• 12 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 13 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 14 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 14 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 15 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 16 hours VW Fails To Secure Critical Commodity For EVs
  • 17 hours Enbridge Pipeline Expansion Finally Approved
  • 18 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 19 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 8 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Alt Text

Who’s Winning The Electric Vehicle Race?

Automakers and suppliers of automotive…

Alt Text

Richard Branson To Invest In Elon Musk’s Hyperloop One

Britain’s Virgin Group boss has…

Alt Text

Is Hydrogen Fuel As Dumb As Musk Thinks?

Hydrogen fuel cells have been…

Fisker Fiasco Won’t Dent EV Funding

After being awarded $529 million in US loans, Fisker Automotive is laying off 75% of its workforce following the failure to secure a partnership deal to fund its operations for building luxury plug-in cars.

Fisker’s supplier of lithium-ion batteries, A123 Systems (AONEQ) went bankrupt last year after receiving a $249 million federal grant and then being largely acquired by China’s Wanxiang Group Co. That bankruptcy led to a halt in Fisker’s production line and cut off the company’s access to loans for failing to meet its production obligations.

The drama continued in March with the resignation of one of the company’s founders, Henrik Fisker.

Related article: Obama’s Budget Proposal Boosts Clean Energy at the Expense of Fossil Fuels

The California-based Fisker produces the Karma plug-in sedan, which sells for a whopping $103,000. To date, the company has sold around 2,500 Karma sedans and was working on plans for a lower-priced EV. Twice the Karma has been recalled due to technical defaults. The Karma can run for 40 miles on electricity before its gas engine comes online.

The company has about 200 employees. Earlier this week, about 160 of these employees were reportedly discharged.

Fisker describes the workforce cuts as a “strategic step” in its efforts “to maximize the value of Fisker’s core assets”.

Fisker says it still has some 30 projects ongoing, with funding intact.

Related article: How Long Should a Lithium Ion Battery Survive in an EV?

While the criticism of the Fisker “fiasco” has targeted the Obama administration, the loans actually resulted from a program created by President George W. Bush to advance fuel-efficient vehicles. The Obama administration approved Fisker’s loans in 2009.

To date, some 87,000 EVs and hybrids have been sold in the US.

Fisker’s struggles have not dampened the administration’s clean energy ambitions. The new budget proposal will increase spending on alternative vehicles by 75% in 2014, to $575 million. There would also be an annual $200 million fund to boost research in this sector. The proposal is not, however, likely to pass without some major adjustments.

By. Jen Alic of Oilprice.com




Back to homepage


Leave a comment
  • SA Kiteman on April 22 2013 said:
    Want to know how to boost plug-in hybrid and EV sales? It would be VERY simple. Cities should ban the use of internal combustion engine cars in the core area during rush hours. The core could start out fairly small and "rush hour" designated fairly short, then widened and lengthened as the years pass. ;)

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News