Fisker spent $600K for every car it sold, skids toward bankruptcy

posted at 10:01 pm on April 22, 2013 by Mary Katharine Ham

$1.3 billion in venture capital and taxpayer funds, and they spent $600,000 per $100,000 car they sold. What an investment!

Fisker Automotive Inc. spent more than six times as much U.S. taxpayer and investor money to produce each luxury plug-in car it sold than the company received from customers, according to a research report…

The Anaheim, California-based company made about 2,500 of its $103,000 Karmas before halting production last year, disrupting its plans to use a $529 million U.S. loan to restart a shuttered Delaware factory owned by the predecessor of General Motors Co. (GM) The Karma was assembled in Finland.

Fisker was allowed to keep using money from its Energy Department loan after violating its terms multiple times, according to a report released April 17 by PrivCo, a New York- based researcher specializing in closely held companies. It said it based its report on documents, including the loan agreement, obtained through the U.S. Freedom of Information Act.

A brief history of this investment:

Fisker is an electric car company, founded in 2007, which holds the dubious distinction of producing the only car to ever break down during its Consumer Reports test drive. It was supposed to be an American leader in new technologies, with a revamped factory in Delaware and all the jobs that come with it. It ended up producing cars in Finland— cars that caught on fire and konked out due to the company’s use of faulty batteries from another taxpayer-funded company, A123. Facing recalls and possible bankruptcy, Fisker’s CEO Henrik Fisker stepped down while the company searched for buyers. All this colossal failure could be chalked up to doing business in new technologies if it had been done with the $1 billion or so in private funding Fisker got. Sadly, the company also blew through $193 million from us, via the Department of Energy, which is now giving pause to the Chinese companies looking to buy it. Stimulus!

Fisker has been heading toward bankruptcy for several months, laying off employees, and missing payments to the Department of Energy on its way. The Obama administration seized $21 million from the company this week to satisfy its loan agreement, allowing the Fisker to escape expected bankruptcy for a little while longer.

The Obama administration says it has seized $21 million from troubled automaker Fisker Automotive Inc., just weeks after the company laid off three-fourths of its workers in Finland amid continuing financial and production problems.

Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.

In a statement Monday, the Energy Department says it recovered money from the company’s approximately $21 million reserve account, which was set up as part of the initial loan commitment in 2009.

The US Government had planned the company would at one point create 2000 jobs and make 100,000 cars a year, but by the end of 2012 Fisker claimed only 1,800 cars had been delivered.

Only $170 million or so to go! I’m sure this will work out swimmingly for all of us.

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Comment pages: 1 2

Fisk it all to hell!

Scrumpy on April 22, 2013 at 10:03 PM

FISKED!

Scrumpy on April 22, 2013 at 10:03 PM

Like we’ll see a dang penny of it back…

*spit*

Scrumpy on April 22, 2013 at 10:04 PM

I so dispise 0…

Arrogant frack!

Scrumpy on April 22, 2013 at 10:04 PM

Irks my IRE!!!!

Scrumpy on April 22, 2013 at 10:05 PM

Thank god government paid the vast majority of the cost through subsidies..

How much do you owe?

100 thousand Obama Bucks!!??

Fluck That!!!!!

*Conservative answer*

DBear….

Lets wait and see

Electrongod on April 22, 2013 at 10:05 PM

All he (0) picks is LOSERS!

Scrumpy on April 22, 2013 at 10:05 PM

FISKED!

Scrumpy on April 22, 2013 at 10:03 PM

*clink*

Electrongod on April 22, 2013 at 10:05 PM

Electrongod on April 22, 2013 at 10:05 PM

Not DB! I might say somthing untoward…

Scrumpy on April 22, 2013 at 10:06 PM

Well,MKH,you pulled the Food Truck thread,before QOTD,
and now this stunt!!

………………………(I`m KIDDING):)
(snark)

canopfor on April 22, 2013 at 10:06 PM

*CLINK*

I need a big one, a double ;-)

Scrumpy on April 22, 2013 at 10:07 PM

Brayam’s got wood.

CW on April 22, 2013 at 10:07 PM

I’m stunned, STUNNED, I tell you.

I don’t remember who said it first, but it’s true: Obama may think it’s the government’s job to pick winners and losers, but mostly he ends up picking losers.

arik1969 on April 22, 2013 at 10:07 PM

Now that’s a high Fisk investment.

