Romney to Stop Gov Funding for EV Companies if He Wins Election image

Republican Mitt Romney announced on Friday that he will stop government funding for EVs if he’s elected president.

On October 3rd, during his first presidential debate, Romney draw attention on the companies President Obama helped, including electric automakers Fisker Automotive and Tesla Motors, and solar-panel maker Solyndra LLC and Ener1, calling them ‘losers’ among recipients of green-energy helped by the administration.

“Rather than investing in new electric auto and solar companies, we will invest in energy science and research to make discoveries that can actually change our energy world. And by 2020, we will achieve North American energy independence,” said Romney during a visit in Iowa.

At the beginning of this month A123 Systems, the EV lithium-ion battery company, filed for Chapter 11 Bankruptcy Protection as it found itself in the impossibility to meet a debt payment deadline, fueling Romney’s opinion about government loans offered to these companies.

Although Fisker was cut off from the government’s loan for not being able to meet its milestones, Tesla’s CEO Elon Musk announced that the company managed to get back on the track and that he will make a first repayment of the US loan earlier than expected.