• Oct 2nd 2009 at 7:49PM
  • 59
Fisker Karma - Click above for high-res image gallery

Fisker Automotive has decided to not sit down and take the whole "scary Fisker foreign company" meme that Fox News is trying to spread. The California-based automaker's CEO, Henrik Fisker, issued a release today saying that some news reports "ignored or marginalized the truth, or sensationalized irrelevant aspects of the loan and our company." Guess which reports he's talking about?

Fisker's statement goes on to clarify the important points, none of which will be surprising to AutoblogGreen readers, like the fact that "No DOE funding will be used for overseas operations." Fisker also repeats that the $528.7 million in DOE loans "will be repaid, with interest, to the American taxpayer." Fisker doesn't call out Fox News by name, but he does seem saddened by what Fox did. He ends his statement by saying, "It is unfortunate how false information can be disseminated and it is our intention to correct as much of it as possible." Might be an uphill battle. Read Fisker's entire statement after the jump.

[Source: Fisker]



IRVINE, CA -- Oct. 2, 2009: American automaker Fisker Automotive was recently approved for a conditional loan of $528 million by the Department of Energy (DOE). While news reports were mostly factual, some ignored or marginalized the truth, or sensationalized irrelevant aspects of the loan and our company. Fisker Automotive would like to present the facts.

Fisker Automotive is an American car company based in Irvine, California.

The company's goals are to help restore the U.S. as a leader in the global auto industry and to eliminate America's dependence on foreign oil.

These DOE funds will help Fisker Automotive create or save at least 5,000 U.S. jobs, bring to market affordable, American-made plug-in hybrid vehicles and save more than 821 million gallons of gasoline (43.2 million barrels of oil) by 2016.

No DOE funding will be used for overseas operations.

Through private funding, and at no cost to taxpayers, the company has already supported hundreds of American jobs by partnering with major auto suppliers to develop the world's first production plug-in hybrid car, the Fisker Karma.

This will put the American auto industry ahead of foreign competition.

The Karma has been designed and engineered in the U.S. with the majority (65% by cost) of its parts sourced from American suppliers. Fisker Automotive searched for a U.S. plant to assemble the Karma, but none were willing or able to build the 15,000 of these advanced vehicles per year Fisker required.

The low-volume Karma will therefore be assembled in Finland by Valmet Automotive, one of the most respected contract auto builders in the world.
The next generation Karma will be built entirely in the U.S.

The Karma is a technology leader necessary to reduce costs for Project NINA, the development of a more affordable, family-oriented plug-in hybrid vehicle to be made in America at a retooled assembly plant in 2012. The resulting vehicle will sell for about $39,900 after federal tax credits.

Engineering on Project NINA has already begun.

Fisker Automotive expects to export half its vehicles, the most of any American car company.

As reported by the DOE, $169.3 million of the loan will be used by Fisker Automotive as the company works with primarily U.S. suppliers to complete engineering work on the Karma. This work will be conducted in Pontiac, Michigan and Irvine, California.

The remaining $359.36 million will support Project NINA and its manufacture of 75,000-100,000 plug-in hybrids per year at a retooled U.S. assembly plant, beginning in 2012.

The DOE loan is conditional. In order to receive the funds Fisker Automotive must meet very specific milestones. Money is disbursed in small amounts only if the company successfully reaches these milestones.

The funds will be repaid, with interest, to the American taxpayer.

Some have asked questions about the cost of the cars.

Any new technology is expensive. Televisions, cell phones, refrigerators and even cars themselves were once too expensive for most. In time, however, costs come down. The same will happen with Fisker's plug-in hybrid electric vehicles.

The DOE loan to Fisker Automotive represents just two percent of the agency's $25B Advanced Technologies Manufacturing Loan Program (ATVMLP), created by Congress in November 2008 to help promote the development of energy-efficient, advanced-technology vehicles.

American cars have long been underrepresented in the global marketplace, especially those in premium segments. The U.S. used to be known for building the most exciting and desirable cars in the world. It is time America is again at the forefront, and gives buyers the choice to purchase a desirable environmentally friendly car.

When it comes to cars, an environmental strategy is no longer an option, it is a necessity. With the help of the Department of Energy, Fisker Automotive is taking action and making an investment in the future. We are immensely proud of what we are doing, and that we are doing it here in America.

It is unfortunate how false information can be disseminated and it is our intention to correct as much of it as possible.

