A luxury electric vehicle manufacturer may abandon its relationship with the Obama administration after an Energy Department loan was frozen, causing manufacturing setbacks.
Tom LaSorda, Fisker Automotive’s new chief executive, told the Wall Street Journal the company is looking for new partners and new funds to replace a $529 million loan that was frozen by the Obama administration after Fisker ran into assembly issues.
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The Journal reports:
A plan to retool the former GM factory to build a second model, now called the Atlantic, was delayed, and the Energy Department froze the loan last May, Mr. LaSorda said Tuesday at an event where the company unveiled a prototype of the new Atlantic model.
Mr. LaSorda said the production site for the Atlantic could depend on where Fisker gets new money to replace the U.S. loan. If an overseas investor emerges, the car could be built overseas, he said.
In any case, he said, Fisker no longer plans to start building the Atlantic this summer, as once planned, he said.