankruptcy attorney. Fisker Automotive , which has received $193 million of a $529 million Department of Energy stimulusloan guarantee and apparently still wants the rest of it, stopped making its sole electric car – the $102,000-plus Karma – last July. But only now has it decided to furlough workers for a week. “In parallel with the process of identifying a strategic partner, Fisker is, of course, continuing to manage its day-to- day operations and has recently instituted temporary furloughs for its U.S. workforce covering the final week of...
  • Reminder: Fisker about to go all Solyndra with $200 million of your money

    03/19/2013 5:57:05 PM PDT · by Ernest_at_the_Beach · 15 replies
    Hot Air ^ | 8:01 pm on March 19, 2013 | by Mary Katharine Ham
    Our federal government sure knows how to pick ‘em.Fisker is an electric car company, founded in 2007, which holds the dubious distinction of producing the only car to ever break down during its Consumer Reports test drive. It was supposed to be an American leader in new technologies, with a revamped factory in Delaware and all the jobs that come with it. It ended up producing cars in Finland— cars that caught on fire and konked out due to the company’s use of faulty batteries from another taxpayer-funded company, A123. Facing recalls and possible bankruptcy, Fisker’s CEO Henrik Fisker stepped...
  • Henrik Fisker Quits as Chairman of His Own Company

    03/14/2013 11:38:20 AM PDT · by jazusamo · 4 replies
    NLPC ^ | March 14, 2013 | Paul Chesser
    In the end, even Al Gore, Leonardo DiCaprio, Justin Bieber,Jay Leno, former Chrysler andGeneral Motors execs, billionaireSilicon Valley venture capitalists, generous California government incentive givers,Delaware subsidizers, andPresident Obama’sDepartment of Energy investment arm couldn’t overcome the dud that was the $102,000-plus Fisker Karma. And now as the company desperately seeks for cash and/or a rescuer –probably in China – a disagreement arose between Fisker’s founder and its top management. So the man for whom the company was named, Henrik Fisker, quit. The Los Angeles Times and dozens of other outlets reported yesterday that Mr. Fisker left over disputes about “direction” for...
  • Taxpayer-Supported Fisker Looking to China, Like A123

    02/21/2013 3:07:43 PM PST · by jazusamo · 4 replies
    NLPC ^ | February 21, 2013 | Paul Chesser
    Stimulus déjŕ vu-lishness lurks: Another “green” tech company that received hundreds of millions of taxpayer dollars is financially troubled, seeks a buyer (or their preferred term – a “partner”), and China is ready to swoop in and buy up the remains on the cheap. And the same two Republican senators who slammed the last deal that went down like this are sickened again. The first time this happened it was electric car battery maker A123 Systems that set up a deal to get $249 million (plus other multimillion dollar grants) from U.S. taxpayers, who thengot left holding the bag when...
  • How Corruption Is Strangling U.S. Innovation

    12/07/2012 12:30:53 PM PST · by AZLiberty · 10 replies
    HBR Blogs ^ | December 7, 2012 | James Allworth
    If there's been one topic that has entirely dominated the post-election landscape, it's the fiscal cliff. Will taxes be raised? Which programs will be cut? Who will blink first in negotiations? For all the talk of the fiscal cliff, however, I believe the US is facing a much more serious problem, one that has simply not been talked about at all: corruption. But this isn't the overt, "bartering of government favors in return for private kickbacks" corruption. Instead, this type of corruption has actually been legalized. And it is strangling both US competitiveness, and the ability for US firms to...
  • Fisker's Big Fundraiser is Going Out of Business

    11/15/2012 3:07:22 PM PST · by jazusamo · 6 replies
    National Legal & Policy Center ^ | November 15, 2012 | Paul Chesser
    The venture finance operation that raised money for crony capitalist investorsKleiner, Perkins, Caufield and Byers, and their green tech firms like electric car companyFisker Automotive ($193 million paid in stimulus loan guarantees) and fuel cell manufacturerBloom Energy, is shutting down, according to a Fortune report. Advanced Equities, Inc. had recently been reprimanded by the Securities and Exchange Commission and by the Financial Industry Regulatory Authority (FINRA) for misleading investors and for breach of contract with its brokers. Fortune cited sources that said AEI brokers were told last week that Monday would be their last day. Crain’s Chicago Business confirmed that...
  • 15,000 electric cars lost to Hurricane Sandy

