U.S. spends $529 MILLION on Fisker Karma Electric Hybrid

So this is my first real post so go easy on me please.
If this is in the wrong section please change.

So the other day I was sitting down reading my Auto/Week for march 21st 2011. And I was reading about this new hybrid car. A Fisker Karma EVER (Electric Vehicle, Extended Range). That apparently cost 1 billion dollars to make, and $529 million came from U.S. Department of Energy Clean Technology loans.

This is the first two paragraph's of the article (its in a magazine so no link sorry)

If that old saying about what goes around comes around is a succinct description of karma, it's going to be interesting to see how the Fisker Karma drama plays out. Fisker, as you might know, is producing a $95,000, extended-range, plug-in hybrid, luxury four-door sports sedan.

It's quite a mouthful, but that's what it is. And it took a sack full of cash for development costs -- some say a billion dollars, $529 million of it from U.S. Department of Energy Clean Technology loans.

I also found this on the road and track website.

Development of the Fisker Karma has evolved from its Detroit auto show introduction in 2008, through levels of crucial funding—including a $528.7 million loan from all of us, courtesy the U.S. Department of Energy—to more than a couple of delayed delivery dates and, finally, to my recent drive of the car at Fontana, California’s Auto Club Speedway. It’s now officially known as the Fisker Karma EVer, as in “Electric Vehicle extended range”—and the key question becomes “Is this the first enthusiast plug-in hybrid?”

www.roadandtrack.com...


I am all about finding "greener" technology for the automotive industry. But a $90,000 hybrid is not the answer. IMO. I think this is the way hybrid technology should NOT go. I think $529 million could be spent in much better ways.

Again this is my first real thread so be kind. I just wanted to share.

That's pretty interesting. $90,000 does seem pretty steep.
The EV1 was only gonna be $34,000 if Ford had let people buy them.

The EV1 program was discontinued in 2002. Lessees were not given the option to purchase their cars from GM, which cited parts, service, and liability regulations. The majority of the repossessed EV1s were crushed, and the rest delivered to museums and educational institutes with their electric powertrains deactivated, under the agreement that the cars were not to be reactivated and driven on the road.

The cars were made available via a leasing program, with the option to purchase the cars specifically disallowed by a contractual clause (the suggested retail price was quoted as $34,000)

Wikipedia

Originally posted by 1ifbyland2ifbydebitcard
That's pretty interesting. $90,000 does seem pretty steep.
The EV1 was only gonna be $34,000 if Ford had let people buy them.

The EV1 program was discontinued in 2002. Lessees were not given the option to purchase their cars from GM, which cited parts, service, and liability regulations. The majority of the repossessed EV1s were crushed, and the rest delivered to museums and educational institutes with their electric powertrains deactivated, under the agreement that the cars were not to be reactivated and driven on the road.

The cars were made available via a leasing program, with the option to purchase the cars specifically disallowed by a contractual clause (the suggested retail price was quoted as $34,000)

Wikipedia

The intial projected price in 2008 when the concept was launched was $98,000 but the 2011 final price is slated to be about $78,000 a near $20k drop in price with a bottom somewhere around $50,000.

The $529 Million from Energy was not loans but it was a grant to develop road ready electric cars. Allocated under 43 Bush around 2005/2006.

In looking at the amount of these loans it's apparent that Fisker knows someone....and I think that that might be someone inside GM.

Why ? Because the Fisker car uses a GM engine to charge it's battery system.

But the plot thickens....

Apparently Fisker, a coach builder/designer worked for Tesla, hired to design the body for their new 4 passenger electric, called the Type S. The Tesla type S is a 7 passenger all electric, slated to retail for only $49K.

And in direct competition with the Chevy VOLT.

Fisker apparently while contracting for Tesla, learned all of the Tesla Design specifications and then voila, leaves Tesla high and dry and starts his own car company essentially using Tesla's Type S design.

And receives massive amounts of funding....from the FEDS...having never produced a car before..

Was Fisker a plant by GM to learn design details and undermine Tesla Motors ?

Tesla the acclaimed small automotive startup....who has been thumbing it's nose at GM by introducing it's all electric Tesla Roadster in record time and before GM could introduce the Chevy Volt ?

Fisker is currently being sued by Tesla for obvious reasons..