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Author Topic: Special Report: Bad Karma: How Fisker burned through $1.4 billion on a 'green' car Back to Topics
DellDude2
Champion Author
Nashville

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Message Posted: Jun 18, 2013 2:09:17 AM

Danish designer Henrik Fisker knows how to style a sexy car. Among his works is the BMW Z8, driven by James Bond in "The World Is Not Enough,"

The Dane's startup, Fisker Automotive, hasn't built a car in nearly a year. It fired most of its workforce, hired bankruptcy advisers and is seeking a buyer. Co-founder Henrik Fisker resigned in mid-March in a dispute with some of the directors. And despite raising $1.4 billion in private and public funds since its founding in 2007, the company is out of cash. For months, key investors have been footing the car maker's day-to-day expenses to keep it alive in diminished form.

An examination of the company's rise and fall reveals Fisker's finances started to unravel as early as June 2011, when the U.S. DOE cut off access to taxpayer-funded loans — a
Visit Reuters for full article
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Jun 24, 2013 11:23:55 PM

lol on Bieber.
teenitup
Champion Author Houston

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Points:999,830
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Message Posted: Jun 24, 2013 9:26:16 AM

Yep, bad karma!
Hemond
Champion Author Providence

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Message Posted: Jun 24, 2013 9:07:53 AM

""""Fisker wasn't exactly founded as a "green" company, hemond.""""

You could build an argument there. Henrik was clearly a 'car guy' and I'll grant you that his main reason to put out the Karma was to produce the finest automobile he could. He did produce a pretty good car. Its failure was due to a series of setbacks which ultimately proved unsurmountable.

Nonetheless. Henrik produced a battery powered car with heavy US government subsidization. When that $529 million DOE loan got yanked, Fiskar went belly up. It was touted from the beginning by Biden, Al Gore, Obama, and the Hollywood glitteratti as a leading light of the green revolution.

Hmmm, I wonder if Justin Bieber will be caught dead riding around in his Karma now that it is no longer fashionable?


[Edited by: Hemond at 6/24/2013 9:10:23 AM EST]
honda0105
Champion Author Tallahassee

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Message Posted: Jun 24, 2013 5:44:10 AM

Fisker wasn't exactly founded as a "green" company, hemond.
teenitup
Champion Author Houston

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Message Posted: Jun 23, 2013 4:09:03 PM

>>"foreign companies don't repay loans when they go into bankruptcy."<<

Neither do US domestic companies like Solyndra etc.
Hemond
Champion Author Providence

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Message Posted: Jun 23, 2013 8:08:38 AM

:::::Is this Obozo's fault?:::


Yup, he propped up this company with loads of federal backed grants, gifts, and sweetheart loans. Another green train wreck.


But don't despair. I understand some people want to put a fire breathing V-8 in this car and make it a car that many more people can afford.

It is pure eye candy and was a decent car otherwise. If not for being saddled with a stupid power plant, and being hiddeously expensive. The Fiskar Karma was a cool car.
honda0105
Champion Author Tallahassee

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Message Posted: Jun 23, 2013 7:53:28 AM

foreign companies don't repay loans when they go into bankruptcy.
porotito
Champion Author Houston

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Message Posted: Jun 20, 2013 5:50:11 PM

Is this Obozo's fault?
HawaiianGuy
Champion Author Idaho

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Message Posted: Jun 19, 2013 7:13:12 AM

This is what happens when there is no accountability, much like what is happening with the Obama administration these days. "I didn't know until I saw it on the news" just doesn't cut it. Only a fool would believe that crap.
jethro5000
Champion Author Kentucky

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Message Posted: Jun 19, 2013 6:49:48 AM

Recycled from several days ago...
JagXKR
Champion Author British Columbia

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Message Posted: Jun 19, 2013 1:18:41 AM

Not as much as was wasted by the eco terrorist Obummer on failed solar companies. He's still number one.
KrsnaDragon
Champion Author Montreal

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Message Posted: Jun 19, 2013 12:27:14 AM

Lol, "Spending was lavish, engineering blunders rife."
Double_Golden
Champion Author San Francisco

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Message Posted: Jun 19, 2013 12:21:58 AM

will we ever recover anythings back from the company???
OGW
Champion Author London

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Message Posted: Jun 19, 2013 12:15:44 AM

Just wasting money on so called green cars is idiotic!
rap12MA
Champion Author Boston

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Message Posted: Jun 19, 2013 12:13:39 AM

Just sounds like a poorly run company that relied on taxpayer bucks.
jcdakota
Champion Author Baltimore

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Message Posted: Jun 19, 2013 12:10:51 AM

Green products are never inexpensive !!!
boatfloyd
Champion Author Jacksonville

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Message Posted: Jun 19, 2013 12:09:11 AM

Money has wings and Flies.
N5EXY
Champion Author Austin

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Message Posted: Jun 19, 2013 12:07:25 AM

