On Wednesday ABC News reported that Fisker Automotive, a company that received nearly $200 million in Obama administration loan money, is signaling that it may not build its next generation hybrid electric vehicle in the United States.

The article reports:

Fisker received federal funds in part to help purchase a shuttered General Motors plant in Delaware, where it predicted it would one day employ 2,000 auto workers to assemble the clean-burning gas-electric family car, known as the Atlantic.

But company executives began hinting in February that it would reconsider that plan and look for a cheaper place to build the car after the Department of Energy froze the $529 million green-energy loan the company had received, and had been drawing on since 2010.

The article further details the saga of the Karma, a flashy $100,000 hybrid sports sedan that it assembles in Finland. There have been some problems with the lithium-ion batteries in the Karma. The Karma that Consumer Reports was road testing stopped working in the middle of the road test. There was also a recall of the batteries because of a defect that raised the risk of fire.

This is another example of foolish spending on green energy by the current administration. I don’t think that I would let President Obama manage my stock portfolio.