Delaware

Sens. Grassley, Thune Want Answers on Fisker Loan

Submitted by Paul Chesser on Wed, 05/02/2012 - 12:20

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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 asked Energy 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.

10 Reasons Why Fisker May Be Worse Than Solyndra

Submitted by Paul Chesser on Thu, 03/15/2012 - 09:25

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This story has been updated below.

Automotive and green technology advocacy Web sites are abuzz 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.

Fisker’s Private Fundraisers Face SEC Investigation

Submitted by Paul Chesser on Mon, 03/12/2012 - 11:14

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The Securities and Exchange Commission has notified the brokers who raised most of the private financing for taxpayer-backed electric automaker Fisker Automotive that charges may be brought against them, in connection with a private offering in 2009.

Integrity of Fisker Capital Funding is Questioned

Submitted by Paul Chesser on Tue, 02/14/2012 - 11:54

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How did a start-up electric car company that raised more than $1 billion suddenly fail to meet government-lending standards, to the point where it can no longer draw on an awarded Department of Energy loan and has therefore halted renovation work on a Delaware plant?

 

Will DOE’s Fisker Doubts Take Down Its Battery Supplier Too?

Submitted by Paul Chesser on Fri, 02/10/2012 - 10:55

A123 logoAfter luxury electric automaker Fisker announced 65 layoffs and a work stoppage from the refurbishment of a former General Motors plant in Delaware earlier this week, NLPC wondered whether its battery supplier and business partner A123 Systems would be harmed also.

Now Wall Street analysts are wondering the same thing, and the beleaguered lenders at the Department of Energy must be deeply concerned about what they will do next. As Forbes reported yesterday, the close ties between the two speculative companies could produce “two Solyndras for the price of one."

Many Unanswered Questions Surround Fisker Layoffs

Submitted by Paul Chesser on Wed, 02/08/2012 - 21:18

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This post has been updated below.

Among the objections about taxpayer subsidies for the high-profile Chevy Volt, manufactured by Government Motors, is that the many grants, loans and tax breaks that lowered the sticker price on the electric hybrid car facilitated its (paltry) sales for the benefit of wealthier individuals who were purchasing it – those with average annual salaries of $170,000. So can you imagine how happy the affluent customers (like Leonardo DiCaprio) of the heavily subsidized, $102,000 electric Fisker Karma are, to be able to purchase their gimmicky sports sedan at a discount, with a $7,500 tax credit to boot?

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