--Henrik Fisker, CEO

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    • 1 Second Ago
      • 5 Years Ago
      exactly what i was thinking! i don't get how the FCC can fine for the f-word and obscure the human nipple from view, but doesn't fine for absolute falsehood or (at the very least) require an on-air retraction like with most news. the shame in not requiring the latter is that you get many otherwise-reasonable people out there who happen to hold more conservative views saying that Fox News is "more accurate than others" or "less biased than others" when that is patently not true. The fact that they present themselves as so absolutely sure about their lies and slanders misleads the casual observer into thinking they are true or more true because of it.
        • 8 Months Ago
        double post! damn you autoblog!
      • 5 Years Ago
      I understand that all you happy lefties love to berate Fox News, but can someone please post the link where this evil disinformation occurs?

      The only mentions that I find are:

      Both articles quote the Wall Street Journal as their source. So is our author's problem with Fox or the WSJ? Or is the purpose to deflect blame from Al Gore, the profit of our times?
        • 8 Months Ago
        OK, now that were are slamming the WSJ also. What is wrong with the article?

        I have nothing against Fisker, but to those people that think that this was a wise investment because millionaires are in the mix, I've got to beach front propety in Arizona I'd like to sell you. To invest half a billion dollars in a company that has never actually sold a car, but expects to build sports cars for millionaire green playboys...oh, and is TALKING about making a car for the rest of us... Well, I guess that it is OK, because they won't be actually spending our money until they build our car, so if they go bankrupt, when those thousands of orders fail to materialize our money will be safe...

        Al Gore? You know I think that I can get rich. He doesn't have to by credits from people in India not to burn too much gas. He can send the checks to me and I'll drive a plug-in. Wow you really can get rich from politics! Hey wait! Don't you lefty types Dis on capitalism now at your cocktail parties?
        • 8 Months Ago
        "Has something changed in the USA where people should not be allowed to make money from a sound business idea? What are you, some sort of communist?"

        No not a communist..but close..I'd say people that think like that are called Obama supporters :)

        Sorry ..could not help my self...having to much fun tonight!!
        • 8 Months Ago
        First is it obvisou that you don't know that the WSJ and Fox News are owned by the same company News Corporation (should be renamed Propaganda Corporation).

        Second even if Al Gore is making money, WTFing hell? Has something changed in the USA where people should not be allowed to make money from a sound business idea? What are you, some sort of communist?
        • 8 Months Ago
        Sean said "...To invest half a billion dollars in a company..."

        A loan is not an investment. Both carry risk if the company goes bankrupt, but the loan would put the government at the front of the line of creditors. All of the company's assets are used to secure the loan.
      • 5 Years Ago
      Are we caught in the middle here? As far as I can see both Fisker and FAUX News have something to gain out of this ordeal.
      • 5 Years Ago
      Email WarnerBrothers and all the other large companies advertising on Fox News, they are the lifeblood of this right-wing propaganda machine that is Faux News. Without them, they can't keep doing what they're doing.
      • 5 Years Ago
      Wake up FOX is against anything "green" here's a few facts

      1. Fox plays the country song "Drill baby Drill" during last years election. The country singer performed live.

      2. Fox "Business Channel" ran a very slanted report on Tesla, even Autoblog ripped it apart along with Tesla's CEO

      3. Fox took part in asking the Big 3 "why build better milage cars?" in Jan of this year during the auto bailouts

      4. Fox refuse to issue a correction on the number of cars sold & traded in for "Cash 4 Clunkers" Car & Driver reported THEY informed Fox 2 times before they ran a story telling them, their numbers were incorrect. Fox still ran the program but after C&R posted their finding & their contact informing Fox they were hiding the true numbers Fox had no comment & just removed the program.

      One last point Fox is also in the "Deny Global Warming" game due to it being a "Liberal" thing direct qoute from top Fox News boss Roger Ailes ...
      • 5 Years Ago
      Come on, what did you expect, its Fox News.

      Its not "real" news, its just another bit of entertainment for the mindless masses.

      Unfortunately many of the mindless believe everything they see on TV.
        • 5 Years Ago
        I have a simple solution:
        1. News channel lies on front page
        2. Opponent can prove it's wrong.
        3. News channel has to produce the truth in the same way they produced the lie
        (i.e. on front page the same weekday, on TV the same length, etc.) with a big heading:
        "Sorry, we lied! The truth is:...."
        4. End of the month a statement to all readers or viewers how often they lied.

