Did The Obama Give A $529 Million Loan To Create Electric Car Manufacturing In Finland?

The short answer, contra ABC, is “no.” For a lengthy explanation please see Dave Roberts. For a mid-length explanation, please read on.

Fisker Automotive is based in California and is doing plug-in hybrids. It is also developing two different cars. One is the Karma which is a very expensive car aimed at a niche market production of which is being done in Finland, which has a small automobile industry oriented toward the manufacture of expensive niche cars. The other is the Nina, a mid-market plug-in sedan which isn’t being built yet but will be built in Delaware. The reason ABC has “embarrassing” footage of Joe Biden singing the praises of Fisker is that the car will be built in Delaware. Joe Biden is from Delaware. Fisker bought the plant in 2009, is upgrading it as we speak, and hired people over the summer.

This is a company that will either fail, or else will succeed and build lots of cars in America. It’s exactly what you would expect from a federal loan guarantee program.