Monday, November 25, 2013

Tales from Green Nation


Fisker: the Solyndra with wheels

Fisker had secured $192 million in tax-payer dollars to build hybrid sedans here in Delaware Finland at $50,000-$60,000 a copy. Unfortunately, no one wants hybrids that cheap, so Fisker went from manufacturing high-end sedans to truly luxury sedans at $110,000 per model.

Given this outstanding business model it should come as no surprise that in 2012 Fisker sold an estimated 900 cars as the Feds moved in to seize assets in this all but closed company.

But there is some good news. The feds have found a buyer. The bad news is that the tax-payer will once again take a bath on yet again another failed DOE green loan venture whose only apparent intent was to line the pockets of this administration’s politically connected.

(Previous posts on this epic boondoggle upon which we have blogged extensively can be found here)

From The Daily Caller:

The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million — the biggest taxpayer loss on a green loan since the failure of Solyndra.

The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009.

A Chinese billionaire? We were previously unaware that Communists allowed such a species to exist. We’re sure there is nothing fishy going on there.

We’re not opposed to green energy. What we're opposed to is throwing away $167 million at a cronyisitc green scheme that never had a chance of surviving.

Mr. President, we know you will never get the clue that picking winners and losers is no way to run an economy so we’ll just have to wait for term limits to effectively achieve the same goal.

* Perhaps the quintessential image of the Fisker Karma: Being towed off the track after breaking down shortly into Consumer Reports test drive of the car. On the bed of that truck, the Karma achieves the greenie dream of a zero emissions vehicle lumbering down the highway on a flatbed at 50 mph.



Mostly Nothing said...

From time to time I really do worry that this administration won't allow a orderly change of powers.

I am surprised that no one has started talking about how horrible the two term limit is

Anonymous said...

in somewhat related BWD news:

one of the commentators referred to the project as "Brown Streak". I find this endlessly hilarious.

Dean said...

MN, concur.

drozz, thanks. Saw that earlier

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