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fiskar karma consumer reports dies obama funded subsidy sad hill news

Not familiar with Fisker’s Karma?

It’s just another one of those hundred million dollar taxpayer-funded Obama stillborn ‘green‘ projects.

And Fisker’s unicorn-powered, rainbow-emitting, ‘free’ energy hybrid vehicle – slapped together at a defunct GM manufacturing plant – is a rather expensive version of Chevy’s exploding Volt.

‘But Sad Hill, the Chevy Volt costs taxpayers $250,000+ per vehicle to build!’

Yes it did. And the Volt is costing taxpayers much, much more per vehicle now that production has ceased with only a few thousand Volts ever being sold. Even so, with $500+ million in Obama money, Fisker has delivered fewer than 300 do-nothing machines to Amerika. As it stands, we’re looking at a cost of roughly $1.7 million per vehicle, and that’s if all of the existing units are sold.

Of course Obama’s $465+ million Tesla may have Fisker’s and Chevy beat – so far: HERE

The good news is, Fisker’s management team is sure to pay themselves big dividends before scuttling the Karma division of Obama’s enormous money laundering operation – the largest in history when factoring in GE, GM, Solyndra, etc.

Wonder if Motor Trend will award ‘Car Of The Year’ to Fisker’s Karma, like they did for the Chevy Volt before a single lemon was ever sold?

Yeah, the Fisker Karma looks cool, but so does the atomic bomb mushroom cloud.

atomic bomb mushroom cloud fiskar karma sad hill news

Job-Killing Fisker Karma Plug-In Hybrid Dies During Consumer Reports Test

(Yahoo) Our Fisker Karma cost us $107,850. It is super sleek, high-tech—and now it’s broken.

We have owned our car for just a few days; it has less than 200 miles on its odometer. While doing speedometer calibration runs on our test track (a procedure we do for every test car before putting it in service by driving the car at a constant 65 mph between two measured points), the dashboard flashed a message and sounded a “bing“ showing a major fault. Our technician got the car off the track and put it into Park to go through the owner’s manual to interpret the warning. At that point, the transmission went into Neutral and wouldn’t engage any gear through its electronic shifter except Park and Neutral.

We let the car sit for about an hour and restarted it. We could now engage Drive and the same error message disappeared. After moving it only a few feet the error message reappeared and when we tried to engage Reverse the transmission went straight to Park and again no motion gear could be engaged. After calling the dealer, which is about 100 miles away, they promptly sent a flatbed tow truck to haul away the disabled Fisker.

We buy about 80 cars a year and this is the first time in memory that we have had a car that is undriveable before it has finished our check-in process.

~snip~

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Fisker Layoffs

(NLPC) Among the objections about taxpayer subsidies for the high-profile Chevy Volt, manufactured by Government Motors, is that the many grants, loans and tax breaks that lowered the sticker price on the electric hybrid car facilitated its (paltry) sales for the benefit of wealthier individuals who were purchasing it – those with average annual salaries of $170,000. So can you imagine how happy the affluent customers (like Leonardo DiCaprio) of the heavily subsidized, $102,000 electric Fisker Karma are, to be able to purchase their gimmicky sports sedan at a discount, with a $7,500 tax credit to boot?

Undoubtedly they are much happier than the 65 poor souls that Fisker just laid off. Will there be more?

Passing it off as “a bump in the road,” company spokesman Roger Ormisher chalked up the cutbacks to the difficulty in starting a new car company and what would appear to be trivial missed deadlines and sales targets. But Fisker, already the recipient of $193 million of a total $529 million loan from the Department of Energy – not to mention a reported $850 million in private investment – shows disconcerting signs of incompetence and poor stewardship with the resources it’s been trusted with.

So far the $193 million has been allocated mostly for the production of the Karma – therefore it can be deduced that taxpayers have subsidized a six-figure status symbol for the wealthy. The car serves no practical purpose, but instead provides “wow-factor” fodder for discussion at cocktail parties. According to Fisker, the company had 650 people toiling away at its headquarters in California (before 40 or so were laid off), plus another 125 that were refurbishing a former General Motors plant in Delaware (where 26 were laid off).