Money to burn. A tax dollar is worth less than a gambling dollar.
mlmeng
Champion Author Michigan

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Message Posted: Jun 19, 2013 12:06:55 AM

1.4 billion is a lot of money to lose - unless you are the government.
jetskijerry
Champion Author North Carolina

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Message Posted: Jun 19, 2013 12:05:58 AM

crooks
OGW
Champion Author London

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Message Posted: Jun 19, 2013 12:05:55 AM

Taxpayers money should never be loaned to private or public companies for any reason, that is what banks and private investors are for!
bolobill
Champion Author Michigan

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Message Posted: Jun 19, 2013 12:05:37 AM

ok
esquared
Champion Author Oklahoma City

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Message Posted: Jun 19, 2013 12:02:56 AM

Whatever happened to venture capital?!
PrinceLH
Champion Author Ontario

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Message Posted: Jun 19, 2013 12:02:24 AM

And who pays?
Shakleelady31
All-Star Author Fort Wayne

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Message Posted: Jun 19, 2013 12:01:00 AM

Yikes!
SiouxFallsCheck
All-Star Author Sioux Falls

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Message Posted: Jun 18, 2013 11:57:45 PM

ok
Gas4Gore
Champion Author Detroit

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Message Posted: Jun 18, 2013 11:57:30 PM

Such a waste.
VikingWoman
Champion Author Washington

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Message Posted: Jun 18, 2013 11:55:07 PM

Private funds are one thing but he should have to answer (pay back) for the public funding.
OHMS
Champion Author Orange County

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Message Posted: Jun 18, 2013 11:54:33 PM

SAD SAD SAD
DEG
Champion Author Las Vegas

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Message Posted: Jun 18, 2013 11:54:21 PM

What a waste of taxpayer $$$.
macike
Champion Author South Dakota

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Message Posted: Jun 18, 2013 11:53:16 PM

great
dbadave
Champion Author Colorado

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Message Posted: Jun 18, 2013 11:50:38 PM

ok
MitchelSdReview
Champion Author South Dakota

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Message Posted: Jun 18, 2013 11:50:33 PM

ok
iFueler
Champion Author Durham

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Message Posted: Jun 18, 2013 11:50:29 PM


     $1.4B not well spent...
Buddy2264
Champion Author Tampa

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Message Posted: Jun 18, 2013 11:46:26 PM

Should only give for development in the US.
REKEY
Champion Author South Carolina

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Message Posted: Jun 18, 2013 11:37:49 PM

Why are we giving money to people from other countries?
Prodaddy
Champion Author Houston

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Message Posted: Jun 18, 2013 11:37:38 PM

Another sad story
tidalwave3
Champion Author Tallahassee

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Message Posted: Jun 18, 2013 11:36:37 PM

Second verse same as the first
s6sputnik
Champion Author Austin

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Message Posted: Jun 18, 2013 11:33:58 PM

Brilliant!
jci25946
Champion Author Tampa

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Message Posted: Jun 18, 2013 11:32:42 PM

More tax money wasted...gas prices???
traffic cop
Champion Author Boston

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Message Posted: Jun 18, 2013 11:32:10 PM

$359M in US tax dollars!!!

Where are the energy efficient cars?
Where are the US jobs (no, not the ones in Finland)??
Where is our money going?

Why do we keep putting up with this S***????
kennyman
Champion Author Alberta

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Message Posted: Jun 18, 2013 11:30:27 PM

Interesting.
DustyHorse
Champion Author Virginia

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Message Posted: Jun 18, 2013 11:25:58 PM

EVs are not ready for main stream yet. Range is too limited for most applications
Mowerman08
Champion Author Milwaukee

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Message Posted: Jun 18, 2013 11:23:08 PM

Another Obama rip off!
clermont40miles
Champion Author Cincinnati

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Message Posted: Jun 18, 2013 11:22:52 PM

EV's are not affordable.

Another EV builder crashes and burns.

Green is red.
BREW9
Champion Author Tampa

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Message Posted: Jun 18, 2013 11:22:32 PM

green gone
Rhino8of8
Champion Author Wisconsin

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Message Posted: Jun 18, 2013 11:22:09 PM

It's easy to spend someone else's money for some people

[Edited by: Rhino8of8 at 6/18/2013 11:22:31 PM EST]
Gassed01
Champion Author Toronto

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Message Posted: Jun 18, 2013 11:21:47 PM

A car for the very few. What a waste of money!
walkingtall
Champion Author Toronto

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Message Posted: Jun 18, 2013 11:18:34 PM

Special report:Bad karma:How Fisker burned through one point four billion dollars on a'green'car and well he doesn't care it wasn't his money.
bvrbill
Champion Author Eugene

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Message Posted: Jun 18, 2013 11:17:26 PM

Another green company taking taxpayer money into bankruptcy.
HedTurnr
All-Star Author Oakland

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Message Posted: Jun 18, 2013 11:17:15 PM

I guess when you have nothing to better to do with your money you just waste it.
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