Tag Archives: electicvehicle

Department of Energy seizes $21 million reserve account from Fisker

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Department of Energy seizes $21 million reserve account from Fisker

Fisker just can't catch a break. As if enduring the layoffs of three out of every four employees and the resignation of its founder wasn't unsettling enough, it's now come to light that the Department of Energy recently confiscated the company's $21 million reserve account in an attempt to recoup some of the government's loan. Fisker's first payment on the $192 million federal loan was due Monday, but the Energy Department revealed that it actually took the money 12 days beforehand, simply due to the company's high risk of default -- a move it characterized as an "appropriate action on behalf of taxpayers." If you're thinking the writing's now on the wall, you're correct... the WSJ reports that Fisker has hired a bankruptcy attorney, and the company admits that it's actively in search of a new owner. Will luck swing in Fisker's favor next time around? Place your bets.

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Via: TNW

Source: WSJ

Fisker announces steep layoffs, cuts company down to 25 percent of its workforce

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Fisker Automotive has been seeing its troubles go from bad to worse, and its now announced its most drastic steps yet to keep the company afloat. In a statement released this afternoon, the company confirmed that it is making a "significant reduction" in its workforce, which it says will ultimately leave it with approximately 25 percent of its employees -- Bloomberg pegs the number of layoffs at about 160 based on its sources, down from the 200 it employed as of last week. Fisker's statement also notes that the company is continuing its efforts to secure a strategic alliance or partnership, but says it had reached the point where layoffs became unavoidable. As Bloomberg mentions in its report, Fisker has to date only sold 2,500 of its electric vehicles, which have been beset by delays and recalls in recent years.

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Source: Bloomberg, Autoblog