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Obama’s “Green” Cronyism gets worse: First, the $250,000 Volt; Now the $660,000 Fisker!

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posted on Apr, 19 2013 @ 10:35 PM
Remember when a Michigan “think tank” studied the government motors Volt, and found that each of the vehicles sold (then) to date cost taxpayers $250,000 in subsidies and grants?
Government Motors Volt Costs Taxpayers $250,000 per Vehicle

Now, another independent study reveals that Fisker Automotive spent $660,000 of subsidies and investments for each of the cars it ever sold!
Fisker Spent $660,000 on Each $103,000 Plug-in Car

Of course, it can’t sell anymore, because it has laid off most of its workforce, and is preparing for bankruptcy." target="_blank" class="postlink" rel="nofollow"> Another "Green" Obama Boondoggle Goes Under: $193million Obama crony, Fisker Lays Off Workers

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.

Despite all the initial hype and praise, this waste was not even beneficial to the U.S. auto industry, as all of production came from Finland!

The Energy Department, which has had to defend its loan guarantees to failed solar-panel maker Solyndra LLC, gave Fisker its loan primarily to acquire and restart production at a closed GM plant in Delaware, the home state of Vice President Joe Biden, who attended the press conference announcing the venture. The company forecast it would create 2,500 jobs, according to a project summary still posted on the Energy Department’s website.

Activity at the Delaware plant stopped last year and no cars have been made there.

Even so, this administration’s obsession with its misguided view of “top-down” job creation continues unabated. Instead of freeing up finds for basic and advanced research, it has chosen, and chooses, “Green” projects for taxpayer dollars based solely upon politics, rather than science or economics.

Electric Car Battery Maker A123 Systems Files Bankruptcy

"Deals to Donors?" WH Emails Reveal Concern About Political Fallout From DoE Sellout

I haven’t tallied up all of the other miserable failures, but they are, here and elsewhere; and it is disgusting and pathetic that our “low-information” populace remains indifferent and even skeptical of the facts when they eventually come to light, despite the DoE and Obama White House’s best efforts to keep prying eyes away from the truth.


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