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Struggling carmaker Fisker Automotive laid off 160 employees, most of its staff, Friday as it struggles to reach a financing deal that would save the maker of the Karma hybrid sports car.
The Anaheim company dismissed all but a core group of about 40 workers needed to keep the business running as it continues talks with three Chinese businesses considering buying or investing in Fisker, according to individuals familiar with Fisker’s strategy.
The company ran into a cash crunch after the federal government froze an Energy Department loan. Fisker is supposed to make the first payment on some of $192 million it borrowed from the government later this month.
Henrik Fisker, the automaker’s executive chairman and founder, quit the automaker last month in what he described as a management dispute.
Originally posted by sealing
Yeah BIG OIL has nothing to do with the reporting and lobbying against this evil Green energy thing.
So terrible..wind? What?
How the hell am I supposed to put that in my tank. Idiots..
We need to dig up more dead dinosaurs. That's the way to keep 6 oil tycoons happy.
Screw the other 7 billion.
That' way we'll be one up on those dumb Germans putting solar panels on everything.
Fisker Automotive Inc., a recipient of federal loans to develop and build luxury plug-in cars, is firing about 75 percent of its workforce after failing to secure a deal with an automotive partner to fund operations.
The maker of rechargeable $103,000 Karma sedans told a “core group of employees in Southern California” yesterday of the plan and expects about 25 percent of workers to stay, the Anaheim, California-based company said in an e-mailed statement. Fisker said last week it had about 200 employees.
The Obama administration in 2009 approved Fisker for loans of $169 million for engineering of the Karma and $359 million for production of the lower-priced Atlantic, to be built at a U.S. factory. Karma was designed in the U.S. and built under contract by Valmet Automotive Oy in Finland, an arrangement set before it got the loans.
Fisker said it had drawn down $193 million from its low- interest loans when access to the remaining portion was blocked. Work on a Wilmington, Delaware, plant where Fisker wanted to build the Atlantic stopped more than a year ago as a result.