SparkPlug on April 22, 2013 at 10:07 PM

Follow the money… You can bet this stuff was used to line the pockets of Obama’s donors and kicked-back to Democratic campaign coffers. We have been fleeced and fisk-****ed.

Corporal Tunnel on April 22, 2013 at 10:08 PM

Not DB! I might say somthing untoward…

Scrumpy on April 22, 2013 at 10:06 PM

And I am awaiting..

It will happen…

Electrongod on April 22, 2013 at 10:08 PM

How soon before King Barry blames Fisker’s problems on THE SEQUESTER?

GarandFan on April 22, 2013 at 10:09 PM

So,are there any options,er free options that go along with that deal,

of $600 K!!!

canopfor on April 22, 2013 at 10:09 PM

canopfor on April 22, 2013 at 10:06 PM

Food Truck Thread Trucks are way cheaper than 100,000. And they have food.

SparkPlug on April 22, 2013 at 10:09 PM

I need a big one, a double ;-)

Scrumpy on April 22, 2013 at 10:07 PM

:)

Electrongod on April 22, 2013 at 10:10 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

QUESTION:

Is there anyone else out there that has lost
there commenting box do-dad thingys,like bold/emphasis!!

This is whats at the top,thats it!!

Logged in as canopfor. Log out »

canopfor on April 22, 2013 at 10:12 PM

All I want is 100K where do I line up with my hand out eh?

Scrumpy on April 22, 2013 at 10:12 PM

I just don’t have any words for it. We’ve suffered enough.

Philly on April 22, 2013 at 10:12 PM

canopfor on April 22, 2013 at 10:12 PM
It’s there for me

Scrumpy on April 22, 2013 at 10:13 PM

Electrongod on April 22, 2013 at 10:10 PM

;-D

Scrumpy on April 22, 2013 at 10:14 PM

All I want is 100K where do I line up with my hand out eh?

Scrumpy on April 22, 2013 at 10:12 PM

I know you don’t have frequent flyer miles on Air Force One..

I think you are screwed..

Electrongod on April 22, 2013 at 10:14 PM

And we’re furloughing air traffic controllers?

Jackalope on April 22, 2013 at 10:15 PM

Talk about bad Karma.

PR2006 on April 22, 2013 at 10:15 PM

All I want is 100K where do I line up with my hand out eh?

Scrumpy on April 22, 2013 at 10:12 PM

You’re schmoozing with the wrong crowd.

CW on April 22, 2013 at 10:16 PM

Priorities are all Fiskered up!

Scrumpy on April 22, 2013 at 10:16 PM

They did it for the children – or something.

Pork-Chop on April 22, 2013 at 10:16 PM

They’re losing money on every car, but they’ll make it up on volume.

It’s genius.

Curtiss on April 22, 2013 at 10:17 PM

Don’t ever mention Food Truck Thread, you fool. The last guy to do so had an “accident” and now has to have someone else chew his food for him.

Bishop on April 22, 2013 at 10:18 PM

Jackalope on April 22, 2013 at 10:15 PM

Yeah, cuz 0 wants us to feeeeeeeeeeeeeeeeeel the pain!

DMF’er

Scrumpy on April 22, 2013 at 10:18 PM

********************* Fisker Is SCROTCHED *************!!

canopfor on April 22, 2013 at 10:19 PM

They did it for the children – or something.

Pork-Chop on April 22, 2013 at 10:16 PM

Including the children that are in pieces..

Thanks Obama..

Electrongod on April 22, 2013 at 10:19 PM

Fiskars makes good scissors…. Full Stop.

It only makes sense that when when they decided to make cars Barf Boy thought he should throw our money at them.

Counting the days when the Pansy Prince is gone.

Cody1991 on April 22, 2013 at 10:19 PM

nonpartisan on April 22, 2013 at 10:12 PM

Who let the dog out

*spit*

Scrumpy on April 22, 2013 at 10:19 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

Are you daft? 500K losses per unit are unacceptable, not to mention unsustainable in any business and only happened because it wasn’t Fisker’s money to lose, it was ours. Government investment in partially-baked ideas and grandiose business ventures needs to stop because it’s bad business and bad policy. We’ve gotten nowhere here. We’re right where we started and dozens of millions poorer.

If there’s an idea or a technology that money can be made from, there is an American out there somewhere that can make it happen without assistance from the public treasury.

