The electric-car industry suffered a severe blow in mid-October when key battery producer A123 Systems filed a Bankruptcy Court petition.
A producer of lithium ion batteries, A123 had received a $299.2 million grant from the U.S. Energy Department, which also gave parent company Fisker Automotive a $529 million loan to develop and plug-in hybrid cars.
Fisker had been eager to get rolling with its Fisker Karma car, but its hurdles took a hit in August when an E-vehicle caught fire in a parking lot in California.
Calling the situation “Electric car crash,” the Wall Street Journal edition of 10-17-2012 seemed delighted to play up the E-car mess as “the folly of government industrial policy.”
But the U.S. Treasury was hailed for its role in saving GM and Chrysler. Hopefully the feds will press ahead with aid for electric-car development-despite all the setbacks.
Coming to the rescue is Fortune 500 supplier giant Johnson Controls, seeking to absorb A123’s bankruptcy debts.
Never a dull moment in the world of Auto Writers!
Isn’t a sidebar commercial a must to stay out front of the global auto industry?
Nissan’s status as builder of the all-electric Leaf will spur other competitors, for sure!
