There’s a good chance if you’re reading this blog you know what the Fisker Karma is: a $108,000 car which in theory will provide users with an electric car with extra horsepower and torque that is stylish and would also be “good for the environment”. Needless to say, the market for this car is not very large. Earlier this year Fisker dropped its estimates for Karmas sold to a mere 10,000, which is still higher than the Chevy Volt. (http://green.autoblog.com/2012/02/02/fisker-lowering-2012-sales-estimate-to-10-000-units-expands-ava/)
But even if you do know what Fisker’s deal with Delaware was, you probably have not heard of A123, a green lithium-ion battery maker which received over $390 MILLION in taxpayer subsidies. In September 2009, the company (AONE) traded at a high of $25.77 a share. As of this writing, it’s down to 58 CENTS.
Senators John Kerry (D-MA), Debbie Stabenow (D-MI), Carl Levin (D-MI), Jeff Bingaman (D-NM), and Representatives Ed Markey (D-MA) and John Dingell (D-MI) all were big sponsors of the technology.
Sadly, A123 is merely the third “green” lithium-ion battery maker to go under this year. There is a big difference, though, with A123 from the others.
Earlier today, A123 announced they have sold a controlling share of the company to Wanxiang, a Chinese auto parts maker. This means the Waltham, Massachusetts based company could see its production moved to wherever Wanxiang thinks they can make the most profit for their value-such as China, a place not exactly known for its environmental quality and worker’s rights. Essentially the taxpayers (you and I) paid $390 million in subsidies for “jobs” and “green energy”, but will receive NONE of those benefits-while a Chinese company will have to bail us out (again)
But hey, it’s for the planet! After all, isn’t that what the environmental lobby thinks?