Our federal government sure knows how to pick ‘em.
Fisker is an electric car company, founded in 2007, which holds the dubious distinction of producing the only car to ever break down during its Consumer Reports test drive. It was supposed to be an American leader in new technologies, with a revamped factory in Delaware and all the jobs that come with it. It ended up producing cars in Finland— cars that caught on fire and konked out due to the company’s use of faulty batteries from another taxpayer-funded company, A123. Facing recalls and possible bankruptcy, Fisker’s CEO Henrik Fisker stepped down while the company searched for buyers. All this colossal failure could be chalked up to doing business in new technologies if it had been done with the $1 billion or so in private funding Fisker got. Sadly, the company also blew through $193 million from us, via the Department of Energy, which is now giving pause to the Chinese companies looking to buy it. Stimulus!