Surprise: Stimulus Recipient Fisker Auto Lays Of 75% Of Their Workforce
(The Hill) Fisker Automotive, a federally backed maker of plug-in hybrid cars, laid off 75 percent of its workers Friday as it struggles to stay afloat and find new capital, according to press accounts.
Fisker drew $193 million of a $529 million Energy Department loan agreement reached in 2009 before the department halted payments in 2011.
Here’s the Associated Press Friday on what ails Fisker:
Fisker, which makes the $100,000 Karma plug-in hybrid sports car, hasn’t produced any cars since last year after its battery supplier filed for bankruptcy protection (WT-that would be another Obama Stimulus recipient, A123 Systems). The company has struggled to attract investment and was shopping around for a buyer or company to join it in an alliance. Last month, its co-founder resigned and Fisker furloughed its staff of about 220 for one week. The company at one time had about 600 workers.
They barely produced any cars in the first place, and, as the Occupiers would say, they all went to 1%ers. Not much call for the common folk to purchase a $100k “green” car that doesn’t go very far on a charge. While they supposedly sold around 1,800 vehicles, but, this was nowhere near what they needed, resulting in suspending production at their Valmant Automotive plant in Finland and the layoffs of half that workforce.
Sadly, Obama could have used the Stimulus to wisely put the United States on a path towards greater use of alternative energy sources that would have competed cost wise with traditional sources, like coal, fossil fuels, and nuclear. But, nooooo, instead he played political games (roughly 80% of the stimulus green money went to Democrat donors) and made risky loans. How many companies out there with a good, viable, workable idea were ignored? It would have been better had the money gone to research and development. I’d hazard to say that most of us would agree that there is nothing inherently wrong with looking towards the future and having cleaner energy sources. Unfortunately, Obama has made “green” energy a laughingstock.