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Obama administration had advance warning on Fisker

1:59 AM, Apr 24, 2013   |    comments
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WASHINGTON (AP) -- Newly released documents show that the Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion-dollar government loan - nearly a year before U.S. officials froze the loan.

Despite the June 2010 warning, Fisker continued to receive money until June 2011, when the Energy Department suspended its support amid questions about whether Fisker had met key goals, including launch of the company's signature, $100,000 Karma hybrid.

The California-based company received $192 million of the $529 million loan before it was suspended.

The Associated Press obtained documents ahead of a Wednesday House hearing on the federal loan to the troubled car maker, which has laid off three-fourths of its workers amid continuing financial and production problems.

Associated Press

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