Fisker: Doomed to Be the Next DeLorean?
Obama may have seen it coming
By Ruth Brown, Newser Staff
Posted Apr 24, 2013 10:47 AM CDT
The Fisker Karma.   (PRNewsFoto/Fisker Automotive)

(Newser) – Fisker: It's the sexy electric sedan that Justin Bieber was busted speeding in and which scored a $529 million loan from the Obama administration. Now it's hurtling toward bankruptcy. So what went wrong? asks the Wall Street Journal. Faulty software, suppliers going bust, delayed releases, and car recalls have all stacked up to put the company in dire financial straits. "It was so vulnerable to software errors, and the parts used were of such poor quality that eventually I insisted they take the car back and return my purchase price, which they did," says one former Fisker Karma driver. "It's a real shame, the car itself was beautiful."

Fisker hasn't built a car since July 2012, has canned most of its staff, just missed a loan repayment, and recently had $21 million seized by the feds. It still owes the government $192 million, says the NY Daily News. If it doesn't find a new investor or a buyer soon, the luxury Fisker Karma will likely go the way of the DeLorean—and we don't mean it will be re-engineered for wacky time travel adventures. This could prove problematic for the White House, too—new documents show the administration may have known Fisker was in trouble as early as 2010, the AP reports.

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Showing 3 of 36 comments
ppaca
Apr 25, 2013 3:21 AM CDT
"This could prove problematic for the White House, too—new documents show the administration may have known Fisker was in trouble as early as 2010, the AP reports." 0bama knew? Then why the f did he give them the money? Throwing taxpayer monet to more of his cronies! IMPEACH OBAMA !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
clmsman
Apr 24, 2013 3:05 PM CDT
How many american vehicles could 530 million buy? A boat load 67 cars at 15k for every million pissed away on this company or 35K in American vehicles. I want to know one person who didn't see this one coming and if they didn't they had there head in the sand considering the record of this administration to pick real losers. BTW who can afford a 100K electric vehicle other than the 1% that this administration rails against yet they subsidize the very company that sells to these people.
kumatose
Apr 24, 2013 2:44 PM CDT
You cant create a US alternative energy industry without spending investment money. Who ever heard of a risk-free investment? Sign me up for that.