DOE Ends Auction for $168 Million Fisker Loan
October 18, 2013 9:54 AM
comment(s) - last by
Winner hasn't been announced nor has the size of the loss for taxpayers
The Energy Department has been conducting an auction seeking bidders for the $168 million of the $528 million loan originally given to Fisker Automotive before it went belly up. While the auction has ended, the energy Department hasn't officially announced who won the auction.
The auction was conducted last Friday including opening bids from an unknown number of qualified bidders. The federal government is evaluating all of the bids in an attempt to find one that is in the best interests of the taxpayers. Once the final bidder is chosen the remaining negotiations having to do with the sale will take place.
Fisker was originally granted a $528 million loan from the $25 billion Advanced Vehicle Technology Manufacturing loan program instituted by the Obama administration. Fisker went on to lose roughly $35,000 on each Karma it sold, and when the company
failed to make a $10 million payment
to the Department of Energy in April of this year, the government seized the company's reserve account and recouped some of that original loan amount.
Despite the high-profile failures of automakers under the government loan plan, the
Obama administration is looking to start
the controversial Advanced Vehicle Technology Manufacturing loan program up again.
The executive director of the Energy Department loan program office Peter W Davidson said last month, "After exhausting any realistic possibility for a sale that might have protected our entire investment, the department announced today that we are auctioning the remainder of Fisker’s loan obligation, offering the best possible recovery for the taxpayer."
This article is over a month old, voting and posting comments is disabled
10/18/2013 7:05:04 PM
I believe taxpayer money would be more efficiently spent building up infrastructure to support EVs and alternative fuel vehicles. I see that as a worthwhile interstate commerce investment.
10/20/2013 10:36:53 PM
As this point I'd even be happy if I got a free taco out of the billions wasted. Thanks 0Bama!
10/24/2013 12:33:59 PM
Me too, but only if it's a free range, organic, private school educated taco.
"Intel is investing heavily (think gazillions of dollars and bazillions of engineering man hours) in resources to create an Intel host controllers spec in order to speed time to market of the USB 3.0 technology." -- Intel blogger Nick Knupffer
Obama Admin Looks to Restore $25B Advanced Technology Vehicle Loan Program
August 27, 2013, 12:33 PM
Fisker Misses $10 Million Payment to DOE as Feds Seize Reserve Account
April 23, 2013, 9:49 AM
Hot Air? President Obama, G7 Pledge to Eliminate Most Fossil Fuel Use by 2100
June 8, 2015, 5:40 PM
Study Predicts Self-Driving Vehicles Could Rake in Billions
March 6, 2015, 8:34 AM
Dual-Motor Tesla Model S P85D's "Insane Mode" Shocks Passengers
January 28, 2015, 11:18 PM
2016 Cadillac CTS-V Packs 640 hp Punch with 200 mph Reach
January 23, 2015, 3:25 PM
BMW Testing Tech to Allow Users to Auto-Park, Summon Cars Via Smartwatch
December 16, 2014, 9:30 AM
Lamborghini Offers Up $6,000 Leather-Bound Android Smartphone
December 12, 2014, 3:12 PM
Most Popular Articles
F-16 Schools Trillion-Dollar F-35 in Mock Combat, Fleeing is Best Option Pilot Admits
July 1, 2015, 5:53 PM
SpaceX Falcon 9's Seventh Supply Mission to ISS Ends w/ Fiery Stage 1 Explosion
June 28, 2015, 1:10 PM
SanDisk's 200GB microSDXC Card Turns Smartphones Into Enviable PMPs
June 26, 2015, 2:02 PM
Windows XP, Vista Users Can Get Free Windows 10 Upgrade Thanks to Loophole
June 23, 2015, 2:23 PM
Apple Music: The Money, The Launch Hiccups, and the Nitty Gritty Details
June 30, 2015, 5:09 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information