That’s right, another electric car company pulls the plug on manufacturing in the US, as its cash dwindles. And guess what? It’s another stimulated company.
Sure pick on those green car companies again — but can we substitute another color because they aren’t profitable?
They got ’09 stimulus funds to a tune of a 29 million dollar grant to produce 510 electric vehicles. Since then to 2013 they produced 439 vehicles for municipal use.
Now the company CEO Bryan Hansel said:
“We didn’t see value in continuing to build a small number of vehicles at the price point we were,” said Hansel, who noted that despite federal support the company was manufacturing vehicles at a loss. Smith has been struggling for some time. It reported annual losses in the millions after receiving DOE funds.
You think you’re operating at a loss?? But they didn’t mind producing them at a loss with our money. Better still, Energy Secretary, Ernest Moniz, is eager to restart the stalled program and crank up subsidies to companies, with 16 billion still in the program.
The DOE news comes on the heels of two other companies going belly up in the program. This one just packed up the US plant and will continue overseas operations.
But the DOE secretary said:
Moniz expressed confidence that the electric vehicle market has improved since those high-profile failures.
“The U.S. auto industry has evolved since the ATVM Program was established and today we are presented with an opportunity to hit the accelerator on U.S. auto manufacturing growth.”
“Hit the accelerator” after another company slammed on the brakes. Its evolved all right, into a spiral and they are running out of the country.
Now this is not an alternative energy agenda, this is an alternative reality agenda.
See article Taxpayer-Backed Electric Car Company Closes U.S. Factory
Government watchdog recommends DOE wind down controversial program
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