CNG Taxi Van Maker Suspends Operations, Will Be Sold

Call 2013 the Year of Reckoning for alternative fuel vehicles. There has been a seemingly endless parade of green car companies shutting down, and it isn’t over yet. The latest victim is natural gas taxi builder VPG, which has suspended operations and will soon be sold to the highest bidder. But VPG has the best chance of rising from the ashes as a bigger, better automaker.

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DOE Loan Rules Tightened After Fisker Failures

The Department of Energy’s loan program for the advancement of vehicle technology underwent some significant changes following Fisker Automotive’s financial problems. The Feds decided to tighten restrictions and hopefully mitigate wasteful spending, though that has done nothing to cull critics of the green energy loan program.

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How Fisker Burned Through $1.3 Billion

With Fisker Automotive on the brink of bankruptcy, there are those of us left wondering how this small niche automaker managed to spend $1.3 billion of public and private investments in just a few short years. A new report lays out in detail how Fisker Automotive blew through a billion dollars, while developing and delivering just over 2,000 vehicles, becoming possibly the biggest venture capital blunder in history.

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Fisker Layoffs Result In Federal Lawsuit

Know how on Friday Fisker fired 75% of its workforce without any prior warning and no severance package? Turns out you can’t do that in the state of California. Fisker Automotive now faces a Federal lawsuit seeking 60 days wages for all the affected employees.

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China’s Wanxiang Buys Battery Maker A123 Systems For $260 Million

Call it the worst case scenario come true. After going through a court-managed bankruptcy and auction, defunct EV battery maker A123 Systems has been (mostly) sold to Chinese auto parts maker Wanxiang group The selling price of $256.6 million was the highest bid, though the sale still has to be approved by the government.

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