This is not to mention the corrupt nature of these deals. This is nothing but political patronage Chicago-style.

Corporal Tunnel on April 22, 2013 at 10:20 PM

bi….partisan..
Any comment?

Electrongod on April 22, 2013 at 10:20 PM

I used to think that everybody borrowed trends from the USA. Now that we’re on a leftward track, it’s informative to look to Canada and the history of the Bricklin SV-1

The Bricklin SV-1 was a gull-wing door sports car assembled in Saint John, New Brunswick, Canada. The body panels were manufactured in a separate plant in Minto, New Brunswick. Manufactured from 1974 until early 1976 for the U.S. market, the car was the creation of Malcolm Bricklin, an American millionaire who had previously founded Subaru of America. The car was designed by Herb Grasse.[1] Due to Bricklin’s lack of experience in the auto industry, coupled with the funding problems,[2] the Bricklin factory was not able to produce vehicles fast enough to make a profit. As a result, only 2854 cars were built before the company went into receivership, owing the New Brunswick government $23 million..

Drained Brain on April 22, 2013 at 10:20 PM

your typical democrat money laundering scheme.

tom daschle concerned on April 22, 2013 at 10:21 PM

Fisker spent $600K for every car it sold

Thank heavens, they didn’t sell very many of them… Wait.

Fallon on April 22, 2013 at 10:22 PM

nonpartisan on April 22, 2013 at 10:12 PM

Need a Kleenex?

CW on April 22, 2013 at 10:22 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

Correction..

Non…partasian..

Surrender..

I will not allow that..

Electrongod on April 22, 2013 at 10:22 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

More of that faux conservatism eh?
/

CW on April 22, 2013 at 10:22 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

What a terribly fallacious argument…..

would you have said the same if each car came at a cost of 10 million?
Btw I am not suprised you have no support for your contentions about China’s “investment”.

CW on April 22, 2013 at 10:25 PM

All I want is 100K where do I line up with my hand out eh?

Scrumpy on April 22, 2013 at 10:12 PM

$100K? They’ll laugh at you. Go bold, Scrumpy.

Put on some black face, scream “GREEN” and “Off the MOFO’S” and pic up your check. You don’t need a business plan, and it would help if you blamed something on Jews, Christians, saturated fats and starchy vegetables.

Cody1991 on April 22, 2013 at 10:26 PM

Corporal Tunnel on April 22, 2013 at 10:20 PM

I agree this program is very wasteful. I’m making the bigger picture point that the government does have a role to play in helping to nurture a new industry…which is what China is doing in the renewable energy sector

nonpartisan on April 22, 2013 at 10:26 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

And it’s why China is being hesitant to loan out more money. All this green crap will take them down (along with most of the western world).

Besides, you miss the point here (not at all a surprise for the likes of you). $500,000 loss on single items in an inventory is unsustainable.

nobar on April 22, 2013 at 10:26 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

If they want to go all-in on a sector that has yet to show a profit, or even break even, in any country that has tried it, let them.

Lemmings drown themselves en masse during migrations not because they’re suicidal, but because they’re too nearsighted to realize that some bodies of water are just too big for them to swim across before they exhaust themselves and drown.

The moral being that just because everybody else keeps treading water is no reason not to get out of the pool before you go down for the third time.

In economics, you get no points just for being stylish.

clear ether

eon

eon on April 22, 2013 at 10:27 PM

All he (0) picks is LOSERS!

Scrumpy on April 22, 2013 at 10:05 PM

That’s because he is the biggest loser of all….

I mean look at what he married….

Look at his VP?

Atty. General?

Sec. of State?

Treasury Sec.?

Head of the DHS?

Do I need to go on?

A loser – voted in by millions of other losers….

May they all rot in hell together!

redguy on April 22, 2013 at 10:27 PM

Put on some black face, scream “GREEN” and “Off the MOFO’S” and pic up your check. You don’t need a business plan, and it would help if you blamed something on Jews, Christians, saturated fats and starchy vegetables.

Cody1991 on April 22, 2013 at 10:26 PM

wow, that’s not like terribly racist or something…

nonpartisan on April 22, 2013 at 10:27 PM

That’s because he is the biggest loser of all….

redguy on April 22, 2013 at 10:27 PM

but…but he won

he won not once

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

Don’t ever mention Food Truck Thread, you fool. The last guy to do so had an “accident” and now has to have someone else chew his food for him.

