I like to stay informed on the latest developments in electric vehicles (EVs)—in other words, with the amazing idea of trying to resurrect a technology that died a century ago, with the advent of the internal combustion engine. EVs are a retro-idea so captivating to our genius president that he has been willing to lavish billions of taxpayer money on funding EV makers. It’s easy to play at being a venture capitalist when you’re using other people’s capital.
A new Wall Street Journal article reports that Azure Dynamics, a Canadian company that, in partnership with Ford, makes electric vans for sale in Europe and America, has stopped production of its e-vans and filed for bankruptcy. It did this in spite of receiving millions of dollars in federal grant money, including a recent $5.4 million grant to work on a new electric inverter.
Azure hit the wall after making a miserable 508 e-vans (and retrofitting 1,500 Ford vans to make them hybrids) this year, and only 800 last year.
Ford is now worried about who will service the damn things, and 120 of the company’s 160 workers are looking for work.
The WSJ piece also notes that recent sales of Nissan’s EV (the Leaf) and GM’s EV (the Volt) have been lousy. Fisker Automotive has had two recent recalls and is jonesing for another government loan. Its battery supplier, A123 Systems, has just issued a recall of its products, and is looking for suckers—pardon me, investors — to come up with $55 million to cover the recall.
Earlier this year, Bright Automotive went dim — it filed for bankruptcy when it could not get any more federal subsidies. Last year, EV maker Think Global failed miserably, leaving Indiana with a nice, empty factory. Think Globally, fail locally — what a great business model!
