The agreement between the Energy Department and Hybrid Technology reached Friday is a step in an eventual deal to transfer Fisker's assets, which includes Hybrid Technology assuming roughly $170 million of the federal loan, to a subsidiary of the firm. Fisker filed for Chapter 11 bankruptcy protection as part of the arrangement.
The agency noted that subsidiary planned to restart production of Fisker's Karma model and that engineering and design would continue in California. It also noted that taxpayers were able to recover three-fourths of the original $529 million loan, as the agency froze a bulk of the loan in 2012 following a poor rollout for the Karma vehicle.
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3 comments:
Was it a loan or investment?
And if the return was something other than money, you gotta factor that in.
Regardless, everyone should take a look at Tesla Motors. Excellent electric car company.
814-Tesla has yet to make a profit, and is currently getting investigated by the NHTSA over 3 car fires in a 5 week period. On the flip side, there are over 140 thousand Volts/Leafs on the road, without a single car fire....excellent? Depends on your definition I guess.
All one has to do to figure this out is to look at the "campaign contributor" list. Then, compare that list to the owners and investors of these companies. I know its hard to believe, but they're A MATCH!!! Coincidence? Perhaps.....
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