Fisker

Tesla Wants to Put 'Gigafactory' Battery Plant in Nevada

Elon Musk ModelSOnly a year after Tesla Motors and CEO Elon Musk extracted themselves from the $465-million taxpayer stimulus loan that brought critical scrutiny to the company’s performance, the electric automaker has once again put itself under the spotlight that comes with taking government corporate welfare.

Today the company will announce its plans to build a battery manufacturing plant near Reno. The new gambit was the culmination of competition that pitted at least five states against one another for the “privilege” of hosting Tesla’s “Gigafactory” – named so because of the amount of stored power they plan to produce. Cost to build the plant is estimated to be $5 billion, and Musk said he expected the winning bidder to cover at least 10 percent of that, according to the Associated Press. That means at least $500 million in some form of incentives or conciliations from Silver State taxpayers.

Chinese Have Big Plans for Fisker, Which Took US Taxpayers for a Ride

Lu GuanqiuMonths have passed since the saga about the fate of Fisker Automotive ended, which was the stimulus-funded electric vehicle flop that always seemed on the verge of bankruptcy but had a long existence as part of the walking dead.

The inevitable finally happened in November, after Fisker’s executives spent many desperate months traveling the world trying to find a buyer for the struggling company. Apparently blunders and stumbles that included fires, recalls and bad reviews for the only model Fisker ever produced – the Karma – made the business untouchable for outside investors.

Fisker Sold to Chinese, Another Tesla Fire, More Stimulus Failure

Elon MuskLast week bankrupt Fisker Automotive was sold to a Chinese company, and Tesla Motors experienced another fire in one of its Model S electric cars.

The Obama administration Green-stimulus losing streak continues. The two luxury electric automaking companies, where the Department of Energy deemed taxpayer “investments” should be placed at risk, don’t inspire confidence.

Fisker Execs Kept Salaries While Employees, Taxpayers Got Taken

Fisker hearingThirteen of Fisker Automotive executives made more than six figures in the past year, despite manufacturing zero cars.

The news was first reported Wednesday afternoon on the automotive Web site Jalopnik.com, and later in the evening by the Delaware Journal. Jalopnik often gets the scoops when electric cars catch fire. For those unaware of the ugly saga, Fisker declared bankruptcy at the end of last month after squandering more than $1.4 billion in private investment and losing $139 million of taxpayers’ money.

Delaware Taxpayers Out $21M Thanks to DOE's Fisker Flop

A123 logoThere’s a postscript to the Fisker Automotive bankruptcy story from earlier this week: The actions by the Department of Energy in awarding the unworthy luxury electric automaker a $529 million loan gave them validation, to the point where the state of Delaware made its own “investment” with state taxpayers’ money in the company.

Now that the collapse is official, Delawareans are out too.

More Bankruptcies Just Mark of 'Success' for Dept. of Energy

Fisker logoFisker Automotive declared bankruptcy last week, inspiring the eternally optimistic Obama Department of Energy to crow about its achievements again.

“Recognizing that these investments would include some risk, Congress established a loan loss reserve for the program, and the Energy Department built in strong safeguards to protect the taxpayer if companies could not meet their obligations,” Bill Gibbons, an agency spokesman, said in an e-mail to Bloomberg News. “Because of these actions…the Energy Department has protected nearly three-quarters of our original commitment to Fisker Automotive.”

Problems Pile up for Taxpayer-Subsidized Tesla

Tesla Tenn fireFires, faulty drive units, financial losses and stock price deflation marked Tesla Motors news in a week that seemed as bad as the last couple of years were good.

Fortunately for CEO Elon Musk and his support staff he’s mastered the art of celebri-preneur showmanship that he’s built enough standing with the media to endure a really bad week. The multi-billionaire who’s dazzled with innovation at Paypal, SpaceX and SolarCity will be permitted his stumbles because of his track record and his self-assurance. Henrik Fisker, whose taxpayer-backed luxury electric auto company didn’t get nearly the same favor, must be jealous.

Inspector General Says DOE Hid Vital Info from Audit of Bankrupt Ecotality

Blink chargerAfter an Inspector General’s audit earlier this year of now-bankrupt electric vehicle charging company Ecotality, which determined that millions of taxpayer dollars were wasted in a nearly unworkable program, the IG has returned with findings that the Department of Energy withheld information about the project’s problems during his first investigation.

The audit, released by DOE IG Gregory Friedman in July, determined (among other things) that the persistent weak demand for electric vehicles harmed the deployment and timeliness of a $135 million-plus taxpayer funded charging network, which led to excessive grants and project expansion that became virtually unusable under the grants’ guidelines. Investigators discovered that conditions for reimbursement to Ecotality for the EV charging demonstration project were “very generous” and that cost-sharing requirements were extremely lenient.

Syndicate content