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
10/19/2013 12:22:42 PM
Why is First Solar a "failure"?
Other than scaling back some of their expansion plans, they are still in business, still working on new projects and generating $3.5 Billion in revenue.
10/19/2013 3:19:11 PM
If Obama promotes it, it's a failure. Didn't you get the neo-memo?
"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer
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
Ford’s Use of Aluminum Bodies to Extend to Super Duty Trucks, Chrysler Doubles Ram EcoDiesel Production
September 30, 2014, 10:59 AM
2016 Cadillac ELR to Receive "Engineering Enhancements", 2nd Gen Model Still on the Table
September 24, 2014, 1:30 PM
Google's Autonomous Vehicles Approved to Travel Any Road in California
September 22, 2014, 4:15 PM
Tesla’s Elon Musk Says that Fully Autonomous Vehicles Are Still at Least 5 Years Away
September 19, 2014, 9:48 AM
Quick Note: Kia Soul EV Priced from $33,700
September 11, 2014, 5:32 PM
Production Infiniti LE Electric Sedan Leaked in Patent Drawings
September 9, 2014, 10:32 AM
Most Popular Articles
Appalling Negligence: Decade-Old Windows XPe Holes Led to Home Depot Hack
September 8, 2014, 8:58 PM
iBend: Reports Grow of Razor-Thin iPhone 6+ Folding Like Origami in Your Pocket
September 23, 2014, 6:08 PM
New AT&T Mobile Share Value "Double Data" Promotion Lasts Through October
September 28, 2014, 8:32 AM
Update: Apple Releases iOS 8.0.2 Update to Make Up for Botched 8.0.1 Release
September 25, 2014, 8:19 PM
FBI Outraged That Apple, Google are Adopting Digital "Locks" to Protect Users
September 26, 2014, 1:00 PM
Latest Blog Posts
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
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information