Paid for in the United States... Made in Finland

OBAMA SENDS TAXPAYER
DOLLARS OVERSEAS – AGAIN

Reported by Robert P. Heslin, for ElectionDebates.com

At a time when the U.S. economy is failing and millions of Americans are out of work, the Obama administration has given an electric car company, Fisker Automotive, a $529 million federal loan guarantee which has not only NOT led to new American jobs, but instead resulted in a windfall of manufacturing jobs in Finland.

• Vice President Joe Biden trumpeted the Fisker loan as something that would lead to thousands of American manufacturing jobs. But two years later, Fisker's manufacturing jobs remain concentrated in just one assembly line in Finland.

• Company founder Henrik Fisker claims there are no manufacturing facilities in the U.S. that can build the pricey Karma sportscar.
  
  
• The Fisker loan is part of a $1 billion roll of the dice by the Energy Department on two California-based electric carmakers, both of which make sports cars which are far too expensive for ordinary Americans to buy.
  
  
• Backed by politically-connected venture capitalists with ties to Vice President Al Gore, Fisker Automotive promises it will eventually produce tens of thousands of electric sports sedans at a defunct GM factory it acquired in Delaware. But those plans remain a distant dream – far removed from what President Obama calls "the fierce urgency of now".
  
  
• Tesla Motors, another builder of super-expensive cars, has also received lavish loan guarantees from the government. It too has plans for a massive manufacturing operation on American soil which is years from breaking ground.
  
  
• Fisker has fallen more than a year behind schedule in producing its $97,000 luxury vehicle. Only 40 of its Karma cars have been manufactured and only two delivered to customers, including one to movie star Leonardo DiCaprio.
  
  
• According to its SEC filings, Tesla has lost money every quarter to date.
  
  
• Meanwhile, President Obama's Department of Energy continues to pour billions of taxpayer dollars into alternative energy schemes. Despite the complete failure of these schemes to create American jobs or corporate profits, the Obama Administration has publicly said it has no plans to change its energy policies.
  
  
• Henrik Fisker said he told the Department of Energy of his decision to outsource the assembly of the pricey Karma to Finland. The DoE signed off, he said, on the condition that Fisker not spend the federal loan money in Finland -- a condition Fisker says his company has honored. At this point the taxpayer has no choice but to take his word for it.
  
  
• An audit by the (GAO) Government Accountability Office has taken the Energy Department to task for not monitoring its auto loans closely enough -- including those made to Fisker and Tesla.
  
  
• According to the GAO, the Department of Energy cannot know for certain that the projects it's funding are on track to deliver the vehicles as agreed. U.S. taxpayers thus have no way of knowing if they're getting what they've paid for.
  
  
• Fisker and Tesla are among a handful of companies that have received government loans – more than 95 percent of the companies which have applied for them have either been rejected or are still waiting for government approval.
  
  
• Between them, Fisker and Tesla have received almost $1 billion from the DoE.
  
  
• Industry observers are openly skeptical as to whether the Department of Energy has the necessary auto industry expertise to make informed investments. The results so far have not been encouraging.

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