Taxpayers could lose out big on the sale of the government’s loan to Fisker automotive to a Chinese investor.
The Obama administration is currently ironing out the details of its sale of its $192 million loan guarantee to Fisker to the Chinese billionaire Richard Li. The Energy Department completed its auctioning off of Fisker’s loan this week, reports Reuters. Li and the Obama administration are currently ironing out the details of the purchase.
The sale to Li represents the second acquisition of an Obama-backed green company to Chinese investors. Earlier this year, the electric car battery maker A123 Systems was sold to the Chinese auto parts conglomerate Wanxiang Group.