Bishop on April 22, 2013 at 10:18 PM

Bishop:Tell me about,sumpin disabled my comment box,
and now I`m getting flashbacks to Ban Hammer
InModerationPergutory Island!:)
(sarc)

canopfor on April 22, 2013 at 10:30 PM

I agree this program is very wasteful. I’m making the bigger picture point that the government does have a role to play in helping to nurture a new industry…which is what China is doing in the renewable energy sector

nonpartisan on April 22, 2013 at 10:26 PM

If there was money to be made, I would bet on American Industry to do it better than the Chinese, using Chinese labor of course, but still. I would even bet that energy-starved Japan would do it better than the Chinese government.

Who knows that the Chinese are ‘dominating’ the renewable energy market? They are probably losing money hand over fist.

Corporal Tunnel on April 22, 2013 at 10:32 PM

but…but he won

he won not once

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

So did Saddam Hussein. Strange coincidence, that.

Bishop on April 22, 2013 at 10:33 PM

but…but he won

he won not once

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

Yes. You’re twelve. So is your name Mary?

CW on April 22, 2013 at 10:33 PM

The US Government had planned the company would at one point create 2000 jobs and make 100,000 cars a year, but by the end of 2012 Fisker claimed only 1,800 cars had been delivered.

right, barry’s big plans. Somehow leftist never quite get that their plans never really work. (well, except for barry.care..the plan is single payer when it fails, and that’s still looking pretty good)

r keller on April 22, 2013 at 10:34 PM

Corporal Tunnel on April 22, 2013 at 10:32 PM

Maybe “dominating” means losing more money than everyone else!.

KCB on April 22, 2013 at 10:34 PM

Shaking hands above head, he screams “Fiskered!”

can_con on April 22, 2013 at 10:35 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?
 
nonpartisan on April 22, 2013 at 10:12 PM

 
They also have lax environmental and child-labor laws. Should the US just stand by and let them dominate those sectors as well, or, like renewable energy, should we compete?
 
(Love your work)

rogerb on April 22, 2013 at 10:35 PM

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

Says a lot about you..

Electrongod on April 22, 2013 at 10:36 PM

This type and scale of criminal enterprise should be the millstone tied around Obamas neck that drags him to the bottom of the Marianas trench.

tom daschle concerned on April 22, 2013 at 10:36 PM

The Chinese also have a thriving human-organ industry, if you need a liver or a kidney they have a program to help.

Bishop on April 22, 2013 at 10:37 PM

but…but he won

he won not once

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

Gained his first office by using procedural rules to get all his opponents disqualified.

Was elected to the Senate by running basically unopposed in a state where a dead horse could get elected as a Democrat.

Ran for POTUS against two Republicans whose own party wasn’t behind them, largely due to their being unable to articulate exactly why they wanted to be President to begin with. (He could articulate it. Granted, most of what he said we now know to have been flat-out lies, but at least he sounded like he meant it at the time.)

Anyone who lost under those circumstances would have to be deliberately trying to lose. And whatever else you may say about The One, He is viscerally opposed to having to admit defeat on any subject.

Grow up.

clear ether

eon

eon on April 22, 2013 at 10:37 PM

You didn’t build that!!

JimK on April 22, 2013 at 10:37 PM

That’s because he is the biggest loser of all….

redguy on April 22, 2013 at 10:27 PM

.
but…but he won

he won not once

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

.
After John F. Kennedy, there hasn’t been a Democrat win.

Either Republicans win, or Republicans BLOW it … period.

listens2glenn on April 22, 2013 at 10:41 PM

At this point, what does it matter?

as for you,

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

what do you hope to accomplish by your continual nonsense posts?

arnold ziffel on April 22, 2013 at 10:41 PM

Maybe “dominating” means losing more money than everyone else!.

KCB on April 22, 2013 at 10:34 PM

That’s exactly what it means. The Chinese government spends a lot of money on quite a few things just for propaganda purposes. Good examples are their poorly-constructed high speed rail system which has killed scores of people and their ‘World’s-Fastest’ super-computer which was copied from western designs.

Corporal Tunnel on April 22, 2013 at 10:42 PM

I suppose the taxpayer got off cheap in that the government only put about $200 million into the company which has better than $1 billion in private funding.

