Green tech car company pissing away millions in taxpayer subsidies

As is usual these day another green tech company has pissed away millions in taxpayer subsidies as it goes to the wall:

Fisker Automotive, the struggling government-backed hybrid sports car maker, on Friday terminated most of its rank-and-file employees in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing.

Fisker, which raised $1.2 billion from investors and tapped nearly $200 million in government loans, has “at least” $30 million in cash on hand, according to a source familiar with the company’s finances.

About 160 workers were fired at a Friday morning meeting at Fisker’s Anaheim, California, headquarters, according to a source who attended the meeting. They were told that the company could not afford to give them severance payments.

Fisker confirmed in a statement that it let go about 75 percent of its workforce but did not specify the number of workers affected. It called the move “a necessary strategic step in our efforts to maximize the value of Fisker’s core assets.”¬†

“Unfortunately we have reached a point where a significant reduction in our workforce has become necessary,” Fisker said, adding that it was still searching for a strategic partner.

The mass termination triggered a lawsuit seeking class-action status from angry former employees. A lawyer for the fired employees said he expects the company to file for¬†bankruptcy¬†“sooner rather than later.”

A Fisker representative could not immediately answer questions on the company’s financial position. In the past, the automaker has declined to comment on the possibility of a bankruptcy restructuring.

Could we please stop funding these whacky useless schemes.

  • http://www.facebook.com/ShanePleasance Shane Pleasance

    Appropriately named

  • Sir Cullen’s Sidekick

    I am not sure what will be your reaction when Deputy PM, Communist Chief Norman does the following:

    1. Open up Electric Car manufacturing unit called “Green Car” in Palmerston North

    2. Open up a green research centre to manufacture petrol from bananas in Lower Hutt

    3. Open up a shell processing unit to manufacture electricity from sea shells in Auckland

    Funding will be provided from Sheep’s rich prick tax.

  • Macca

    So, these are the ‘Green Jobs’ that the Gweens were wanking on about prior to the last election and that idiot Armstrong from the Horrid had the gall to tell us in one of his columns that Wussells 100,000 jobs proved the Greens “Fiscal and economic Responsibility” – or words to that effect!

  • Sir Cullen’s Sidekick

    For your kind information – Green hippies’ rule is coming to NZ in 2014 and it will take more than 50 years to recover from the damage folks. Run fast if you can….

  • BJ

    Farcical green tech business is the epitome of when an ‘idea’ is kept alive all at the expense of the people.

  • Dion

    This must be what Russell Norman means when he says “smart, green economy”.

  • johnbronkhorst

    Solindra all over again…Obama is a bloody idiot! We should not catch his stupidity disease. Or is it genetic?

  • unitedtribes

    From a science point of view it matters not if the experiment proves the point or not. As long as it reaches an answer. In this case it proves that the new experiment is not as good as the old tried and true one. Still a good reason to do the science though. Even if it was a commercial venture. In Waiheke the other day they were going Ga Ga at a electric powers car that weighed fuck all that if you put it on the charger all night it could or maybe manage 80 kl for about $7 of power cost. Well I say a petrol car of the same weight could do better. And then not be restricted to 80 k

98%