        That would teach them....
        • 5 Years Ago
        I like your number 4 xyz. That would be friggin hilarious. Expand that to newspaper misprints too!
      • 5 Years Ago
      While I think the wheels are falling off the Obama cart, electrification of
      transportation is the baby in the dirty bathwater. We must continue research
      in alternatives to foreign oil. BEV, PHEV, H2, BIO and other research is in our
      best interest no matter what our politics. Alternatives in transportation
      are apolitical. It helps us all.
        • 5 Years Ago
        @Larzen & Mark Kiernan

        Also don't forget you have a large amount of conservatives who don't believe in climate change and see any attempts to address it as a waste of time and resources.

        However some do see alternatives to oil as a national security issue, but in general, I agree that anything "green" is usually seen as "progressive".
        • 5 Years Ago
        I'm not sure why you think the wheels are coming off the Obama cart. Republicans will probably be successful at blocking healthcare reform, but Obama will succeed in other areas.

        If nothing else he has us on track to become more energy independent after the disaster that was the Bush years. The Bush wars and the Bush tax rebates have made this the most difficult presidency in two generations, but I still have faith that Obama will help our country.
        • 5 Years Ago
        I wish alternatives to oil was apolitical but unfortuetly it isn't. When you have such rubbish as drill baby drill you can see the sadly people will continue to turn it in to a political issue. The whole reason Fox News tried to sprew lies is due to the fact that green, alternative and new technology are all considered "progressive". Frankly anything that makes the country or the world a better place, there will be those trying to stop it.
        • 5 Years Ago
        FitFan...thanks for that bit of entertainment. I needed a good laugh tonight!!
        • 5 Years Ago
        @FitFan: Let me be more clear. I'm an advocate of Green transportation and most
        Green initiatives. I think it is in the best interests of the Right, as well as the Left, to
        espouse many Green initiatives. The dirty bathwater I alluded to is Obama's Marxism.
        I don't think we need that in order to achieve a cleaner planet. I'm not in favor of a
        Communist Green Jobs Czar, for instance (Van Jones), or any of the other Communists
        he has appointed without the vetting of the Congress and Senate of the United States.
        We can get there without that. You can Google "Obama Marxist, Marxism" as easily
        as I can.
      • 5 Years Ago
      Fauxnews is nothing but a rightwing propaganda outlet and should be shut down. Last year the party mantra was for MORE PROFITS for oil companies....they had these idiots shouting "drill baby drill" as gas was nearing $5 a gallon. Of course they are going to attack something that could affect oil profits.
        • 5 Years Ago
        polo - Are all your posts the same?

        go back to your usual websites, like msnbc and media matters.

        Fox news got this article wrong...ans I plan on emailing them about it, and setting them straight.

        As for your last post. They were not for oil companies making more profits, Fox was talking about how they didn't like the oil companies making record profits while Americans pay 4 bucks a gallon.

        As for the "drill baby drill" chants, those were because of high oil prices. the thinking is: drill for more oil and your doing 2 things. 1. getting more oil, more supply equals less demand, which makes the price go down. & 2. the more oil being drilled and refined in America means we will be importing less from enemy countries.

        THAT, is why republicans said that.

        I however (while I am a conservative) was not in favor of that. because I am a big fan of electric cars. If we drill more oil now, and build more refineries, it will just take us that much longer before we can be free from the grip of oil.
        • 5 Years Ago
        Murc, don't bother with that email to Fox News. They know that they lied. That's the point.

        "Drill Baby Drill" was all politics. The oil companies aren't using all of their current land leases, and they were trying to use the high oil prices to open the gates to ANWR.

