Another 'green economy' success story
All hail the great "green economy" sustainable revolution, as we watch another electric car company turn into a fabulously successful investment, bursting with profit from the open wallets of happy consumers.
Aw, I'm just messing with you. Actually, it's yet another electric car company going bankrupt, Coda of Los Angeles. This one only sold 100 of its $37,250 cars, which were "criticized for their no-frills styling" and faulty airbags, according to Reuters. Hey, if you want "frills," you should be looking at one of those sweet $100,000 taxpayer-subsidized Finnish-built luxury electric sports cars from Fisker Automotive. Wait, sorry, you can't - they're going down too, following the mysterious failure of a business plan that managed to lose $500,000 on every $100,000 car sold.
Fortunately, it doesn't look as if any taxpayer money was sunk into Coda, because they never got the $334 million in Energy Department loans they wanted. (Why not? Insufficient donations to the Obama campaign?) $300 million in private equity was spent on the latest hunt for the non-existent electric car market.
"Consumers have been slow to gravitate toward electric vehicles as a result of their high cost, and fears about their driving range," Reuters explains. Gosh, who could have seen that coming?