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Why the $142M Fisker sale won't help DOE loan get its $168M back

At the beginning of 2014, it looked like Hybrid Tech Holdings LLC was going to buy the remains of Fisker Automotive for $25 million. Just before that sale was to take place, however, Wanxiang stepped in and an auction was therefore scheduled for the middle of February. After 19 rounds of apparently frantic bidding, Wanxiang drove away the winner with a $149.2-million bid. Despite the massive dollar run-up, the Department of Energy will not be recouping any extra money from its failed loan to Fisker in the Advanced Technology Vehicles Manufacturing Loan Program. Way back in 2010, the DOE made Fisker a loan commitment of $528 million but only ever gave the automaker $192 million before problems were identified and the ATVMP spigot was turned off. The DOE later said it "recouped more than $28 million from the company's accounts," which left $168 million unaccounted for. The DOE thus announced it would hold an auction for the remainder of Fisker's loan obligation, which was decidedly not all of the Fisker remains. That loan sale auction took place in December and was won by Hybrid Tech Holdings for $25 million, which means that the final cost to the DOE was $143 million. The important thing to realize is that the $25 million in cash that made up Hybrid's original bid for the rest of the Fisker assets in the February auction in a Delaware bankruptcy court were the apples to the oranges of the $25 million used to buy the loan obligation in December. Since the DOE did not control - and never wanted to control - the Fisker assets, the DOE didn't get to recoup any more of the $143 million that Fisker owed on the loan despite the higher-than-expected ending price. Clear as mud, right?

Fisker introduces the $37,499 Ocean EV crossover ahead of CES 2020

Fisker unveiled an electric crossover named Ocean during a private event held before the model's official debut at CES 2020. Due out in 2022, the Ocean will compete in the same growing segment of the market as the upcoming Tesla Model Y and the recently-unveiled Ford Mustang Mach-E. The Ocean is the latest brainchild of designer Henrik Fisker, the same man responsible for the Karma (which is now known as the Revero) and the EMotion unveiled at CES 2018. It doesn't look like either of those cars, and it's more SUV-like than its aforementioned rivals. Fisker instructed his team to find ways to make the Ocean stand out in a rising tide of crossovers. Stylists came up with a handful of interesting features, like turn signal repeaters integrated into D-pillars, and solar panels integrated into the roof. Fisker explained motorists who live somewhere with good weather can generate about 1,000 miles of driving range annually by parking in the sun. Naturally, Seattleites need not apply. A thousand miles of range isn't much, but the firm argued it's a start. "We know this thing is improving, and we can then update it because we've already got the hardware," Fisker said during the unveiling.  While safety advocates celebrate the head-up display as a way to keep drivers focused on the road ahead, Fisker found a way to make the feature distracting by adding a karaoke function that presumably shows song lyrics next to the car's speed and navigation directions. We haven't seen the full interior yet, though we know it's made using sustainable materials like discarded fishing nets. There's also a California mode which lowers the six side windows, drops the rear window (like on an old American station wagon), and opens the sunroof at the push of a button to let the breeze in. The Ocean's powertrain consists of a lithium-ion battery pack with a capacity of about 80 kilowatt-hours, and an electric motor mounted over each axle for through-the-road all-wheel drive. Fisker quoted between 250 and 300 miles of driving range depending on driving conditions. Volkswagen-owned Electrify America will open its growing nationwide charging network to Ocean owners. Fisker expects to start Ocean production in late 2021, and deliveries are tentatively scheduled to begin in early 2022. Motorists who want to secure an early build slot still have time to send the company a $250 deposit.

Recharge Wrap-up: Fisker takes apart Finland assembly, Nissan Leaf sales in Europe expected to grow 25%

The Fisker Karma's Uusikaupunki, Finland production lines are being dismantled. The lines, operated by Valmet Automotive in the same plant that assembles the Mercedes-Benz A-Class, have been idle since Fisker's money woes brought them to a halt in 2012. Fisker, which has since been purchased by Wanxiang, and Valmet are still in talks over future collaboration. Read more at YLE. Nissan expects a double-digit percentage growth in Leaf sales in Europe in 2015. Nissan Europe's Jean-Pierre Diernaz puts that number at around 25 percent over 2014's record sales. Part of this is due to much lower prices than earlier model years, thanks to government incentives and lower production costs than earlier model years. Diernaz also said that the e-NV200 van will make up about 20 percent of Nissan's EV sales in Europe. Read more at Automotive News Europe. EV drivers pay less on average in taxes than gasoline vehicle drivers in every state except Virginia. Some states impose extra taxes and registration fees for EVs to make up for lost revenue from fuel taxes, but EV drivers still come out ahead, even when compared to high-mileage cars like the Toyota Prius. Even in Wisconsin - which might follow Colorado, Nebraska, North Carolina, Virginia and Washington in added EV fees - those who drive electric should fare better. Virginia, however, charges EV drivers an extra $114 annually across two added fees, while gas drivers would only get dinged about $35.10 in gas taxes in a 50-mpg car. Read more at Green Car Reports. Two hydrogen-powered electric bus prototypes will be deployed on a trial basis Hamburg, Germany. The Solaris articulated electric buses use fuel cell range extenders from Ballard. The buses were unveiled on December 18, and will go into operation in January 2015. The German government is funding the trial, and Hamburg aims to cease the purchase of diesel buses by 2020. The new-generation fuel cell system in the two Hamburg buses improve upon Ballard's previous design by using fewer parts and exhibiting less parasitic power loss from the integrated air compressor and coolant pump. Read more at Ballard's website. Featured Gallery 2012 Fisker Karma: Second Drive View 30 Photos Related Gallery 2013 Nissan Leaf View 55 Photos News Source: YLE, Automotive News Europe, Green Car Reports, BallardImage Credit: Copyright 2014 Drew Phillips / AOL Green Fisker Nissan Alternative Fuels Transportation Alternatives Electric Hydrogen Cars recharge wrapup