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Tyco International Ltd. Message Board

  • doncassel Apr 6, 2013 1:36 PM Flag

    Hopey Changy at it's finest.

    Fisker Automotive Inc.’s mass firings after receiving federal loans to build luxury plug-in cars is adding to the political debate over the U.S. government’s funding of clean-energy programs.

    Most of the assets of Fisker’s battery supplier that received a $249.1 million federal grant, the former A123 Systems Inc. (AONEQ), were acquired last year by a Chinese company. Now Fisker, awarded $529 million in U.S. loans, is firing 75 percent of its workforce after failing to secure a deal with an automotive partner to fund operations.
    Enlarge image Fisker Co-Founder Henrik Fisker

    Bloomberg auto columnist Jason Harper reviews Fisker Automotive Inc.'s Karma luxury sports sedan. The hybrid vehicle can run in all-electric mode or in tandem with a small gasoline engine and has a price tag that starts at $103,000.

    The debacle is reviving questions over whether the government should be funding makers of alternative energy ventures. Fisker and A123, whose bankruptcy halted Fisker’s output, have drawn Republican criticism of President Barack Obama’s support of green-energy programs intended to spur more fuel-efficient cars.

    “The Department of Energy has never owned up to its mistakes and acknowledged it didn’t do a good job of choosing Fisker and A123 as worthy of taxpayer investment,” Senator Chuck Grassley, an Iowa Republican, said in an e-mailed statement.

    Another Republican, Senator John Thune of South Dakota, predicted “the company could go bankrupt and cost millions of taxpayer dollars.”

    Fisker, the maker of rechargeable $103,000 Karma sedans, told a “core group of employees in Southern California” this week 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.

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43.15-1.34(-3.01%)Jul 31 4:05 PMEDT

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