Something seems askew with the numbers, however. Fisker has said “not a single dollar of the DOE loans has been, or will be, spent outside of America” – an assurance that PriceWaterhouseCoopers is allegedly tracking for DOE. But the Karma is assembled at Valmet Automotive in Finland, so if the $193 million has been mostly spent on that project (as Fisker said in an official statement put out on Monday), how could at least a significant portion of that money not have been spent overseas? And if it wasn’t, then the evidence looks even worse. Consider:

· $193 million divided by 775 U.S. jobs equals about $250,000 per job that American taxpayers have paid to subsidize Fisker to design and engineer its luxury electric hybrid

· Fisker laid off 26 of the alleged 125 employees working at the Delaware plant, but activity there has been “halted” – so are the other 99 being paid to do nothing?

· DOE is reportedly withholding the remaining payout of the loan because Fisker “missed milestones” in getting the Karma to market – approximately three months later than scheduled. Is tardiness of 90 days seriously the only reason DOE is reluctant to issue more money to Fisker?

· The layoffs and Delaware stoppage are allegedly for Fisker to “conserve cash” as it tries to renegotiate with DOE the terms of the remaining $336 million of its loan. If reports are true, then Fisker has had $1.05 billion at its disposal (private, DOE and Delaware funding) to get the Karma designed and launched and prepare for its next car, “Project Nina,” the planned $50,000 family sedan. Where is the money going?

The troubling news doesn’t stop with Fisker. In December its battery supplier, A123 Systems, was forced to lay off 125 of its own employees at its plants in Michigan due to Fisker’s production delays last year. In addition to its vendor relationship, A123 is also an investor in Fisker according to its SEC filings, having poured $20.5 million in cash and stock equity into the company.

~snip~

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What happens to all of the expired hybrid batteries? They kill Mexicans: HERE

Government Motors stops investigating itself over Chevy Volt fires: HERE

Government Motors blames media for low Chevy Volt sales and 1300 employee layoffs: HERE

ObamaGenius, ‘Since my Chevy Volt won’t sell, I’ll penalize Americans $2,500 more per vehicle: HERE

Chevy Volt Fires!HERE

 – Chevy Volt, ‘The People’s Car’: HERE

Wow! 281 Chevy Volts sold just last month – thank you Mr. Obama!: HERE

*hitty *hitty Bang Bang: HERE

GM recalls 154,000 Chevys: HERE

Taxpayers – $7,500 on the hook for every Chevy Volt sold: HERE

Obama administration bought 1-in-4 GM hybrids soldHERE

Boldface lies about GM service and warranties: HERE

Chevy Volt commercial – as it should be: HERE

Tesla Motors awarded $465 million in taxpayer funds, loses $35 million in 3rd quarter: HERE

The God of ‘green’ energy promises taxpayer funds for more green energy failures: HERE

Jesse Jackson, ‘We need more stimulus’: HERE

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7 Responses to Obama’s Job-Killing Fisker Karma Hybrid Runs Out Of Unicorn Power

  1. John says:

    I have no problem with alternative energy, but the government shouldn’t be throwing millions or billions of taxpayer dollars just to see these companies fail. Shouldn’t the private sector be researching and developing alternative energy? If they succeed, great. If they fail, do more research or move in a different direction. We cannot keep pouring money into green technology without attaining good results. And don’t even mention to me that the Senate defeated the Keystone Pipeline. Can you smell the smoke coming out of my ears?

    This election we need to at least keep the House (removing Boehner) and gain a majority in the Senate (removing McConnell). That might slow down this incredible spending machine we have in the White House now. If we gain the Presidency so much the better. We all need to be watchful of our representatives and voice our opinions. Make them understand that we are in charge, not them. Okay, my rant is over for now.

  2. [...] Obama’s job-killing Fisker Karma hybrid runs out of unicorn power: HERE [...]

  3. [...] the year ended December 31, 2011,” its filing states, “revenue from our two largest customers, Fisker and AES Energy Storage, LLC and its affiliates, or AES, represented 26% and 24% of our revenue, [...]

  4. [...] the year ended December 31, 2011,” its filing states, “revenue from our two largest customers, Fisker and AES Energy Storage, LLC and its affiliates, or AES, represented 26% and 24% of our revenue, [...]

  5. [...] black, and allow him to nearly destroy America while serving out a full term that made him $ millions in side deals, then stick it to him in November. Yeah, that’ll show him. Bet he cries all the way to the [...]

  6. [...] GM, Chrysler and Fisker managers practically doubled their salaries via bonuses and benefits using taxpayer bailout [...]

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