Fisker Automotive lays off 75% of workforce

They are blaming the layoffs on their inability to find a partner to fund operations. This isn't surprising. Who wants to get in business with a company selling lemons as electric cars? Bloomberg: Fisker Automotive Inc.'s mass firings after receiving federal loans to build luxury plug-in cars is adding to the political debate over the U.S. government's funding of clean-energy programs. Most of the assets of Fisker's battery supplier that received a $249.1 million federal grant, the former A123 Systems Inc. (AONEQ), were acquired last year by a Chinese company. Now Fisker, awarded $529 million in U.S. loans, is firing 75 percent of its workforce after failing to secure a deal with an automotive partner to fund operations.  The debacle is reviving questions over whether the government should be funding makers of alternative energy ventures. Fisker and A123, whose bankruptcy halted Fisker's output, have drawn Republican criticism of President Barack Obama's support of...(Read Full Post)

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