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Another great investment. Not so much for the American public, but Hunter did get a nice car out of it.
Our Beijing Biden: The Secret Relationship With China That Threatens America ebook includes a story about Hunter and a very ‘sustainable’ electric car.
The Fisker Karma was more than just another sports car. The electric luxury vehicle was a social statement that had been backed by a $529 million loan to the Europeans behind it.
Vice President Joe Biden, told local politicians, union members, and Fisker executives in Wilmington, Delaware in 2009 that Fisker would be bringing green jobs for everyone..
Joe Biden cited “a real commitment by this Administration” and “loans from the Department of Energy” that would help “America’s auto industry reclaim its top position in the global market. Of the total loan, $359 million is going to revive manufacturing at the Boxwood Plant.”
The then vice president made no mention of Hunter’s business interests, Fisker’s backing by Al Gore’s venture capital fund or that the $170 million remainder of the loan would be going to build Fisker’s ‘Karma’ cars in Finland.
Armed with his father’s backing and that of local Delaware officials, Hunter was working to transform the state’s rust belt infrastructure, like the old GM plant that Fisker was promising to take over, into green energy ventures that would cash in on the massive redistribution of taxpayer money through the $90 billion allocated for green energy companies in Obama’s ‘Recovery Act’.
Emails went back and forth between Hunter Biden, Delaware’s governor and the head of the state’s office of economic development who described a green energy project touted by Hunter as coming from the “vice president’s office”. The line between Joe Biden and his son’s business ventures, which is at the heart of the House Oversight Committee, seemed barely there.
After Fisker’s loan had been secured, Wayne Kimmel, Hunter’s childhood friend and a venture capitalist, who along with Hunter had cosponsored an inaugural breakfast to celebrate his dad’s new job, emailed Hunter to ask for an introduction to Chris Heinz, John Kerry’s stepson and a co-founder of Hunter’s Rosemont Seneca firm, to discuss Fisker.
“Its our fund that’s in the deal,” Hunter replied.
And what made the deal work was $529 million in taxpayer money. The Delaware launch, attended by Joe Biden, was ultimately going to benefit Hunter Biden’s company.
Joe Biden invited two executives from Wanxiang, a Chinese automotive company that would gobble up Fisker, to the White House. A few days later one of the executives promised to help get Hunter’s Fisker Karma fixed.
“Last Friday when we visited D.C., I heard that your Fisker is out of order and could not get serviced. Sorry,” the Chinese executive wrote. “It would be our honor to get your Fisker fixed… I would like to give you a call to see what we could do as next step.”
There’s plenty more to that story but the ending has now been written in red ink after Fisker’s bankruptcy.
EVs have historically struggled with depreciation, but Fisker’s Ocean is possibly the most depreciated new EV out there. Following the company’s bankruptcy, Fisker has found a buyer for its remaining inventory of unsold EVs. The company has petitioned the Delaware judge overseeing its Chapter 11 bankruptcy to sell the cars for around $14,000 each, reports TechCrunch.
There are some 3,231 units left lying around after the company went bust, all of which should be sold to a New York-based vehicle leasing company. It’s a massive hit for the company, which owes an estimated $1 billion to its various creditors.
There are some real deals here if you want an EV for $14,000 that’s no longer supported by the company that made it. The deals aren’t for you, obviously, they’re for whatever company ends up buying the lot to cash in on the carbon credits that you’re paying every time you buy a real car to subsidize EVs.
It’s another Biden success story.
Please enjoy this vintage footage of Biden and assorted Delaware officials promising that surely this time a half billion dollars dumped on foreign companies for green special interests will save the working class.
America’s auto industry is going to reclaim its success by spending hundreds of millions to finance building European cars in Europe that nobody wants anyway only to have the whole company go bankrupt.
They used to say that what’s good for Detroit is good for America.
What’s good for the electric car industry is bad for Detroit and bad for America, but sometimes it’s good for the Bidens and all the other politically connected special interests.
Biden asa used Cat Salesman selling the Electic Lemons just call BR-549
Most of those are words.
When we dictate to Fat-Finger-Faloon we get Bidenspeak!
I know, without Fat-Finger I can’t spell werth beins
And my blood type is not the only thing about me that’s type-O
Yeah, Green Loans followed by Bankruptcy.
Followed by bankruptcy millionaires, followed by more green earth saving stupidity.
Beware of venture capitalists with songs of El Dorado
Yeah, and did you catch that name? “Fisker Karma?” What a perfect name for a Bidenmobile and Osama’s “recovery act.
Fisk: to make an argument seem wrong or stupid by showing the mistakes in each of its points. HA HA HAW! And the company went bankrupt. Karma!
Remember Solyndra? I think I’m going to start a phoney greenie weenie company, and retire with a couple hundred million after a year of failure and government subsidies.
Just business as usual inside the Wash DC beltway.
Thanks, Daniel.
Clearly, there was an EV quid pro quo; but was there a Ukraine phone call?
“We lost money on the EV’s but we’re making a bundle money laundering off Ukraine – using the US taxpayer’s money…bwwaaa haaa haaa” Joe Briben phone call to Hunter
EV owners should only be allowed to charge their vehicles using wind and solar power, otherwise it’s just pretend.
strongly agree
Back to the Age of Sail. Ships stuck in port for weeks until the wind changes 🙂
ND no fuel guzzling aircraft.
There’s nothing truly “green” about wind and solar power. Just saying.
You realize you mixed two companies into one?
That Biden green deal invested company filed bankruptcy and closed up shop way back in 2012. It was scooped up and renamed by a Chinese car company.
7 years later the founder (Henrik Fisker) started a new car company which had nothing to do with green deal loans or Biden invested brand. That company just went bankrupt.
The two companies being the two EV car companies created by Fisker named Fisker which both went out of business after promising to change the EV market?
I keep asking …
where do I get in line so I can also sign up to get some of the democrat taxpayer loot ?
I am sick and tired of being left out from cashing in on all these democrat/Biden/ Kerry/ Pelosi scam boondoggles.
Why can’t the normal responsible taxpayer be included whenever these scum corrupt democrat politicians cut their melons ?
make your own green business, but first donate lots of green to the right politicos
I keep asking …
where do I get in line so I can also sign up to get some of the democrat taxpayer loot ?
I am sick and tired of being left out from cashing in on all these democrat/Biden/ Kerry/ Gore Pelosi scam boondoggles.
Why can’t the normal responsible taxpayer be included whenever these scum corrupt democrat politicians cut their melons ?
I’m sure the Bidens didn’t lose money….. just the taxpayers
Obama had Solyndra; Biden has Fisker. Same scam, different time.
Fisker was known as the Solyndra of cars
…and Terry McAuliffe had his Greentech electric vehicle company, a scam operation selling green card visas to Chinese investors.
Taxpayers should never have to subsidize businesses, ever.
Could they be buying the cars for scrap?
The vehicle chassis and body were produced by Magna Styr an Austrian firm in a venture with US public firm Fisker. Fisker had HQ in Manhattan Beach – Scenic and Tropical De Troit was not involved in this one.
Each car has EV battery cells, copper, a usable body and chassis structure, emotors etc. I’ll be the scrap value is higher than $14K.
I think that’s a good bet.
Leftist rioters in France have a new trick. They set electric vehicles on fire during their riots. Makes it harder to put the fires out.
Golly, I wonder which demographic is rioting regularly?
France has a bunch of crazy leftists, and a bunch of crazy Muslims.
More legalized corruption with taxpayer money