House Republicans have been critical of the Obama Administration over new-energy loans to companies such as Tesla Motors, and will hold a hearing later this month to discuss struggling California-based Fisker Automotive, the Wall Street Journal says.

Representative Darrell Issa (R-CA), of the Government Reform and Oversight Committee, said he will also accelerate a probe into Fisker's business, and told Automotive News that Fisker, "is a design company, not a manufacturing company. It was destined to fail from the beginning. The greater concern is, does this affect more viable companies, whether they received loans or not?"

Co-founder Henrik Fisker, CEO Tony Posawatz and COO Bernhard Koehler are among those being asked to testify in the April 24 hearing, the Journal reports. Fisker resigned as the company's executive chairman in March.

"Fisker is a design company, not a manufacturing company. It was destined to fail from the beginning" - Darrell Issa, R-CA.

Republicans have criticized the Obama Administration for US Energy Department loans to companies such as electric-vehicle maker Tesla, now-bankrupt solar-panel maker Solyndra LLC and Fisker, whose $529-million credit line with the government was frozen after just $192 million was distributed because the automaker missed certain production quotas. Nonetheless, Fisker (the man, not the company) has asked for travel expenses reimbursement, but told the Detroit News, "If they are not going to reimburse me as guided by (a staff member), I am still planning to travel on my own expense to testify as I have nothing to hide."

Last month, Fisker furloughed its US employees and hired a law firm for a potential bankruptcy proceeding.

Fisker Information


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