Steven Chu

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.

Sens. Grassley, Thune Want Answers on Fisker Loan

A123 logo

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.

Another Blunder Affects Taxpayer-Funded EV Battery Company A123

Three Stooges photo

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.

Class Action Filed Against Taxpayer-Backed First Solar

First Solar Logo

Securities law firms are lining up to get a piece of the action after a class action lawsuit was filed against federally subsidized First Solar, Inc., allegedly because the company failed to disclose the massive costs it was incurring due to defects in its solar panels, leading investors to believe the company’s stock was worth more than its actual value.

10 Reasons Why Fisker May Be Worse Than Solyndra

Chu photo

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.

Energy Secretary Chu Has To Go

 

NLPC Associate Fellow Paul Chesser was interviewed on Cavuto on the Fox Business Network on March 13. Here is a transcript:

Lawyers Who Backed Obama Advised on Failed Loan Programs

Obama InvescoLast week NLPC reported that an international law firm, whose employees provided significant campaign support for President Obama, was paid $1.8 million from the stimulus to review and conduct “due diligence” for the Department of Energy’s suspended loan to Fisker Automotive, an electric vehicle start-up company. Fisker sent 65 workers to the unemployment lines.

Debevoise and Plimpton, which employs top Obama bundler and fundraiser David Rivkin, wasn’t the only largely Democratic law firm to reap such rewards. At least four other major law practices also analyzed DOE’s loan programs and its grantees – three of which gave large sums of money to the campaigns of President Obama and fellow Democrats.

Can Taxpayer-Subsidized Battery Maker A123 Survive?

A123 logoThe taxpayer-funded ($279 million) battery supplier that gave big raises and parachutes to its executives shortly after it cut “Green jobs” at its Michigan factories, reported last week it would suffer big losses again for 2011.

A123 Systems, whose fortunes were entwined with those of electric vehicle startup manufacturer Fisker Automotive, also announced it would look to China and India in order to survive.

Surprise! Another DOE Solar 'Bet' Produces Green Job Losses

Abound logo

Yet another solar company that received loan guarantees from the Department of Energy has dismissed factory workers, lopping off 70 percent of its U.S. employees. Loveland, Colo.-based Abound Solar announced Tuesday it would lay off 280 workers at its production plant near Longmont, leaving 120 still employed. The start-up (2009) company attributed the cutbacks to the need for upgrades at the plant to manufacture more efficient solar panels, with plans to restore production levels and rehire most employees within six to nine months.

Syndicate content