Chinese-backed firms Wanxiang Group and Hybrid Tech Holdings are preparing for an auction next week for the assets of bankrupt electric-car manufacturer Fisker Automotive, including its 18 patents, Bloomberg reports.
DETROIT (AP) — U.S. safety regulators are investigating complaints that power-assisted brakes can fail at times in Camry gas-electric hybrids.
The probe covers about 30,000 of the midsize cars from the 2007 and 2008 model years.
The National Highway Traffic Safety Administration says it has 59 complaints about intermittent loss of power-brake assist. The agency says the problem happens without warning. It causes increased stopping distances and requires more pedal pressure to stop the car.
Electric car maker Tesla has completed its network of supercharging stations enabling its Model S cars to travel long distances without long stops to power up, according to a tweet from company CEO Elon Musk, Bloomberg reports.
PALO ALTO, California (AP) — An increasing number of electric-vehicle driving employees at Silicon Valley companies are finding it hard to access car-charging stations at work, creating incidents of "charge rage" among drivers.
Installation of electric vehicle charging ports at some companies has not kept pace with soaring demand, creating thorny etiquette issues in the workplace, the San Jose Mercury News reported (http://bit.ly/1joxwJ6).
Peter Graf, chief sustainability officer for German software company SAP, says the company's 16 charging stations are now not nearly enough for the 61 employees who drive electric vehicles.
A bankruptcy judge has determined that the assets of electric car maker Fisker Automotive will be sold off in a closed auction in New York Feb 12, with the company hoping that other potential buyers will join China's Wanxiang group and Hybrid Technology of Hong Kong, Reuters reports.
Electric cars are as safe overall as vehicles powered by other fuel sources, but problems with battery packs and adapters pose different risks, according to the National Highway Traffic Safety Administration, Bloomberg reports.
WILMINGTON, Delaware (AP) — Hybrid Technology, led by Hong Kong billionaire Richard Li, has offered $55 million in an auction of Fisker Automotive's assets, just days after a bankruptcy judge in Delaware rejected Hybrid's plan to take over the failed electric-vehicle manufacturer in a private sale.
In court papers submitted Monday, Hybrid made a conditional offer of $30 million in cash and $25 million in credit for what it is owed as Fisker's senior secured lender. Hybrid also is promising that at least $5.5 million will go to Fisker's unsecured creditors, provided that the official committee of unsecured creditors supports its proposal to be the lead, or "stalking horse" bidder in the auction.
Hybrid also noted that its cash consideration was subject to its rights as a secured creditor in all collateral involving a $529 million loan commitment to Fisker from the U.S. Department of Energy. Hybrid recently paid $25 million for DOE's outstanding loan balance of more than $160 million, which resulted in a loss to U.S. taxpayers of $139 million.
WILMINGTON, Delaware (AP) — A U.S. bankruptcy judge on Friday ordered a competitive auction for the assets of Fisker Automotive, rejecting a proposal by a group led by Hong Kong billionaire Richard Li to assume control of the failed electric auto manufacturer in a private sale.
U.S. Bankruptcy Judge Kevin Gross refused to accept Hybrid Technology LLC's plan to use $75 million it said it is owed as Fisker's senior secured lender as a credit bid for Fisker's assets. Agreeing with Fisker's official creditors committee that a competitive auction was the best way to maximize recoveries for Fisker creditors, Gross capped Hybrid's credit bid at $25 million.
Chinese auto parts conglomerate Wanxiang Group Corp. offered an alternative cash bid of $35.7 million as the starting point for a competitive auction.
Increased fuel efficiency standards, a major component of President Obama’s plan to fight climate change that he touted in last week's State of the Union address, could be threatened by continued low gasoline prices that encourage consumers to return to buying gas guzzling vehicles, National Journal reports.
Newly elected Alaska Gov. Bill Walker, an independent, has talked about spending cuts and hinted at possible new taxes to fill the gaping hole left in the state’s budget by the collapse of oil prices, but a Republican-controlled legislature filled with allies of Sean Parnell, the man he defeated in the November election, may make getting approval for his policy changes difficult, if not impossible, The New York Times reports.
The assurances of Saudi Arabia’s new King Salman that he would maintain the country’s course regarding oil saw an easing in prices early Monday. West Texas Intermediate crude for March delivery dropped 49 cents to $45.10 a barrel in electronic trading on the Nymex, while in London Brent fell 63 cents to $48.16, Reuters reports.
CEO G. Steven Farris is retiring at Apache Corp. -- although regulatory filings indicate he will receive his $1.75 million base salary and other payments over the next three years – and is being replaced by company veteran John Christmann, while former BP executive Stephen Riney will be CFO, FuelFix reports.
The president of Solar Vision has told WOSU public radio that his business has been affected by the state’s move to freeze renewable energy targets, something that the Pew Charitable Trusts’ Clean Energy Initiative had predicted would happen.
Technological advances combined with new financial incentives will give a big boost to energy storage in the coming years, an essential element as renewable energy makes up a growing share of the nation’s power supply, NBC reports.
A planned visit by Pope Francis to the U.S. in the autumn, just months after he’s expected to issue an encyclical galvanizing Catholics to take steps against climate change, will likely intensify discussion on the issue, The Hill reports.
The prospect of fresh sanctions against Russia in the wake of a deadly missile attack in eastern Ukraine is being mentioned, although The Wall Street Journal reports that getting the U.S. and the European Union to agree on any would be a major challenge.