        • 5 Years Ago
        @ murc

        The problem with the "drill baby drill" chants, is that oil companies actually limit their oil production during the summer time to accommodate high prices for the season. They know basic economics too, you limit the supply, demand goes up. Thus prices go up and they score record profits. It happens.
      • 5 Years Ago
      I'm reading these posts and it seems to me, to be quite ridiculous, who really cares what any news channel spews. But lets ask ourselves a few questions as we the people should always do when the government decides to invest....(loan) I should say any amout of taxpayer dollars. Now with that being said here's the questions we should ask our trust worthy government..........riiiight. How can this company pay $528,000,000
      dollars back with intrest as Mr. Fisker has said himself. A sporty car such as this realisticly has a limited market and 1500 or so preorders wont pay it back and at $89,000 I can say that I wont be purchasing this vehicle for quite some time. I understand they will be using most of the money for project nina a $40,000 vehicle well what if the company goes under and no cars ever leave a lot. Really though their launch vehicle is not practical for the overwhelming majority of americans where can i fit the groceries the stroller and the family. But our great thinkers in government decides we should give $528,000,000 to a company that will produce a car regular americans can't afford genius right. What the insurance going to cost on these puppies anyone want to take a guess. I know this company has a lawsuit filed against them from tesla motors for stealing the technology telsa also recieved hundreds of millions of taxpayer dollars. Is the auto industry going to boom when these hit the streets if they ever do im guessing not since we just had a program cash for clunkers where the people that were able to afford a new car payment already bought themselves new shiny cars which when they claim the refund on their tax returns that may bump unsuspecting people into a new tax bracket oh how I love the tax code so whos going to buy this car WHO......at about 50 miles before the gas kicks in really isnt impresive at all. You know what i just had an epiphany hows about i ask the government to give me $528,000,000 to build a car that doesnt exist im sure for that amount of money i could give the people A $22,000 vehicle that is powered by Mr. fusion you know from back to the future............wait thats right I dont know Al Gore maybe if i call him up he'll fly out here on his private jet and we'll talk numbers. We must always question everything that has dollar signs attached to it. Who knows if this is a good idea or not we'll just have to find out later but either way i dont think we should spend any taxpayer dollars on an industry that should solely operate on a private basis if they want to make any car go out and get investors the way real businesses do. I know they have over a hundred million coming in that way, but dont get in over your head as they seem to be doing with OUR money. Let the automakers fend for themselves the government should be trying to figure out how scale back its own growth and fix my social security because that will be our future.
      • 5 Years Ago
      This story about Tesla seems to be pretty down-the-middle to me...

        • 8 Months Ago
        Ah, it's just them re-running an AP story. Oh well.
      Lookup MGTOW
      • 5 Years Ago
      I barely watch FOX News at all so I would have missed the DOE funding video altogether if Blanco didn't attempt to catch said network in a falsehood. A little fact-checking was all it took to realize I was reading the emotions of a manipulator with an agenda.

      The collateral damage occurs to FISKER. Up until today, I had no real stance on Fisker Automotive; not even when AutoblogGreen told us they were being sued by Tesla http://green.autoblog.com/2008/04/15/breaking-tesla-sues-fisker-over-electric-car-design/
      After reading Henrik Fisker's press statement with its carefully chosen wording, I have taken sides:

      -He says quote: " No DOE funding will be used for overseas operations" .
      He knows there is no way for that statement to be verified through accounting transparency.

      - " It is unfortunate how false information can be disseminated and it is our intention to correct as much of it as possible." He cannot call out the network by name because he would be committing slander, so you have to fill in the name yourself. "It is our intention to correct as much of it as possible" does not say anything at all. Will he sue anybody? Will he reveal the site for a North American Assembly plant in the next 6 months?

      -Did he choose Valmet factory in Finland because they won't be making Porsche Boxster and Cayman there after 2012 and he's just trying to help fellow Scandinavians?

      -When exactly will Pontiac , Michigan get that big whoop 34,000 square foot Research and Design Center (average Home Depot is 130,000 Square feet)?

      -Was DOE funding just a copycat job of asking for government money like Yelena Baturina? http://www.luxist.com/2009/03/20/russias-richest-woman-seeks-government-bailout/

        • 5 Years Ago
        @Lookup MGTOW

        Don't be silly, you came to this site because you were following Fox Noise posts on the web. Of couse we all know who you will back. That was predetermined before you came here.

        As for the accountablility, there is EXTREME accountablility for the money they are getting. How do I know? Because I read the loan agreement. You should try it. You can get to it by following links right here on this website.

        So how do I know there is complete accountablility for the money being spent in the US? Because the money will be paid in installments, with each disbursement being 100% conditional upon Fisker showing accountablity and tangible results.

        So yes, there is complete 100% accountablility for Fisker, which is exactly what people like you and Fox should be held to also.
      • 5 Years Ago
      A Fox News story that "ignored or marginalized the truth"? No! Say it isn't so!

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