Fisker Automotive

Fisker Automotive (the first one) collapsed in 2013, burning through $1.4 billion including $529 million in federal loans. The company outsourced everything: design in California, engineering in Detroit, battery from A123 (which failed), manufacturing in Finland. When Hurricane Sandy destroyed 338 Karmas on a New Jersey dock, it symbolized Fisker's lack of control over its own fate. Founder Henrik Fisker resigned over strategic disputes. The company never produced more than 2,500 vehicles. Chinese auto parts maker Wanxiang bought the remains in 2014.