The private investors, at least, went into the venture hoping for a big gain but also knowing that it could totally faceplant and they end up with little to show for their investment. The taxpayers, as represented by the government, did not have that option — all the Energy Department can say is that it supposedly looked like a “good” bet (actually probably a totally policy call) at the time (even if a realistic review might have said otherwise).

Russ808 on April 22, 2013 at 10:42 PM

Follow the money. I’d be curious to know how the money got back to Barky’s people. Donations? Bundling? Guaran-damn-teed a lot of it ended up with the donks.

The law firm that handled the government money grab certainly had a place at the trough (from the Examiner)

A international law firm, Debevoise & Plimpton LLC who have given substantial political donations to Obama and other Democrats over the years became the laundering source. Out of the Recovery Act, Debevoise & Plimpton received $1,842,180 to “provide legal advice, conduct due diligence, and review documents for two loans from DOE’s Advanced Technology Vehicles Manufacturing Loan Program.”

According to the Center for Responsive Politics, “employees of the law firm gave $199,944 to Sen. Barack Obama for his 2008 presidential campaign and $9,650 for Republican nominee Sen. John McCain.” Since then, the firm has contributed “$746,535 to Democrat candidates and political committees, including $284,420 to the Obama campaign.”

But I’m sure there are more direct contributions hiding out there as well…

bofh on April 22, 2013 at 10:50 PM

wow, that’s not like terribly racist or something…

nonpartisan on April 22, 2013 at 10:27 PM

Really? Look at your own party. Look at yourself.

You’re a gnat, and you don’t even see it.

Cody1991 on April 22, 2013 at 10:52 PM

When does the criminal investigation begin?

slp on April 22, 2013 at 10:54 PM

Ah, the reverse Midas touch again. Everything this administration touches turns to CRA_

KW64 on April 22, 2013 at 10:57 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

You do realize that there is no such thing as renewable energy don’t you? It doesn’t exist.

Oldnuke on April 22, 2013 at 10:58 PM

Let it burn.

Neo on April 22, 2013 at 11:01 PM

Someone somewhere at Tesla Motors is laughing their butts off right now.

TMOverbeck on April 22, 2013 at 11:02 PM

They didn’t design it right, given where it was to be built.

It should have had fins.

unclesmrgol on April 22, 2013 at 11:06 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

I do not mind Chinese subsidies to purchase white elephants like renewable energy projects. I do mind American tax dollars spent on white elephants in expectation of getting campaign contribution kickbacks.

KW64 on April 22, 2013 at 11:06 PM

Someone somewhere at Tesla Motors is laughing their butts off right now.

TMOverbeck on April 22, 2013 at 11:02 PM

Yup. I saw a Tesla Brick on the back of a tow truck at lunch today.

To be able to build shoddy products and sell them at premium prices is — priceless.

unclesmrgol on April 22, 2013 at 11:08 PM

I do mind American tax dollars spent on white elephants in expectation of getting campaign contribution kickbacks.

KW64 on April 22, 2013 at 11:06 PM

Unlike Solyndra, whose principals gave only $63K to Obama for their half billion dollar “loan”, the Fiskar people decided to launder the money from the $528.7M check personally given to them by Joe Biden through Democratic stalwart Debevoise & Plimpton LLC — to which they provided $1,842,180 for contract related work, and which, in turn, gave $284,420 to Obama.

unclesmrgol on April 22, 2013 at 11:15 PM

noforeskin on April 22, 2013 at 10:12 PM

What a terribly fallacious argument…..

would you have said the same if each car came at a cost of 10 million?
Btw I am not suprised you have no support for your contentions about China’s “investment”.

CW on April 22, 2013 at 10:25 PM

…you guys are getting to be as polite as Mary Katharine Ham!….here!…let me help you!…….noforeskin!…you’re a stupidazz dumbphuck !

KOOLAID2 on April 22, 2013 at 11:17 PM

It’s a scam in the same vein as “The Producers” starring Zero Mostel and Gene Wilder.

thatsafactjack on April 22, 2013 at 11:21 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?

nonpartisan on April 22, 2013 at 10:12 PM

Given the reluctance of the Chinese to purchase this white elephant, they appear to be smart enough to realize that paying $600,000 to produce a $100,000 car is not viable economically. Obviously, you are not smart enough to realize this.

