Karma's a Bitch
Looks like Karma isn't going to make it, at least not in this lifetime.
But now, Fisker has failed to meet the covenants on that $550 million loan. Because of that, it will shut down the plant in Delaware where it was going to build the new mass-market car (basically, same idea as Tesla Roadster / Model S). The stupid thing is, they were not even building the Karma in the US, that is built in the Netherlands. Which brings up the very valid point of why the hell the US govt. was funding a foreign car company to build a foreign car... yeah...
As I said way back in my original car review, the Karma was never likely to make it as a consumer vehicle. Heavy, expensive, and perhaps most importantly, without the sex appeal of the battery-powered-Lotus Tesla, I never had great faith in the Karma.
Which is probably why I wrote this
http://bookofnorm.blogspot.com/2011/10/bad-karma.html
And this:
http://bookofnorm.blogspot.com/2011/10/more-bad-karma.html
The only good thing which can be said is that only about $200 million of the loan has vested at this point. Also, given the shit tsunami that was Solyndra, it is unlikely that the EPA will be renegotiating the terms of the loan, especially as that plant in Delaware was really why this whole thing was happening in the first place (UAW jobs... shocking that our bought-and-paid-for administration was using public money to bankroll the unions).
But now, Fisker has failed to meet the covenants on that $550 million loan. Because of that, it will shut down the plant in Delaware where it was going to build the new mass-market car (basically, same idea as Tesla Roadster / Model S). The stupid thing is, they were not even building the Karma in the US, that is built in the Netherlands. Which brings up the very valid point of why the hell the US govt. was funding a foreign car company to build a foreign car... yeah...
As I said way back in my original car review, the Karma was never likely to make it as a consumer vehicle. Heavy, expensive, and perhaps most importantly, without the sex appeal of the battery-powered-Lotus Tesla, I never had great faith in the Karma.
Which is probably why I wrote this
http://bookofnorm.blogspot.com/2011/10/bad-karma.html
And this:
http://bookofnorm.blogspot.com/2011/10/more-bad-karma.html
The only good thing which can be said is that only about $200 million of the loan has vested at this point. Also, given the shit tsunami that was Solyndra, it is unlikely that the EPA will be renegotiating the terms of the loan, especially as that plant in Delaware was really why this whole thing was happening in the first place (UAW jobs... shocking that our bought-and-paid-for administration was using public money to bankroll the unions).
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