Fisker Automotive, a high-end electric car company that received over $500 million in Energy Department loans, is laying off more than 150 workers. Another “green” scheme gone awry!
“The layoffs come on the heels of the high profile resignation of company founder and executive chairman Henrik Fisker, 49, last month over disagreements with the direction the company was taking in terms of its business strategy.
The start-up company that makes luxury plug-in hybrids has had a rough road since it was founded in 2007.
There was a series of at least three recalls of the Karma luxury sedan, a $103,000 plug-in hybrid made in Finland by contract assembler Valmet Automotive.
Karma production was halted altogether last year when battery supplier A123 Systems filed for bankruptcy. A123 has sold most of its assets to Wanxiang Group, a large Chinese auto parts supplier.
Plans to build Fisker vehicles at a former General Motors plant in Wilmington, Del., despite a groundbreaking in 2009, never came to fruition.
Even Mother Nature exacted a toll when more than 300 Karmas awaiting delivery were destroyed by Hurricane Sandy last year and the insurance company denied coverage. A lawsuit and settlement followed.
The launch of a more affordable mid-size sedan, the Atlantic, also was delayed as the company has struggled to secure financing. Then two Chinese automakers who were reported to be interested in investing in Fisker decided not to make an offer.” (Read More)
The government has been trying to pick winners and losers for years now. They seem to be better at picking losers.