A123 Bankruptcy Impacts Fisker Automotive
The collapse of a government-subsidized battery manufacturer has caused the production of a government-subsidized electric car company to halt, raising questions about the government’s decision to support the two companies.
Fisker Automotive makes an extended-range electric luxury car called the Karma. It received approval for a government loan totaling $529 million in 2010.
The Karma uses a battery pack made by A123, which received a grant from the Department of Energy in 2009. A123 filed for bankruptcy in October, leaving Fisker, at least temporarily, without a battery manufacturer.
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