Yuliyua Chernova Nov
7, 2012 Wall Street Journal
“Fisker Suffers Hurricane Loss”
http://online.wsj.com/article/SB10001424052970204755404578103180617949610.html
Electric car maker Fisker Automotive Inc. lost more than 300
of its Karma plug-in hybrids and other car makers lost thousands of new cars as
a result of flooding last week at a New Jersey port due to superstorm Sandy. As a result of flooding, 16 of its Fisker
Karmas caught fire and were burned at the port.
Fisker issued a statement on Tuesday saying the fire was caused by
sea-water short-circuiting a 12-volt car battery
"[The cars] are completely done," said Roger
Ormisher, spokesman for the Anaheim, Calif.-based Fisker.
He said the luxury
sports cars, which sell for about $100,000 each, were insured and company
doesn't expect the loss to have a material impact on its business.
But the incident adds to a string of bad news for Anaheim,
Calif.-based Fisker. It is currently dealing with the bankruptcy of a key
supplier, A123 Systems Inc., which builds the battery used to power Fisker's
plug-in hybrid cars, and has been hurt by recalls and incidents of its cars
catching fire.
The loss of 300 vehicles is significant for the startup.
Fisker so far has sold some 2,000 vehicles to wholesalers and dealers as of
September.
The company has raised about $1.2 billion in equity to date,
from investors such as Kleiner Perkins Caufield & Byers, New Enterprise
Associates, and wealthy individuals. It had used $190 million from a 2009
federal Advanced Technologies Vehicle Manufacturing Loan before the loan was
frozen last year.
Common Sense Review
Why do I feel an Obama loan in their future?
First, 300 electric car insured for $100,000 each and the
company are a partner in a bankruptcy with a electric batteries…. Hhhmm.. Can
you say insurance fraud?... Why would you allow the cars to sit at port if you
knew there was an impending superstorm?
Well then why out of the 300 cars destroyed did 16 cars
catch fire? The article said the sea
water short-circuited the 12-volt car
battery. But only in 16 cars?!?!
There are so many iffy issues with this company. When you have so many high dollar cars wouldn’t
you do everything in your power to protect it.
As well as technology gave us an advance warning of the impending
superstorm, so you have time to redirect the ship delivering the cars or making
sure that your investment is protected.
Or you can beg for an Obama loan….