SubmarineDoc on April 22, 2013 at 11:21 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?nonpartisan on April 22, 2013 at 10:12 PM

Their “subsidy” of the sector is paid for by us to be consumed by us suckers. The leftover money is used to build a good old fashioned carbon burning electric plant at the rate of one a week. Money left over from those two ventures are in turn pumped into building nuclear plants. All financed by our boondoogles. And what do we have to show for it? As Adam smith said long before your daddy was a gleam in grandad’s eye, why build anything that someone else can do more cheaply. IOW, whatever we invent, the Chinese will produce more cheaply. And given the onerous regulatory burdens faced by US corporations from the epa, irs, dol etc, they can sell it to US at a 300% markup. Econ 101 is hard for libtards.

AH_C on April 22, 2013 at 11:23 PM

Ms. Ham, the Chinese are spending a ton on subsidizing their renewable energy sector. Should the US just stand by and let the Chinese dominate the renewable sector?
nonpartisan on April 22, 2013 at 10:12 PM

If only we had a billion peasants, we could subsidize anything too.

Dongemaharu on April 22, 2013 at 11:23 PM

A quick look at OpenSecrets.com shows Fisker Automotive giving somewhere around $500k to Wellford Energy Advisors for lobbying DC. Wellford was run by Harrison Wellford until his retirement. Harrison was on Barack Obama’s transition team and learned his craft in the Carter and Clinton administrations.

Gallifet on April 22, 2013 at 11:31 PM

but…but he won

he won not once

he won every time he ran

so your statement would be false

nonpartisan on April 22, 2013 at 10:29 PM

Wrong again Shirley. Bobby Rush kicked his ass in 2000.

slickwillie2001 on April 22, 2013 at 11:34 PM

Typical ROI ( Return on Investment) for the Lefty ideas.

socalcon on April 22, 2013 at 11:41 PM

Our only hope is that the Chinese waste their money on these boondoggles faster than we can.

TexasDan on April 22, 2013 at 11:47 PM

Er, what difference, at this point, does it make?

{sorry}

socalcon on April 22, 2013 at 11:51 PM

…you guys are getting to be as polite as Mary Katharine Ham!….here!…let me help you!…….noforeskin!…you’re a stupidazz dumbphuck !

KOOLAID2 on April 22, 2013 at 11:17 PM

KOOLAID – I disagree a little bit with your approach. You may call him/her/it a drooling moron. I would rather use a reasoned argument and unimpeachable logic to demonstrate the obvious conclusion that he/she/it is a drooling moron. Fortunately, this is not a very difficult task, particularly in this case.

Seriously, though, how could anyone be so stupid to try to defend the conduct of this program? $600k to build a $100k car? If nonpartisan is truly representative of liberals/leftists, then they (as a group) are not very bright.

SubmarineDoc on April 22, 2013 at 11:55 PM

An organized crime syndicate conspiring behind the marble facades of public buildings that once upon a time, looooong ago, housed statesmen and public servants.

Dr. ZhivBlago on April 23, 2013 at 12:08 AM

There were several electric car com panies besides Fisker that had stress tested successful working cars. There was a video posted on Youtube six years ago showing that electric car beating a Ferrari and a Lamborghini on a quarter mile drag strip. What ever happened to that car !!!. Lets face it either companies build garbage or they import garbage from China. Until we all take pride in our work again this clusterfark will continue to happen bringing the USA to total economic collapse.

Until companies start building DURABLE products I refuse to spend my money on their garbage time and time again.

hamradio on April 23, 2013 at 12:10 AM

It’s a nice looking car, they should try dropping a nice 400hp V8 in it.

Axion on April 23, 2013 at 12:11 AM

Seriously, though, how could anyone be so stupid to try to defend the conduct of this program? $600k to build a $100k car? If nonpartisan is truly representative of liberals/leftists, then they (as a group) are not very bright.

SubmarineDoc on April 22, 2013 at 11:

Presumably, they will claim they expected economies of scale or some such thing; but what would Fiskar have in the way of marketing compared to the big automakers. How could they have really expected a big long lasting market. If the product was marketable at a profitable price, the big automakers would have moved in and choked them off on price with real economies of scale.

KW64 on April 23, 2013 at 12:13 AM

nonpartisan on April 22, 2013 at 10:29 PM

You know, you’re right. He does win a lot.

It’s all the rest of us that lose.

$170,000,000.00

This time.

trigon on April 23, 2013 at 12:27 AM

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