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Despite criticism by Republican lawmakers, the Department of Energy loan program designed to encourage alternative vehicles is ready to resume.
The U.S. Department of Energy recovered $21 million from Fisker Automotive, the floundering company behind the Karma plug-in hybrid luxury car.
A year riddled with controversy for electric cars is winding down, but not without at least one more flare up — Chinese firm Wanxiang Group won the bidding war for A123 Systems.
Unlike exotic EV maker Tesla’s relative success story, Fisker’s has been one riddled with scandal and financial scrambling, the latest of which sings to the tune of $150 million.
Chrysler is preparing to pay back $6.6 billion on government loans, but the company will do so not from its own cash but by re-financing existing debt.
Current terms of the government loans have Chrysler paying 12 percent interest per year. While Chrysler would not be out of debt, they would theoretically free themselves from the high interest rates and no longer owe money to both the Canadian and U.S. governments. An official announcement regarding the re-financing is expected later today.
[Source: USA Today]