Electric car manufacturer Fisker Automotive received a fraction of what it sought in a lawsuit against its former battery manufacturer in a settlement in a Delaware court on Wednesday, the Associated Press reported.
Fisker Automotive, the green carmaker that received more than a $100 million in federal government loans, is preparing to file for bankruptcy protection and could do so as early as the next week.
Fisker Automotive announced today that it would cut 75 percent of its workforce after failing to secure a deal an investor, reports Bloomberg.
After bankruptcy, a buyout by a Chinese firm, and more than a hundred million dollars in taxpayer money, the lithium-ion battery maker A123 Systems, Inc., is getting a new name: B456 Systems, Inc.
A $25 billion Department of Energy loan program responsible for federal investments in automotive companies like the struggling carmaker Fisker has not closed a loan in two years.
The sale of bankrupt electric-car battery maker A123 to Chinese firm Wanxiang America has been approved by the necessary interagency panel.
The bankrupt electric car battery maker A123 Systems Inc. is looking to hire a lobbying firm to protect the company’s sale to China’s Wanxiang Group, according to Dow Jones.
The collapse of a government-subsidized battery manufacturer has caused the production of a government-subsidized electric car company to halt, raising questions about the government’s wisdom in supporting the two companies.
Republicans and outside business groups are calling on the Treasury Department to reject the sale of bankrupt battery-maker and stimulus recipient A123 Systems, Inc. to a Chinese firm, arguing the move could put American national security at risk.