The Chinese auto conglomerate Wanxiang Group has bought electric automaker Fisker Automotive, marking the second time they snatched up a failed green firm that received taxpayer dollars.
The bankrupt Fisker was sold to Wanxiang last week for $149.2 million and the sale was approved by the bankruptcy court on Tuesday. Last year, the Energy Department’s $192 million loan of Fisker was sold of to Wanxiang for $25 million — netting taxpayers a $139 million loss.
This is the second time a green energy company that got a loan guarantee from the Obama administration was sold off to Chinese investors, garnering criticism from conservatives that hundreds of millions of taxpayer dollars have been wasted for the benefit of foreign businessmen.
Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!
We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.