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Old 09-25-2009, 03:57 PM   #1
Gundress
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Default Finnish car company gets $500 Million dollar loan from the U.S. Government

http://www.latimes.com/business/la-f...,6092445.story

When is this crap going to stop? They are getting a loan, to build a car which will sell for around $80K, that will be built in Finland, and they "estimate" 65% of the parts will come from America. I am curious if the conditions of the loan specify that at a certain percentage of the parts have to come from here..... wait, they can't do that! The WTO would cry foul.

So, there is nothing preventing this manufacturer from using parts from where ever they want. So, we, the tax payers, just "loaned" a troubled Finnish car company 1/2 a billion dollars, to make a car in Finland.

Nice
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Old 09-25-2009, 04:03 PM   #2
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

If they think its a loan with a good ROI, I don't see why not. They need to find ways to make up the deficit anyhow.
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Old 09-25-2009, 04:04 PM   #3
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

Fisker Automotive Inc., a U.S. startup planning to sell luxury plug-in hybrid cars, secured a federal loan for as much as US$528.7-million to fund production of its low-emission models.


Energy Secretary Steven Chu said the Irvine, Calif.-based company will get the conditional financing for development of two lines of plug-in hybrids. The loan is the fourth such announcement under a program intended to spur a market for vehicles that reduce fuel use and greenhouse gases.


"Plug-in hybrid electric vehicles could revolutionize personal transportation and cut our dependence on foreign oil, not to mention give us cleaner air and less carbon pollution," Chu said in a statement. The Fisker project may create as many as 5,000 jobs, the Energy Department said.


The U.S. in June awarded about US$8-billion in low-cost federal loans, part of the so-called Advanced Technology Vehicles Manufacturing program, to Ford Motor Co., Nissan Motor Co. and electric carmaker Tesla Motors Inc. to help fund production of fuel-efficient autos at U.S. factories. Fisker has yet to deliver its US$80,000 Karma model, which is designed to travel 50 miles (80 kilometers) on lithium-ion battery power before its gasoline engine engages.


The government loans to Fisker, exceeding the US$465-million awarded to Tesla, are the largest to a startup carmaker that has yet to begin high-volume electric-vehicle production.



Read more: http://www.financialpost.com/news-/e...#ixzz0S9Og7xPi
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Old 09-25-2009, 04:07 PM   #4
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

I dont really mind this at all. If 65% of the parts are from America, then this seems like a good investment which will create jobs for Americans. I like it. If I am wrong, dont bash me.
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Old 09-25-2009, 04:14 PM   #5
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

Fisker Auto got the loan, which is an [Al Gore backed] American company. They're outsourcing to Finland. The bigger problem is why they're issuing loans to companies who's end product is going to be a near 6 figure price range, how is that practical for your average American? Is the technology still just that cost prohibitive?
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Old 09-25-2009, 05:28 PM   #6
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

Quote:
Originally Posted by phoenix18
I dont really mind this at all. If 65% of the parts are from America, then this seems like a good investment which will create jobs for Americans. I like it. If I am wrong, dont bash me.


Yeah, good investments didn't get the government to the current deficits we are seeing. Bush didn't help the deficits, and Obama only continued to run it up just at a much faster rate.

There is no guarantee 65% of the parts will come from here, and that number was an estimate. It's easy to estimate things and have them be way off from reality, it just depends on what method they used to make the estimate.

$500,000,000 and how many American jobs? Sorry, I just don't think the ROI is going to be good, if at all.

Just MORE wasteful spending, politicians are running wild on both sides.
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Old 09-25-2009, 08:22 PM   #7
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

Quote:
Originally Posted by vapid
If they think its a loan with a good ROI, I don't see why not. They need to find ways to make up the deficit anyhow.
Where's the ROI in a low interest loan? They should have at least asked for some equity in the company.
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Old 09-25-2009, 08:51 PM   #8
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Default Re: Finnish car company gets $500 Million dollar loan from the U.S. Government

Quote:
Originally Posted by Knuck the Ficks
Where's the ROI in a low interest loan? They should have at least asked for some equity in the company.
I didn't actually read the article.
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