$660,000 Electric Car, Was $103,000, Now $80,000. Bring Cash

Discussion in 'Vehicles Classified Ads' started by OILAGER, Apr 22, 2013.

  1. OILAGER

    OILAGER Hecho en Estados Unidos

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    http://www.bloomberg.com/news/2013-04-18/fisker-allowed-to-tap-u-s-loan-after-default-report.html


    Fisker Automotive Inc. spent more than six times as much U.S. taxpayer and investor money to produce each luxury plug-in car it sold than the company received from customers, according to a research report.

    The Anaheim, California-based company made about 2,500 of its $103,000 Karmas before halting production last year, disrupting its plans to use a $529 million U.S. loan to restart a shuttered Delaware factory owned by the predecessor of General Motors Co. (GM) The Karma was assembled in Finland.
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    Fisker Automotive Inc. co-founder Henrik Fisker resigned last week.

    Fisker was allowed to keep using money from its Energy Department loan after violating its terms multiple times, according to a report released April 17 by PrivCo, a New York- based researcher specializing in closely held companies. It said it based its report on documents, including the loan agreement, obtained through the U.S. Freedom of Information Act.

    “They made a mistake” in awarding the loan, PrivCo Chief Executive Officer Sam Hamadeh said of the Energy Department in an interview yesterday. “Should they have fought this sooner? Obviously -- as soon as it became evident that they had begun to default.”
    PrivCo’s report contains errors, particularly in asserting the Energy Department knew by December 2010 that the carmaker wasn’t meeting milestones required to keep drawing taxpayer funds, Bill Gibbons, a department spokesman, said in an e-mail yesterday. The department cut off Fisker’s funding in June 2011, after the company drew down about $193 million.
    “PrivCo’s assertion that Fisker defaulted in December 2010 is simply false,” Gibbons said. “The milestones that PrivCo includes in its report are also wrong. The fact is, the department stopped disbursements on the loan after the company stopped meeting its milestones.”

    Production Halted
    Fisker has spent $1.3 billion in taxpayer and venture capital money, or $660,000 for each car it sold, the report said.

    Fisker stopped manufacturing cars late last year and fired three quarters of its remaining workers April 5. The company’s first repayment of $20.2 million on the Energy Department loan is due April 22, the report said.
    Tony Knight of Sitrick & Co., an outside public relations agency representing Fisker, declined to comment.

    A U.S. House panel is scheduled to hold a April 24 hearing on Fisker and its government financing. Invited witnesses include co-founder and namesake Henrik Fisker, who resigned last month; CEO Tony Posawatz and Chief Operating Officer Bernhard Koehler, who helped start the company whose customers include singer Justin Bieber and actor Leonardo DiCaprio.
    Delaware Plant
    “PrivCo’s report raises more questions as to the circumstances surrounding government support for Fisker,” Representative Jim Jordan, an Ohio Republican who is chairman of the House Oversight and Government Reform subcommittee holding next week’s hearing, said in an e-mailed statement yesterday.
    The Energy Department, which has had to defend its loan guarantees to failed solar-panel maker Solyndra LLC, gave Fisker its loan primarily to acquire and restart production at a closed GM plant in Delaware, the home state of Vice President Joe Biden, who attended the press conference announcing the venture. The company forecast it would create 2,500 jobs, according to a project summary still posted on the Energy Department’s website.
    Activity at the Delaware plant stopped last year and no cars have been made there.

    Of the cars produced, about 1,600 were purchased by consumers. Another 338 cars were destroyed during November’s Superstorm Sandy while parked at the Port of Newark, New Jersey.
     
  2. TopMpg

    TopMpg Member

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    Our tax dollars at work.
     
  3. BiggestT

    BiggestT I've posted enough I should edit this section

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    The graft in green energy of this administration boggles the mind. My brother does equity in renewable energy at GE and he killed the Solyndra after just a week of due diligence. Every all electric car ever made has been nothing more than a novelty, grocery haulers at best due to limited range.
     
  4. Trayscool

    Trayscool Captain

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    Wait so a 80 mile usable range that you can use 5 days a week to commute and weekends to run errands, cost you $2 to recharge is a novelty? Pretty sure its very usable to get around town in...
     
  5. Cast Gold

    Cast Gold hss AHHHH...hss AHHHH....

