• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 3 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 3 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 5 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 14 mins Apology Accepted!
  • 2 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 4 hours Putin Paid Militants to Kill US Troops
  • 3 hours Why Oil could hit $100
  • 9 hours The Political Genius of Donald Trump
  • 24 hours U.S. natural gas at major disadvantage in Europe and China.
  • 1 day Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 23 mins Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 1 day The world is headed for big problems - interview with very smart economist
  • 1 day CoVid in Spain, 9 months before China
Barry Stevens

Barry Stevens

Dr. Barry Stevens has over 25 years of proven international experience building technology-driven enterprises and bringing superior products and services to market ahead of the…

More Info

Premium Content

Another EV Bites the Dust

Why is Fisker Automotive’s Karma both a Failed EV and a Negative Fate?

Called the “Solyndra of Electric car companies” by Bill Vlasic of the New York Times, Fisker Automotive is just the latest in long line of investments by the U.S. government into questionable technologies and companies.

Fisker’s jagged history is best summarized in “47 depressing facts about Fisker’s epic electric car failure,” that appeared today in the Washington Examiner. Among these facts, the article points out:

•    In 2009, the untested Fisker Company secured loan guarantees from the Obama administration totaling $529 million, more than the company had initially requested. - Wall Street Journal
•    In 2009, the company claimed the Fisker Karma would get 67.2 MPGe and 50 miles of electric range. In October 2011, the EPA rated the Karma with 52MPGe and 32 miles of electric range - Engaget
•    In 2011, Fisker only shipped about 1,500 Fisker Karmas. The production goal for 2011 was 7,000. - Autoblog
•    On April 7, 2013, Fisker laid off 160 of its roughly 210 employees – Autonews
•    The Fisker plant in Delaware was reportedly ‘absolutely empty’ on April 17, 2013 – Delaware News-Journal
•    A123, the sole supplier of lithium-ion batteries for the Karma, went bankrupt in October 2012. - New York Times
•    In December 2011, Fisker recalled the first 239 Karma plug-in hybrids due to a fire hazard. – New York Times
•    In May 2012, a Fisker was blamed for starting a fire in Texas that burned the owners house to the ground. - Autoweek
•    In August 2012, a Karma caught fire in a California parking lot – ABC News
•    One owner, an Austin, TX-based programmer, recorded a 41-minute video about how bad the car’s control panel was. - YouTube
•    During a Consumer Reports test drive, the Fisker Karma broke down – Digital Trends
•    More than a dozen Fisker Karma’s caught fire and exploded at a New Jersey Port after Hurricane Sandy – Jalponik

Related article: Verizon Prepares for $100m Renewable Energy Investment

An Editorial by Charles Lane, Washington Post provided additional insight into the rise and fall of Karma and possibly the industry itself:

“….. Fisker attracted $1.1 billion in private investment, the vast majority of which took place after it got the DOE loan.”

“….. government loans could not overcome Fisker’s fundamental problem: no experience mass-producing automobiles, let alone the complex battery-powered luxury cars that it proposed to sell for more than $100,000.”

“….. the company is nearly bankrupt; taxpayers are on the hook for $171 million, and private investors are probably nearly wiped out.”

“…..that’s more than a billion dollars in capital that can’t create jobs elsewhere in the economy — but might have, if the government had not propped up and promoted Fisker.”

“Government can efficiently affect energy usage through fuel taxes and basic research. When it intervenes on behalf of specific technologies and specific companies, however, bad things happen — resource misallocation, windfall-seeking, even, sometimes, corruption.”

Related article: Why Reserves have no Impact on Energy Abundance

In closing, it’s easy to blame the government, the company and the technology. Rather failure falls on one simple entity – People. People’s belief in a government can fix all mentality. People’s belief that a management team with questionable ability can successfully run a company with a pricy product in a nascent industry where others fail to tread.  People’s belief in an unproven technology littered with fragments of technical issues. Other than the EV industry, the only other sector that operates with such poor odds is gaming. Show me a player rich from gambling alone and I will show you a liar.

The opinions expressed in this article are solely those of the author Dr. Barry Stevens, an accomplished business developer and entrepreneur in technology-driven enterprises. He is the founder of TBD America Inc., a global technology business development group. In this role, he is responsible for leading the development of emerging and mature technology driven enterprises in the shale gas, natural gas, renewable energy and sustainability industries. To learn more about TBD America, please visit: http://tbdamericainc.com/

By. Barry Stevens


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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