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Fisker, Luxury Electric Car Maker, Misses Federal Loan Payment « CBS Detroit

IRVINE, CA — (WWJ) The government has seized $21 million from electric carmaker Fisker, after the company failed to make a scheduled payment on its $192 million federal loan.

With Fisker’s growing financial problems, it was widely expected that the company wouldn’t be able to make Monday’s scheduled payment. The funds seized came from an account set up as collateral, when Fisker was granted the loan.

This comes amid increasing speculation that a Fisker bankruptcy filing could be imminent.

“The electric vehicle market is very limited, less than one percent of the market, well less than one percent,” says auto analyst Rebecca Lindland, now a consultant with Rebel 3 Media. “The market for vehicles that are over 100 thousand dollars–and Fiskers are 103 thousand dollars–is also very limited.”

So, Lindland says high expenses and low volumes have caught up to create problems for Fisker.

“It can be a recipe for disaster, and–unfortunately–that’s what Fisker has run into.”

More http://detroit.cbslocal.com/2013/04/23/luxury-ev-maker-misses-federal-loan-payment/

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