Founder Of Federally-Subsidized Electric Car Fisker Calls It Quits

Tyler Durden's picture

It turns out that when peddling a flaming paperweight (recall "Total Karma Recall: Fisker Pulls All Cars Due To Fire Risk", "As Another Fisker Karma Spontaneously Combusts, "Green" Dreams Go Up In Smoke" and of course "Fisker Karma Is First Car To Burn Underwater"), even if it is a very pretty and streamline paperweight, not even $529 million (or perhaps due to) in government subsidies can lead to a Hollywood ending and everlasing prosperity. As the WSJ reports, "The founder and executive chairman of electric-car start up Fisker Automotive Inc. said he resigned Wednesday because of "disagreements" over business strategy with the ailing company's management." The founder, "said in an email sent to a small number of journalists that has "left the company." Reached by phone, Mr. Fisker confirmed that he sent the email and that he had resigned."

Fisker Automotive is the maker of the Karma, a battery-powered luxury sports that sells for about $100,000. It received backing from the U.S. government but ran into technical and financial troubles stemming from both the Karma and a second model that was supposed to be built at a former General Motors Co. plant in Delaware.

 

In recent weeks, Fisker management has been looking into selling the company, weighing bids including a $350 million offer from China's Dongfeng Motor Corp.

It remains to be seen now that the business is in terminal disarray if any of the taxpayer cash used to prop up yet another spurious "green" venture will be clawed back. We doubt it.

And since, like yesterday, we have now entered the no news, zero volume stock levitation phase, here are perfectly gratuitous pictures of a car that will soon be no more.