At the beginning of 2014, it looked like Hybrid Tech Holdings LLC was going to buy the remains of Fisker Automotive for $25 million. Just before that sale was to take place, however, Wanxiang stepped in and an auction was therefore scheduled for the middle of February. After 19 rounds of apparently frantic bidding, Wanxiang drove away the winner with a $149.2-million bid. Despite the massive dollar run-up, the Department of Energy will not be recouping any extra money from its failed loan to Fis
The US Department of Energy (DOE) is trying out a new solution to loans that have flopped – auctioning them off. A $50-million loan previously award to Vehicle Production Group LLC (VPG) through the Advanced Technology Vehicles Manufacturing loan program (ATVMP) has gone unpaid. VPG, a maker of compressed natural gas-powered wheelchair-accessible vans, shut its doors in May after running out of cash.
Anyone paying attention to the electric vehicle scene for the last few weeks knows that the stock value of Tesla Motors has been climbing faster than a SpaceX rocket. As of this writing, TSLA is sitting pretty at $92 a share. Three weeks ago, it was at a then-record-high of $53.
The US Government Accountability Office (GAO) is questioning why Department of Energy (DOE) loan funds are not paying out as planned. The participation hurdle is high, and there's about $16.6 billion in green vehicle loan appropriations going unused, the GAO found.
President Obama wants to know how many clean cars $2 billion can buy. In an announcement expected later today, the President is expected to ask Congress to use $2 billion that the government has raised from allowing oil and gas exploration in the Outer Continental Shelf to fund clean energy transportation. That means plug-in vehicles, better batteries, biofuels and compressed natural gas vehicles.
A recent report indicates that there's a dark and shadowy secret just waiting to wreck havoc on Tesla Motors: a federal probe into whether, as the conservative Washington Times puts it, "the automaker was using foreign instead of American parts in manufacturing their electric vehicles." Tesla has openly said it uses Panasonic battery cells, for example, so the need for a probe is not quite clear.
Bright Automotive will shut down after the maker of the extended-range plug-in utility vehicles said the federal government took too long to make good on its planned loans to the Michigan-based company, the Wall Street Journal reports, citing a letter company executive sent to U.S. Energy Secretary Steven Chu yesterday.
If you have a hate on for automakers that take government money then it may be time to upwardly revise your feelings towards Chrysler. The pentastar brand had originally sought up to $7 billion from the Advanced Technology Vehicles Manufacturing (ATVM) loan program, though since its original request in 2007, it had reduced that amount downward to a more reasonable $3.5 billion. Now, it has withdrawn its application completely.
What's been happening at Aptera? The hyper-aerodynamic vehicle company is still moving forward, just not as fast as the original plans called for. In the company's latest newsletter, plenty of virtual ink is dedicated to explaining where things stand with the request for money from the Department of Energy's Advanced Technology Vehicle Manufacturing loan program (still waiting to hear back), the development and design of the 2-series vehicles (still testing) and why Aptera hasn't sold any vehicl
What's been happening at Aptera? The hyper-aerodynamic vehicle company is still moving forward, just not as fast as the original plans called for (remember when the car was supposed to be available in 2009 2010?). In the company's latest email newsletter, much space is dedicated to explaining where thing stand with the request for money from the Department of Energy's Advanced Technology Vehicle Manufacturing loan program (still waiting to hear back), the development and design of the 2-series v
Earlier today, General Motors announced that it is withdrawing its request for $14.4 billion in direct loans from the Department of Energy's (DOE) $25-billion program aimed at retooling factories for the production of fuel-efficient vehicles. GM's chief financial officer Chris Liddel, outlined the automaker's choice to cancel its loan request, stating:
To date, only four loans from the DOE's Advanced Technology Vehicles Manufacturing Loan (ATVMP) program have been fully processed: $528.7 million to Fisker, $1.4 billion to Nissan, $465 milion to Tesla and $5.9 billion to Ford. Add them all up, and you get to around $8.3 billion. That might sound like a great amount of money to spur development of cleaner vehicles in the U.S., but if you've been following the ATVMP story, then you know that the program originally had $25 billion to hand out. It'
Remember XP Vehicles, the "pre-revenue start-up" that issued a statement 13 months ago saying it was "Extremely Disappointed in DOE Rejection of [its] ATVM Application" and asking people to petition the government to help the company? The rejection came after XP asked for money from the Department of Energy's Advanced Technology Vehicles Manufacturing program (ATVMP) to develop its electric inflatable car concept. XP was not happy with the result. It still isn't. In fact, XP Vehicles announced t
V-Vehicle started with a strategy of secrecy and keeps on walking down the same path. A bit of corporate glad-handing brought the company's prototype vehicle to elected officials and DOE representatives in D.C. yesterday and, true to form, the event was off-limits to the general public (just like a similar event for Louisiana Gov. Bobby Jindal and others in Louisiana last week). The car is making the rounds to boost the company's efforts to pull down a $320 million loan from the DOE's Advanced
Last May, Ford began making the new, more efficient 3.5-liter EcoBoost V6 engine for vehicles like the Ford Flex, Ford Taurus SHO, Lincoln MKS sedan and Lincoln MKT crossover at its Cleveland Engine Plant No. 1. That plant was closed in 2007 (after opening in 1951) but was brought back from the dead in February 2009. Today, Ford announced it is investing $155 million in the plant and will add 60 jobs there. The money is split between $121 million for manufacturing investment at the plant and $34
When the CEOs of the three Detroit based automakers used corporate jets to fly to Washington in late 2008, they were eviscerated by the national media and grandstanding politicians. Within weeks, all three companies had canceled the leases on those aircraft and all future travel by Detroit executives would be happening on commercial aircraft.