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$21 Million Seized By Department Of Energy From Electric Car Maker Fisker

Fisker Automotive, one of the better known names in the current luxury electric car rush, has had $21 million seized from a reserve account by the Department of Energy.

The company is facing difficulties and was expected to default on a loan payment it owed to the government. Thus the DoE explained that it was acting on “behalf of taxpayers,” according to the Wall Street Journal. The $21 came from the company’s sales and investment input and is being used to repay part of the DoE’s $192 million loan–originally intended to help the company to get its electric car business up and running.

Fisker has recently dismissed most of its staff. Compared to the successes of Tesla, which recently reported it will make profits for the first time, Fisker’s efforts in transforming the car industry have failed to make an impact.KE