Surprise: Fisker Automotive Struggling
Apparently electric vehicle maker -- and recipient of lots of your and my money -- Fisker Automotive is struggling. Who would have thought that a company that could not fully fund itself privately and had to rely on political connections to use the coercive power of government to take money from taxpayers might be a bad investment?
As a reminder, Fisker's taxpayer largesse likely came at the behest of politically powerful Ray Lane of Kleiner Perkins. It is his firm's investment returns we taxpayers are supporting. So it should come as no surprise that Ray Lane says, in the video below, that he thinks Obama is the greatest public sector venture capitalist ever. What does he use as justification for this conclusion? Why, Solyndra! I kid you not, check it out.
By the way, if you did not see it, check out my Forbes article on how the Fisker Karma gets worse mileage than an SUV when you trace its electricity back to the power plant.
Hasdrubal:
So, his main argument is that these new ventures are just too big to be built on private funding alone? Our new technologies are too capital intensive to be built by market actors? Would he say that is that because of the actual size, the regulations, or lack of available funds in the market, I wonder.
March 5, 2012, 10:09 amTed Rado:
If there was ever a compelling argument in favor of letting competitive private industry rather than the USG determine the best use of capital, this alternative energy thing is it. If there is a sound idea, it will be pursued by private enterprise. If it is a bad idea, it won't. Leave the incompetent, vote-buying pols OUT OF IT!!!
March 5, 2012, 11:12 amcaseyboy:
I'm shocked, I wonder if I can stop payment on my stock subscription check in time?
March 5, 2012, 11:14 ammorganovich:
KP has become the GE of VC.
they are just rent seekers now. this is a deliberate and considered choice on their part. it's easier than picking tech winners.
it is no coincidence that they hired al gore.
March 5, 2012, 1:24 pmMJ:
Pretty sad commentary on this industry that a guy like Lane can use the expression "public sector venture capitalist" and be taken seriously.
March 5, 2012, 4:08 pmMesa Econoguy:
Kleiner Perkins is also the epicenter of AlGore’s ridiculous ventures, because AlGore is a member of Kleiner Perkins.
This will draw SEC scrutiny, down the road if not sooner.
http://www.nytimes.com/2009/11/03/business/energy-environment/03gore.html
March 5, 2012, 5:54 pmRob:
It's a pretty car. Our CEO acquired one and plugs it in here at work.
We have 1/2 MWatt of solar, so I -suppose- that he can claim that it is powered by the sun.
But then we claimed that it runs our moderate data center.
Which is it? his car or the data center.
And, what runs the data center at night?
BTW: The REAL driver of fuel economy is the work it is being required to do. Tranlsation: In general the heavier the vehicle the poorer the milage.
Additional: Aero considerations generally kick in at about 50 MPH, where as much energy is being used to displace the air as to move the mass. Below that speed, boxes rule. Being as fuel economy numbers are taken at moderate speeds....
March 6, 2012, 9:52 amBret:
This could happen to any car, I presume, but it's pretty funny:
http://autos.yahoo.com/news/bad-karma--our-fisker-karma-plug-in-hybrid-breaks-down.html
March 9, 2012, 11:25 am