June 7, 2013 | Filed Under Barack Obama, Business, Capitalism, Congress, Crony Capitalism, Democrats/Leftists, Energy, Ethics, Green Energy, Jobs, Liberals, President, Progressives, Taxes, Warner Todd Huston | Comments Off
-By Patrick George Jalopnik
What do Carbon Motors’ BMW-powered police car, Aptera Motors’ electric three wheeler, and Fisker’s luxury sedan have in common? Two things: they asked the government for loans, and they’re dead, as are more than half of the car companies who sought loans, according to documents obtained via a Freedom of Information Act request by Jalopnik.P
Of the 18 existing or would-be carmakers we identified as having applied for loans under the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing program, 10 have since faded into bankruptcy or ceased operations.
Numerous car companies, startups and parts manufacturers have applied for the loans since the program was established during the Bush administration in 2008. However, most of them were turned down or simply did not receive the funds they requested. To date, about $8 billion has been doled out to just five carmakers: Tesla, Nissan, Ford, Fisker and the Vehicle Production Group. The last two have ceased production and appear headed toward bankruptcy.
The goal of the ATVM program was to use taxpayer loan money to fund the next generation of American fuel efficient vehicles, whether they came from small startups or large established automakers, all while adding thousands of new jobs.P
Unfortunately, no new loan money has been handed out since 2011, a decision critics have alleged was done in the wake of failed government-backed solar panel manufacturer Solyndra. About $16 billion remains undistributed….
Read the rest at Jalopnik.
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