    11/07/2012 8:20:22 PM PST · by count-your-change · 42 replies
    SmartPlanet ^ | 11/7/2012 | Kirsten Korosec
    Hurricane Sandy damaged at least 15,000 new cars parked at a New Jersey port, including 320 Karmas, the luxury plug-in hybrid electric vehicle by Fisker Automotive. The loss might not sound like much. Nissan, for example, estimates more than 6,000 of its cars and light trucks are will have to be scrapped. And the superstorm may have damaged as many as 200,000 vehicles, including used autos and those of individual owners, National Automobile Dealers Association Senior Analyst Larry Dixon told Bloomberg
  • More Than A Dozen Fisker Karma Hybrids Caught Fire And Exploded In New Jersey Port After Sandy

    11/01/2012 11:13:21 AM PDT · by Red Badger · 67 replies
    Jalopnik ^ | Nov 01,2012 | Staff
    Approximately 16 of the $100,000+ Fisker Karma extended-range luxury hybrids were parked in Port Newark, New Jersey last night when water from Hurricane Sandy’s storm surge apparently breached the port and submerged the vehicles. As Jalopnik has exclusively learned, the cars then caught fire and burned to the ground. Our source tells us they were “first submerged in a storm surge and then caught fire, exploded.” This wouldn’t be the first time the vehicles, which use a small gasoline engine to charge batteries that provide energy to two electric motors, had an issue with sudden combustion. The vehicle, despite only...
  • 16 Fisker Karmas Caught Fire During The Hurricane

    11/01/2012 2:41:23 AM PDT · by Libloather · 45 replies
    Business Insider ^ | 10/31/12 | Alex Davies
    16 Fisker Karmas Caught Fire During The HurricaneAlex Davies | Oct. 31, 2012, 11:07 AM A lot of cars ended up underwater in areas flooded by Hurricane Sandy over the past two days. But for already troubled Fisker, things got worse: Approximately 16 Karmas in Port Newark, New Jersey were submerged, then caught fire. A witness told Jalopnik the extended-range luxury hybrids were "first submerged in a storm surge and then caught fire, exploded."
  • Robert F. Kennedy Jr.: Renewable Energy Is Key to U.S. Growth

    10/23/2012 10:08:32 AM PDT · by NormsRevenge · 25 replies
    Yahoo! Finance ^ | 10/23/12 | Henry Blodget | Daily Ticker
    One of the most important issues in this year's election is energy. Our ongoing addiction to Mideast oil leaves us dependent on countries that are often unstable and hostile. Developing our own domestic energy resources and investing in renewable energy lessens this dependence. It also has the potential to create jobs and improve our trade deficit. The two presidential candidates have laid out energy plans that sound similar: both President Obama and Governor Romney want to continue to develop domestic energy resources, including renewable energy, with the aim of making the U.S. less dependent on foreign oil. But according to...
  • Electric car sales falling short of goal

    10/17/2012 10:46:31 AM PDT · by NormsRevenge · 39 replies ^ | 10/17/12 | Angela Greiling Keane - bloomberg
    (Excerpt) President Obama has put $5 billion in taxpayer money behind his goal of having 1 million electric cars on U.S. roads by 2015. The Republican presidential ticket says it's money wasted on "losers." Whether the technology itself is a loser or consumers are merely slow to adapt to new things, car buyers so far haven't embraced electric vehicles in numbers close to Obama's goal. Electric-vehicle sales since 2011 totaled fewer than 50,000 through September, just 5 percent of the president's target. "The reality is - that business model isn't there yet," said Brett Smith, co-director of manufacturing, engineering and...
  • Fisker Karma earns a failing grade from Consumer Reports ($200 MM down the rat hole)

    09/26/2012 10:58:48 AM PDT · by C19fan · 27 replies
    Consumer Reports ^ | September 25, 2012 | Staff
    The striking Fisker Karma extended-range electric car has turned heads for months in our test program, from its distinctive design to its sci-fi hum soundtrack. During that time we've experienced far more than our share of frustrations. And in the final tally, the Karma scores a failing grade. The Karma ranks as our lowest-rated luxury sedan. Of all sedans, only three have lower overall scores: Chrysler 200, Dodge Avenger, and Nissan Versa SV. (Learn how we test cars.)
  • Fisker Issues Second Recall of Electric Car (initiates voluntary recall of Karmas)

