Fisker Automotive is another recipient of President Obama’s “green” subsidies. The cars they make cost more than $100,000 and they’re manufactured in Finland, even though the auto company is based in the US. According to Politico, they’re laying off an “undisclosed number of employees.”
“They’re trying to preserve the cash that they have,” said Alan Levin told the News Journal. “And unfortunately, until they meet the milestone that DOE continues to set … they’re not able to access the additional capital that they need.”
The company also came under fire last year for taking federal loans while producing cars in Finland. Company officials told ABC News at the time that “there was no contract manufacturer in the U.S. that could actually produce our vehicle.” The company was working on reopening a shuttered General Motors plant in Wilmington to produce vehicles — an effort that top Obama administration officials lauded.
“While some wanted to write off America’s auto industry, we said no. We knew that we needed to do something different – in Delaware and all across the nation,” Vice President Joe Biden said about Fisker in Delaware in 2009. “We understood a new chapter had to be written, a new chapter in which we strengthen American manufacturing by investing in innovation. Thanks to a real commitment by this Administration, loans from the Department of Energy, the creativity of U.S. companies and the tenacity of great state partners like Delaware – we’re on our way to helping America’s auto industry reclaim its top position in the global market.”
“This is proof positive that our efforts to create new jobs, invest in a clean energy economy and reduce carbon pollution are working,” said Energy Secretary Steven Chu. “We are putting Americans back to work and reigniting a new Industrial Revolution that is paramount for the economic success of this country.”
The company received $529 million in loans to produce two lines of plug-in hybrid cars. (Read More)
I’d say this is “proof positive” that Obama’s wasteful spending has to come to an end. Good grief.
Update: Linked by Scared Monkeys – thanks!
Update: Via David in the comments below, Torque News has more details, including the number of laid off workers in Delaware and California.