President Obama

Fisker Insinuates Customer to Blame for Karma Fire

Fisker logoFisker 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 of Energy, has suffered a series of publicity blunders including two recalls, a Karma breakdown at Consumer Reports’ test facility, a SEC investigation of its primary venture capital raisers, layoffs, and a cutoff of its loan by DOE.

GM Boycott Hurting Market Share?

Last week's earnings report from General Motors revealed a troubling statistic for shareholders. GM's market share for North America shrunk from 18.3% a year ago to 16.7% for the latest quarter. Not coincidently, a survey by Yahoo Autos revealed that a full 13% of consumers would now "never" consider purchasing a GM vehicle while another 15% are less likely to purchase. A negative perception of the auto bailout process and the continued political overtones at GM are the reasons for the boycott.

Romney Must Clarify Positions on Auto Bailouts and Energy Subsidies

A couple of stories surfaced recently that should be of concern to voters that are analyzing how a Romney presidency would differ from the current administration. President Obama has a track record that can be examined to get a grasp of his agenda, but Governor Romney needs to further explain his positions on two key areas that many voters would expect to see a divergence with our present leader. The reports bring in to question whether or not Romney would be any different from the administrations over the past 12 years when it comes to dumping billions of taxpayer dollars into subsidies and bailouts.

Sens. Grassley, Thune Want Answers on Fisker Loan

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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.

GM Executive Refutes Chevy Volt / EV Hype

Sam Windgarden photoThe WSJ yesterday reported that auto company executives are skeptical regarding the prospects for plug-in electric vehicles like the Chevy Volt. The skepticism was displayed at the annual Society of Automotive Engineers World Congress. Among the skeptics was General Motors' executive director of powertrain-engine engineering, Sam Winegarden (in photo). It seems that not all criticism of the Chevy Volt and cars like it are driven by a right-wing conspiracy to enrich oil companies.

Localities Get Up to $33,000 in Subsidies per Chevy Volt

A report gives a good explanation for why some Florida localities are purchasing Chevy Volts. When Jacksonville's chief of fleet management, Karim Kurji, was asked what the advantage of going green by purchasing Volts was he hit the nail on the head when he replied, "Federal money."  The story goes on to reveal that the total federal taxpayer money used to subsidize one Chevy Volt purchased by Atlantic Beach was over $33,000. It now appears obvious that the Obama Administration and General Motors are willing to pay just about any price, even if the taxpayers are footing the bill, to see the Chevy Volt "succeed."

Over-Stimulus, EV Indifference a Lethal Mix for Battery Companies

Volt recharging photoThe Obama Administration has over-stimulated the electric vehicle battery market, as companies inspired by the flow of federal stimulus support don’t have enough customers for their products.

The government promise of a coming electric car (and truck) revolution, thanks to moves such as President George W. Bush’s signature to approve a $7,500-per-electric-vehicle tax credit and Congress’s passage of the Recovery Act, instigated a buildup of capacity and inventory for batteries. Now putrid EV sales – including the newly introduced Ford Focus electric – have put their battery makers in peril, according to the Detroit Free Press.

Infinite Taxpayer Money Needed for Electric Truck Company's Survival

Frito Lay Electric TruckDespite a new report out of the United Kingdom that says the future of the business is bleak without government subsidies, a three-year-old unprofitable electric truck company that received $32 million in U.S. taxpayer stimulus plans to raise more money via an initial public offering.

White House First to Say Chevy Volt Not Ready For Prime Time

Steve Rattner photoMitt Romney has been criticized for stating that the Chevy Volt is an idea whose time has not come. We have gotten to a stage in the election cycle where even the slightest of criticisms against the Volt leads to outcries of a right wing, "wrong-headed" conspiracy to hurt sales of the vehicle. What has not been reported is the fact that the Obama White House was the first to say that the car was not ready for prime time.

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