Investors Business Daily explains.
President Obama’s electric car vision is off to a hot start. First the heavily subsidized Chevy Volt started catching fire. Then government-backed Fisker Automotive had to recall all its cars due to a fire hazard.
Late last month, Fisker, the electric car startup that is busy spending its $529 million in Department of Energy loans, announced a recall of its entire fleet of luxury Karmas because of a faulty battery that posed a fire risk.
The battery maker at fault — A123 Systems — is another Obama grantee, having gotten $380 million in taxpayer support to make advanced car batteries.
Fisker says it’s already fixed the problem, but this is just the latest in a series of troubles plaguing the new car company.
Although it once promised to be profitably churning out 1,200 cars a month by now, Fisker has so far sold only about 240 — at a price almost 14% higher than promised. And the more moderately priced electric sedan it says it will build in an abandoned Delaware plant is still nowhere to be seen.
Bad as this is, Fisker’s troubles are just a taste of the expensive and dangerous mess in store for car buyers should Obama succeed in forcing the industry to bend to his green dreams.
In May, a Chevy Volt caught fire three weeks after a government crash test of the car. In follow-up tests in November, a second Volt caught fire after a test crash, and a third began to smoke and emit sparks.
[…]Volt sales came in about 30% below GM’s forecast for 2011 — in a year when overall retail car sales beat industry analyst forecasts by almost 12% — earning the Volt third place on 24/7 Wall Street’s list of worst product flops of 2011.
And that’s despite the substantial tax break to Volt buyers and the hundreds of millions in grant money to its suppliers.
Obama is spending a lot of taxpayer money on his Solyndra-style boondoggles. Taking money away from employers and families and just throwing it in the trash. We are now officially over 100% debt-to-GDP. We are entering a Greece-style debt situation and this dingbat is throwing our money away on Peter Pan energy policies.