Car Company Gets $529 million U.S. Loan, Builds Cars In Finland

With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department’s $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

“There was no contract manufacturer in the U.S. that could actually produce our vehicle,” the car company’s founder and namesake told ABC News. “They don’t exist here.”

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

“We’re not in the business of failing; we’re in the business of winning. So we make the right decision for the business,” Fisker said. “That’s why we went to Finland.”

Read the whole story here.

Jason Rink is the Editor-in-Chief of The Liberty Voice. Executive Director of the Foundation for a Free Society. He is the producer and director of Nullification: The Rightful Remedy, and the author of “Ron Paul: Father of the Tea Party” the biography of Congressman Ron Paul. See more of his work at his writing at JasonRink.com and his film production work at FoundationMedia.org.

1 Comment

  1. focusonzenergy

    October 21, 2011 at 9:12 am

    What is the real reason these plug-in hybrid electric vehicles will be produced in Finland and not in Wilmington?

    Well DUH
    Obama is an idiot for one! “I will bankrupt the coal industry”

    And 2, Fisker knew that “electricity costs will skyrocket” because Obama said so.

    And 3, Fisker will not build a plug-in electric car in a country where policies and regulations have counter purposes and where President Obama is easily bamboozled.

    And 4, Fisker will build the plug-in electric car in region where electricity is cheap and abundant and there are customers. And that ain’t the US.

    electricity generations source
    Norway – 97% hydro dams
    Sweden – 65% hydro dams, 45% nuclear
    Finland – 28% hydro dams, 15% nuclear, 15% imported
    US – 45% coal, 20% nuclear

    Average electric cost in gasoline gallon equivalent
    Northern Europe – 7.5 cents/KWh == $2.50 per gallon
    Eastern US – 17 cents/KWh == $5.67 per gallon

    How stupid does a consumer have to be to purchase a plug-in electric car in the eastern US? Extremely!

    Fisker smart! Obama dumb!

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