    08/20/2012 8:02:10 PM PDT · by NormsRevenge · 27 replies
    Yahoo! News ^ | 8/20/12 | Randy Kreider | ABC News
    After the second of two mysterious fires in a Karma sedan, the government-backed electric car-maker Fisker has initiated a voluntary recall of its luxury vehicles. In a statement, Fisker spokesman Roger Ormisher said that Fisker engineers and an independent fire expert had "identified the root cause" of a fire that swept through a Karma parked outside a Woodside, California grocery store on August 10. "The investigation located the ignition source to the left front of the Karma, forward of the wheel, where the low-temperature cooling fan is located," said the statement. "The final conclusion was that this sealed component had...
  • Fisker recalling Karma sedans to fix fans

    08/18/2012 7:23:38 PM PDT · by NormsRevenge · 17 replies ^ | 8/18/12 | Tom Krisker - ap
    <p>DETROIT (AP) — Electric-car maker Fisker Automotive is recalling about 2,400 Karma sports sedans to fix cooling fans that can catch fire.</p> <p>The recall comes after Fisker and a private fire investigation firm finished probing an Aug. 10 fire in a Karma in Woodside, Calif.</p>
  • Fisker Automotive shake-up: Former Chevy Volt chief named new CEO

    08/15/2012 7:49:09 AM PDT · by harpu · 17 replies ^ | 8/14/12 | Dana Hull
    Struggling hybrid carmaker Fisker Automotive named Tony Posawatz, a General Motors veteran who oversaw production of the Chevy Volt, its new CEO on Tuesday, making him the third executive to helm the startup in a year. Lead Fisker board director Ray Lane of Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, the auto company's largest investor, said Tuesday he has known Posawatz for a couple of years and recruited him to replace Tom LaSorda, who was named CEO in February. LaSorda, a veteran of Chrysler and GM, had replaced company founder Henrik Fisker. Lane said Fisker originally envisioned...
  • As Another Fisker Karma Spontaneously Combusts, "Green" Dreams Go Up In Smoke (Taxpayer Funded Car)

    08/13/2012 9:22:54 AM PDT · by mojito · 4 replies
    ZeroHedge ^ | 8/12/2012 | Tyler Durden
    Several months ago it seemed that not a day could pass without someone, somewhere making fun of GM's biggest post-bankruptcy flaming failure to date: the Chevy Volt (gross and net of channel stuffing). Of course, since it was all in the name of ecological progress and carbon footprint reduction, most media observers let it go as merely one of the peculiar hurdles on the way to an utopian future in which America would no longer rely on crude imports from evil petroleum cartels. The time has come to redirect ridicule to that other $102,00+ MSRP object of electric aspiration, and...
  • GOP To Cite Fisker Auto Maker as Argument Against Obama

    07/18/2012 3:01:09 PM PDT · by NormsRevenge · 4 replies
    Yahoo! News ^ | 7/18/12 | Shushannah Walshe | ABC OTUS News
    Republican National Committee Chairman Reince Priebus will spearhead an effort to re-focus attention on the 2009 economic stimulus and instances where American money was used by companies doing business overseas. Priebus will make the argument at an event in Philadelphia and focus specifically on Fisker, the start-up electric car company that received part of a $529 million federal government loan guarantee from the Obama Administration. A recent TV ad produced by Mitt Romney's presidential campaign lumps Fisker in with failed solar panel manufacturer Solyndra. Fisker has not gone bankrupt like Solyndra, but hit has not yet carried through on plans...
  • Looks Like Subsidized A123 Execs Want to Cash In

