Fisker.... FLUSH

[sithot]

Anybody still wanting a Fisker now? (As if you ever did)

http://wheels.blogs.nytimes.com/2013...-of-employees/


"The company said the cuts are a “strategic step in our efforts to maximize the value of Fisker’s core assets.”

That's read between the lines for: "were going bankrupt".

Greedy folks taking advantage of a broken system allowing government hand outs (free money). BTW: I thought Honda and Toyota had the market pretty well covered for "Average Joe". "Average Joe" doesn't buy $100,000 cars.

Thanks be to our fearless feckless leaders in D.C.

Somebody made money and it wasn't the taxpayers who funded this bs experiment.

Tom

[setho]

The whole experiment of government funding green energy is failing miserably. If you want a Telsa you can get up to $15,000 in tax credits......

Anybody still wanting a Fisker now? (As if you ever did)

http://wheels.blogs.nytimes.com/2013...-of-employees/


"The company said the cuts are a “strategic step in our efforts to maximize the value of Fisker’s core assets.”

That's read between the lines for: "were going bankrupt".

Greedy folks taking advantage of a broken system allowing government hand outs (free money). BTW: I thought Honda and Toyota had the market pretty well covered for "Average Joe". "Average Joe" doesn't buy $100,000 cars.

Thanks be to our fearless feckless leaders in D.C.

Somebody made money and it wasn't the taxpayers who funded this bs experiment.

Tom

[tfmcmahon]

From Zero-Hedge:

Pop quiz:

Q. What is the fiscal multiplier on $529 in government stimulus?

A. If you are Fisker Automotive, zero.

While the terminal fate of the federally-subdizied car company was no secret to anyone, there were some questions when this latest example of idiotic government "capital allocation" would get Solyndraed. The answer is now.

GigaOm reports:


According to several sources, electric car maker Fisker Automotive is planning to lay off many of its employees today. Sources tell me that there is a company meeting at 8AM today where the company will announce this to the employees.



I’ve also heard that law firm Outten & Golden has been looking into initiating a class action law suit to represent Fisker’s employees should Fisker fall into bankruptcy. The firm is looking into whether Fisker (like Solyndra) will or already has violated the WARN act.



The news follows reports that Fisker has hired a law firm to advise it on bankruptcy options. It owes a loan repayment to the Department of Energy this month, and has been cutting costs and furloughed its employees last month. The company hasn’t made a car since the summer of 2012.

...

Fisker was founded in 2007 and has raised over a billion dollars from venture capitalists like Kleiner Perkins, NEA and others, as well as wealthy individuals organized by now defunct broke Advanced Equities. Fisker also received part of a loan from the Department of Energy.

Perhaps the employees of the taxpayer-funded company can also sue the taxpayers for being dumb enough to have loaned cash to Fisker in the first place, instead of investing in other projects that actually have an IRR>0%. Oh wait: this is government "investing" where a 0% return is actually a good thing.

Oh well: time for the administration to spend a few more hundred million in another dead-end company just to purchase a few hundred votes for the next electoral cycle

[CurtEgerer]

Ehhh, what's a $1/2 billion flushed down the toilet between friends? Of course the crowning achievement of the entire fiasco will be the sale of the technology and intellectual property rights we taxpayers funded to China for pennies on the dollar. Again.

[JCR]

I drove one and was impressed with its ride, acceleration and handling.
I was extremely unimpressed with the panel fits, electronic component interface and overall quality / attn. to detail.
It was a retail car that seemed like a prototype build. Inexcusable in the current marketplace.

Little known fact: A local engineer consulted with Fisker on the suspension design. He used to work at Porsche and did, amongst other things, the 917-10 suspension - with a little help from Mark Donahue. This is why the car handed so well.

[TKO]

J Rod,

I'm surprised it handled well at 5,300 LBS. .....

[JCR]

TK - I was surprised too, though I wasn't able to test any limits... just a cruise up the avenue.

BTW - How the F did I not know you had a 930? Very, very nice! Always knew you'd be back.

[Bummler]

Can't wait for the fringe to come up with their conspiracy theories, how big oil was secretly behind Fiskers demise...

[sithot]

Ha-Ha!

Detroit pretty much put street cars out of business, eh?

[LiveFromNY]

I drove one and was impressed with its ride, acceleration and handling.

I'm surprised you were impressed by the acceleration. I drove one and couldn't believe what a turd it was. 0-60 in 5.9 seconds? For $100k? And that's with the gas engine assisting? I thought it drove like death... and I really wanted to like it.