Fisker Automotive Another 'Green' Fiasco?
Solar panel maker Solyndra made headlines when it declared bankruptcy last
year after receiving $535 million in federal loans as part of the Obama
administration's efforts to promote alternative energy.
Less publicized is the Obama administration's loan of a nearly identical
amount, $529 million, to Fisker Automotive to produce plug-in hybrid vehicles.
And it now appears that Fisker could leave taxpayers holding the bag for an
investment that won't produce its promised American jobs.
California-based Fisker used the first $169 million of the loan to
manufacture and market the Karma, a $100,000 luxury hybrid sports sedan that is
assembled not in the United States, but in Finland.
But the Department of Energy has frozen Fisker's green energy loan in
response to its poor performance, ABC News reported.
Now Fisker officials have been signaling that the company could abandon plans
to assemble the Atlantic in Delaware if it loses federal support, and instead
build the vehicle overseas.
"If Fisker no longer gets government monies, then obviously we are in a place
where other options are open to us and have to be considered from a business
perspective," Fisker spokesman Roger Ormisher told ABC News.
The BigGovernment.com website reported on the Fisker mess, noting: "Insiders
tell Big Government that the Fisker Karma scandal is a 'green car
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