    05/18/2012 11:39:25 AM PDT · by jazusamo
    National Legal & Policy Center ^ | May 18, 2012 | Paul Chesser
    As taxpayer-backed electric car battery-maker A123 Systems reported a $125 million 1st quarter loss this week and its stock price dipped to near its 52-week low, the executives that were just awarded big raises and parachutes look like they want to cash in and sell the company. Officials with the Massachusetts-based manufacturer, which received a $249.1 million grant from theDepartment of Energy but this week said the ability for the company to continue is a “going concern,” also announced they retained an outside adviser for “evaluation of strategic alternatives.” Translation: they’re looking to sell. If they are successful, A123...
  • $100K electric vehicle being investigated after Sugar Land fire

    05/10/2012 2:27:07 PM PDT · by Cincinatus' Wife · 26 replies
    Houston Chronicle ^ | May 10, 2012 | Dan X. McGraw
    Photo shows the remains of 2012 Fisker Karma after a fire engulfed the vehicle last week. A $100,000 electric car is suspected in sparking a fire at a Sugar Land home last week, according to media reports. Fort Bend County chief fire investigator Robert Baker told AutoWeek that a newly purchased Fisker Karma sparked a fire that quickly spread to the rest of the home. “The Karma was the origin of the fire, but what exactly caused that we don’t know at this time,” Baker told the news outlet. According to his lawyers, Jeremy Gutierrez said his two-week old Karma...
  • Fisker Insinuates Customer to Blame for Karma Fire

    05/10/2012 1:29:01 PM PDT · by jazusamo · 26 replies
    National Legal & Policy Center ^ | May 10, 2012 | Paul Chesser
    Fisker Automotive has implied that the Texas owner of one of its Karma models committed “fraud” or “malicious intent” in blaming the luxury electric vehicle for his garage fire last week, after he had to rescue his wife, mother and child from flames that spread quickly to his house. The company’s claim could be a fatal public relations move, as the chief investigator in Fort Bend County Fire Marshal’s Office, Robert Baker, has also blamed the fire on the Karma. Fisker, recipient of $193 million (out of a $529 million total guarantee) loan backed by taxpayers via the Department...
  • Obama Is America's Biggest Job Outsourcer

    05/02/2012 6:24:53 PM PDT · by Kaslin · 8 replies
    IBD Editorials ^ | May 2, 2012
    Jobs: The same president who used stimulus dollars to build electric cars in Finland and sought to be Brazil's best oil customer now complains the GOP nominee built his career outsourcing jobs. At least he created some. President Obama's re-election campaign released an ad Tuesday saying Mitt Romney "shipped American jobs to places like Mexico and China" when he led the investment firm Bain Capital. The $780,000 ad buy in the key swing states of Ohio, Iowa and Virginia was in response to an ad by the free-market group Americans for Prosperity (AFP) noting the administration's penchant for wasting taxpayer...
  • Sens. Grassley, Thune Want Answers on Fisker Loan

    05/02/2012 11:29:02 AM PDT · by jazusamo · 3 replies
    National Legal & Policy Center ^ | May 2, 2012 | Paul Chesser
    Why are taxpayers forced to underwrite a loan for the producer of a $107,000 toy vehicle for the wealthy, the majority of which is assembled at a European auto plant? Two weeks ago Republican Sens. Charles Grassley of Iowa and John Thune of South Dakota askedEnergy Secretary Steven Chu those and some other pointed questions about his department’s decisions, in granting a $529 million taxpayer loan guarantee to Fisker Automotive, a luxury electric car manufacturer. The politically connected automaker has stumbled a number of times in delivering its six-figure Karma to market, with two recalls related to battery defects,...
  • Feds Hire Houlihan Lokey to Track Fisker

    04/24/2012 11:37:55 AM PDT · by Haiku Guy · 10 replies
    Orange County Business Journal ^ | 4/24/12 | Chris Casacchia
    A Los Angeles investment bank has been contracted by the U.S. Department of Energy to Anaheim-based Fisker Automotive Inc.’s fundraising efforts as it renegotiates a $529 million loan from the federal agency. The Energy department hired Houlihan Lokey after holding up additional installments of a loan it agreed to provide the make of luxury hybrid vehicles in September 2009, according to Bloomberg. (snip) Earlier this month Fisker Chief Executive Tom Lasorda raised some eyebrows when he said the Anaheim-based luxury automaker’s next model could be built outside the U.S. Fisker had planned production of its newly named Atlantic model at...
  • Obama Doubles Down On More Solyndras

