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Biden’s $500M Bankrupt Electric Car Company Selling Cars at 80% Off

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“Its our fund that’s in the deal,” Hunter replied.

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.

Article posted with permission from Daniel Greenfield

The Washington Standard

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