* Kansas - Taxpayer-subsidized Smith Electric Vehicles “raised a 2,9M loan” from a a Chinese manufacturer
-- The painful and fruitless existence of Smith Electric Vehicles, waster of $32 million in U.S. taxpayer funds, has been extended after yet another near bankruptcy... The truck manufacturer, whose actual business negotiates in government grants, tax breaks and other subsidies – rather than a product anyone actually wants to pay for – had announced at the end of September, via its British investor Tanfield Group, that it needed to raise $4.5 million by October 2nd and $10 million by the end of the month. Without the cash infusion, Tanfield said, “the company is likely to be forced to seek protection under US bankruptcy laws or close down its operations” ... Yesterday Tanfield notified its own investors that Smith Electric had “raised a loan” of $2.9 million thanks to help from – as you might guess – a Chinese manufacturer, FDG Electric Vehicles Limited, which already had an ownership stake. As for the remaining $7.1 million Smith says it needs, FDG has said it will cover any shortfall in raising it, according to Tanfield...
(Photo) -- Kansas City, KNS, USA - NLPC, by Paul Chesser - 15 Oct 2015Labels: electric truckmakers news
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