A123, which received a $249.1 million federal grant in 2009 to build a U.S. factory, needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker Automotive, which is the auto maker along with the Chevy Volt whose batteries catch on fire and explode.
In September 2010, President Barack Obama called "A123" Chief Executive Officer David Vieau and then-Michigan Governor Jennifer Granholm during an event celebrating the opening of the plant in Livonia, Michigan, which the company received the U.S. grant to help build. In that telephone conversation, according to a transcript provided by the White House, he said, “This is about the birth of an entire new industry in America -- an industry that’s going to be central to the next generation of cars. When folks lift up their hoods on the cars of the future, I want them to see engines and batteries that are stamped: Made in America.”
Well, what I can say, except that the government continues its excellent track record at picking losers. Then again, it's only taxpayers money. Therefore, another $249 million down the proverbial rat hole.
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