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    I was told of one Fiskar engineer that walked away due to a fatal flaw in their design. For the sake of those 1600 buyers, I really hope he was wrong.
     
  6. stairman

    stairman ......

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    The fatal flaw my coolaide drinker was not the 2$ to recharge or even the limited range.Some people don't drive that much.It was however the amortized cost per mile driven of the purchase price which brought the "fill up " price tag to well over 300 bucks for the 80 miles drive....someday electric cars might pencil out.....but not if our life times.If you drive 20k a year and assume 4$ a gallon that's 2285 a year for gas...the gas car costing 20 k subtracted from the 106k electric car cost gives you 86 k difference....it will take 37 years to make it pay off...not counting the 2$ for the electric fill up or the interest if you finance the 86k....
    voted for the president did ya or are you a victim of the public school system?



     
  7. BiggestT

    BiggestT I've posted enough I should edit this section

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    Thank you for that post, which basically nails it.

    Just ask Nissan how their Leaf sales are doing?

    http://business.time.com/2012/09/07/is-it-time-to-declare-the-nissan-leaf-a-flop/

    "It’s understandable that electric-car sales aren’t exactly booming. This is a niche market, after all, and one that’s very new and unfamiliar to consumers. Even with government incentives, plug-ins are still very expensive compared to gas-powered cars, and all-electric vehicles like the Leaf can’t be used practically for road trips, or any journey of more than 75 miles or so."

    http://business.time.com/2011/08/30/do-evs-save-drivers-money-in-the-long-run/
     
  8. OILAGER

    OILAGER Hecho en Estados Unidos

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    A couple of weeks ago I received a fax from Wells Fargo stating that they would no longer finance the Fisker. The next day I saw one at a dealer auction and had a chance to "finger it up" a little, not as a buyer, but to get a look at the newest failure of green technology. I wasn't impressed by the quality of the materials inside (reminded me of a 1980's Oldsmobile) and the body had a brushed aluminum look with solar panels for a roof. You're better off buying a DeLorean......at least you might get a shot at a "package" John misplaced during the build process.
     
  9. Enfuego

    Enfuego Your favorite Realtor

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    No more gov't incentives or carpool lanes. My Aunt just bought a Prius because she drives 100 miles a day. She said all of that is old news.
     
  10. BiggestT

    BiggestT I've posted enough I should edit this section

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    The Prius gets it best mileage in town when it's using the electric. On the highway, it's using the gas engine and it's mikeage marginally better than a Chevy Cruze. Better off with a diesel VW Passat which will get 48 mpg on the highway and perform like a real car.
     
  11. s//m_cinco

    s//m_cinco Member

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    ..
     
    Last edited: Feb 6, 2017
  12. Sloberdog

    Sloberdog Member

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    I have a 2011 Prius, get 46 MPG overall by driving it without any concern to maximize mpg. On a recent trip from San Diego to Newport Beach, 95% freeway miles, averaged 52 MPG....Yes, the Prius not a driver's car, a Honda CR-V is funner to drive....but we love it as our commuter car, feels like you are driving some space ship pod. Heck, the Prius gets better gas mileage than our motorcycles...though they are a lot funner to drive.
     
  13. fishinkid2010

    fishinkid2010 Newbie

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    From an investors stand point, Fiskar is one that I am staying away from. Their debt to equity ratio is terrible, and their sales figures are not very good in my opinion.
    Tesla Motors is an EV company however that I really like, their stocks hit a 52 week high last week, and their predicting to show a profit this quarter. Unlike Fiskar I really like their cars and their business model.
     
  14. Tanuki 3

    Tanuki 3 Newbie

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    fishinkid2010.....You are 100% ...... the Tesla S...........wow........range 264 +miles........0-60 5.6 secs
    with mo battery options Tesla is also partnered with Toyota......The Rav4 Ev has a Tesla setup. Would have loved the Roaster..........very well made and fast

    Co worker just got a 2013 Nissan leaf....let me drive it...........I was in love.
    What a quiet .........comfortable, solid and surprisingly quick car.
    And a Deal now! $28,900.......minus $7.5K fed credit ....minus $2.5k state credit around $19k for a great city get around car.............and range is up a little to almost 90 miles.

    Was a former Southern Cal Edison Employee and got to keep the EV1 for a weekend.......The EV1 was NICE, only a 2 seater but I was cruisin in that guy
     

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