Congressional Republicans examined the Department of Energy’s loan to Fisker Automotive despite objections from Democrats and obstinacy from the administration in a contentious hearing Wednesday afternoon.
The Obama administration knew embattled electric carmaker Fisker Automotive Inc. was struggling but continued to give the company money, according to new documents obtained by the Associated Press.
The chief executives of embattled electric car manufacturer Fisker Automotive and an official from the Department of Energy loan program will face questions from Congress on Wednesday after the government-backed company’s failure.
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.
Sen. Debbie Stabenow (D., Mich.) said she is “working with” the Department of Energy to revive the department’s dormant $25 billion auto loan program that has not closed a loan in two years.
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.
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.
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