    04/18/2012 6:11:14 PM PDT · by raptor22 · 4 replies
    IBD Editorials ^ | April 18, 2012
    Green Energy: Another day and another set of layoffs at a Department of Energy-backed solar company and an electric-car maker funded with stimulus dollars. Yet the President wants to double down on green energy. First Solar, a solar energy company that received a $1.46 billion loan guarantee from the Department of Energy, announced Monday it will lay off 2,000 workers worldwide. In December, First Solar laid off 100 employees at a Santa Clara , Calif., plant. The DOE has committed the loan to a project in Riverside County, Calif., expected to create a whopping 15 permanent jobs and 550 construction...
  • Another Blunder Affects Taxpayer-Funded EV Battery Company A123

    04/12/2012 1:11:22 PM PDT · by jazusamo · 9 replies
    National Legal & Policy Center ^ | April 12, 2012 | Paul Chesser
    Just as the Department of Energy gave A123 Systems a vote of confidence by extending a deadline until 2014 to spend down its $249 million stimulus grant, the deeply troubled electric vehicle supplier experienced another setback. One of their batteries caused an explosion. The blast occurred yesterday morning in Warren, Mich. at General Motors’ Alternative Energy Center – a research facility – while performing on an A123 battery “intensive tests designed to make it fail,” the Detroit News reported. GM confirmed to Crain’s Detroit Business that chemical gases released by the battery caused the explosion. One employee was sent...
  • Taxpayers’ Green ‘Investment’ in Battery Company Withers

    04/04/2012 10:55:35 AM PDT · by jazusamo · 8 replies
    National Legal & Policy Center ^ | April 4, 2012 | Paul Chesser
    A123 Systems – the taxpayer-funded electric vehicle battery manufacturer that famously shipped duds toFisker Automotive, which caused one of its luxurious Karma EVs toshut down just before aConsumer Reports test – is now the defendant in an investor class action lawsuit and its stock has tanked to below $1. Massachusetts-based A123received more than $279 million in grants from the Department of Energy, most of it used to refurbish two plants in Livonia and Romulus, Mich., for the production of EV batteries. The company laid off 125 factory workers in November, lost $257.7 million in 2011 (including an $11.6 million...
  • Obama Administration Refuses to Release Milestones Missed by Fisker under Conditions...

    04/03/2012 2:41:43 PM PDT · by jazusamo · 6 replies
    Judicial Watch ^ | April 3, 2012
    Complete title: Obama Administration Refuses to Release Milestones Missed by Fisker under Conditions of Auto Manufacturer’s $528.7 Million Government Loan Department of Energy Releases Blacked Out Records on “Green” Car Milestones (Washington, DC) – Judicial Watch, the organization that investigates and fights government corruption, announced today that the Obama Department of Energy (DOE) refuses to release details regarding the milestones missed by the failing Fisker Automotive under the terms of its $528.7 million bailout loan from the DOE. In response to a Freedom of Information Act (FOIA) request filed February 14, 2012, by Judicial Watch, the DOE released “in part”...
  • 10 Reasons Why Fisker May Be Worse Than Solyndra

    03/15/2012 10:36:19 AM PDT · by jazusamo · 14 replies
    National Legal & Policy Center ^ | March 15, 2012 | Paul Chesser
    Automotive and green technology advocacy Web sites areabuzz with a story about a former employee of Fisker Automotive who claims the company released its $102,000-plus Karma electric sport sedan prematurely, in order to meet targets set forth by the Department of Energy so Fisker could access funds from a $529 million loan award. This followed reports from all over the Internet that Consumer Reports purchased a Karma in Connecticut for $107,850, only to see it totally disabled before the magazine could run it through its tests. The whistleblower story originated on the pro-Clean tech Web site, and was...
  • Fisker, the car of the future, not quite electrifying at Consumer Reports

    03/09/2012 2:13:55 PM PST · by landsbaum · 14 replies
    Electric cars, which wouldn’t even be an option if taxpayers’ money wasn’t propping them up, don’t ultimately save money or cut down pollution. They aren’t reliable to get from here to there. But they can look nice, like the Fisker Karma. Speaking of which, we have this shall we say not entirely unexpected news, courtesy Reuters:...