US still out $171 million to electric car maker Fisker, after cu - WBTW-TV: News, Weather, and Sports for Florence, SC

US still out $171 million to electric car maker Fisker, after $21M seizure

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WASHINGTON -

The Obama administration says it has seized $21 million from troubled automaker Fisker Automotive Inc., just weeks after the company laid off three-fourths of its workers in Finland amid continuing financial and production problems.

Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.

In a statement Monday, the Energy Department says it recovered money from the company's approximately $21 million reserve account, which was set up as part of the initial loan commitment in 2009.

The US Government had planned the company would at one point create 2000 jobs and make 100,000 cars a year, but by the end of 2012 Fisker claimed only 1,800 cars had been delivered.

The DOE awarded the Anaheim, Calif.-based company Fisker a $529 million loan as part of an Obama administration program to boost electric cars and other advanced vehicles. Fisker pledged its assets as collateral on that loan.

A DOE official called the financial seizure appropriate.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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