Posts tagged Comments Fisker
Fisker Automotive looks to be headed towards bankruptcy protection. Automotive News reports the automaker could file Chapter 11 as soon as this week as the US Department of Energy attempts to get the company to give back around $200 million in federal loans. The manufacturer’s lawyers have already drawn up the necessary paperwork and are ready to file within the next few days, according to an unnamed source. The DoE is pushing Fisker toward bankruptcy after months of bickering between the two parties. Fisker had been courting buyers in both China and Europe in an attempt to stay solvent, but failed to bring in the necessary funds.
As a result, Fisker hasn’t built a single vehicle since last summer, and no one has stepped up to buy any more of the $100,000 hybrid vehicles. Last Friday, the company laid off some 75 percent of its workforce in the US, leaving only around 50 executives behind to avoid breaching its contract with the DoE. Right now, the company has around $30 million in cash on hand and is staring down the barrel of a $10 million DoE loan payment in a few weeks.
Filed under: Fisker
Not The First, Nor The Last Dreamer To Fail
Like DeLorean and Preston Tucker before him, Fisker underestimated the amount of capital it takes.
The departure of Henrik Fisker from his self-named car company adds yet another name to the list of dreamers who thought they could be successful automakers.
Whether or not he goes down in history a Gaston Chevrolet or John DeLorean depends on the current managers at Fisker, with whom Henrik cited as having irreconcilable differences over the future of the hybrid luxury car company.
This is not to say that Fisker’s dream is doomed, but the company he founded faces a number of severe challenges to its survival as an independent make.
Like DeLorean and Preston Tucker before him, Fisker underestimated the amount of capital it takes to be in the business. While the business model of having a supplier, in this case, Finland-based Valmet, building a high-priced limited-edition car had merit, in execution Fisker fell short of the mark of meeting expectations. It took far longer than anticipated to bring the Karma to market. Quality problems, issues with battery supplier A123 and the port disaster during Hurricane Sandy that destroyed 300 cars dogged the company.
The best deal ever on a $100,000 Fisker Karma? Jsut $500! Well, almost. The trick is that what we have here is the chance to buy a raffle ticket for $500 and then play the odds.
Captain Planet Foundation is offering a two-year lease on a Karma, and only 200 will be sold altogether (150 remain). Raffle sales end on tax day – April 15, 2013. The raffle tickets go to the foundation’s Small Grants Program which provides “gap funding” for education programs aimed at empowering youth to become environmental stewards and global environmental change-makers.
The foundation was started in 1991 by cable TV tycoon Ted Turner and executive producer Barbara Pyle. The name comes from an animated TV show that Turner and Pyle started the previous year, “Captain Planet and the Planeteers.” The Captain Planet Foundation has funded over 1,500 projects, including waste recycling, outdoor classrooms, organic gardens, native habitats and fruit orchards.
The foundation says that the Karma up for lease would retail for $120,000, and that the two-year lease offered by outlet Fisker Atlanta is a $50,000 value. The base price of the Fisker Karma is closer to $102,000.
Fisker nearly giving away a Karma with … Captain Planet? originally appeared on Autoblog Green on Wed, 13 Feb 2013 10:06:00 EST. Please see our terms for use of feeds.
The optimist would say “a hundred million down.” The pessimist would add, “…and about 235 million to go.”
Either way, Fisker Automotive took a pretty good bite out of the federal government’s planned line of credit that the California-based automaker can’t access because of production delays related to the extended-range plug-in Karma.
Fisker said recently that it raised more than $100 million of new equity funding, which will be used to expand production and marketing-related efforts for the Karma, which went on sale last December. The company in total has raised more than $1.2 billion in private equity, about half of that within the past year and a half. One reason for the fundraising was because Fisker, which was granted a $529 million line of credit from the U.S. Energy Department in 2010, drew down just $193 million before the remaining $336 million was frozen because of Karma production delays. Fisker’s press release on the new funding is available below.
Meanwhile, on the good news/bad news front, Consumer Reports last week shredded the $107,000 Karma in a review, saying that, among other things, its pickup, handling, interior, visibility and dash controls all failed to meet expectations.
Fisker raises another $100 million in private funding for Karma production, marketing originally appeared on Autoblog Green on Tue, 09 Oct 2012 13:16:00 EST. Please see our terms for use of feeds.
Although plans haven’t been finalized for the upcoming Fisker Atlantic (plans like, say, determining if Fisker will even have enough money to build the car) the company has already figured out what will be under the hood: an engine from the BMW 3-series.
Fisker has inked an agreement with BMW to use the current 3-series 4-cylinder turbo engine in the Atlantic, which should be priced around $55,000 when (if) it makes it to market, Fisker CEO Tony Posawatz told the Automotive Press Association Monday. The start-up automaker is about $150 million short of the cash it needs to build the Atlantic, which, like the Chevrolet Volt, uses advanced batteries to power an electric motor and then kicks in a gasoline-powered engine as a backup when needed.
Poswatz is pretty optimistic the company will reach that goal. He’s prepping Fisker to become a publicly owned firm, traded on the stock market like rival automaker Tesla. And even though the Department of Energy hasn’t forked over more than half of the $529 million loan it promised Fisker to build the Atlantic in Delaware, Posawatz said the company is still on track to make the car there. He also said that strategic partnerships and figuring out a lease program for are on his list of things to do.
Fisker confirms BMW 3-series turbo engine will power Atlantic, still hoping to build in Delaware originally appeared on AutoblogGreen on Tue, 02 Oct 2012 07:57:00 EST. Please see our terms for use of feeds.
The time difference between California and Beijing is quite a bit less than 11 months, but we doubt plug-in enthusiasts in China will quibble with that.
Fisker Automotive, which in late 2010 reached an agreement with China Grand Automotive Group to have its Karma extended-range plug-in sports sedans sold in China, will start doing so in November, according to Inautonews. California-based Fisker also said it will base its Asia operations in Shanghai.
The company initially set a deadline with China Grand Automotive to start Fisker sales in China by the end of 2011. China Grand Automotive has more than 200 dealerships across China that sell more than 40 auto brands.
In April, Fisker reached an agreement to have its cars sold in the Middle East and North Africa by Al-Futtaim Group. That company, which also sells Jeep, Toyota and Volvo vehicles, was supposed to open a Fisker dealership in Dubai this year. Fisker, which started producing the Karma last year, has made around 2,000 vehicles thus far.
Fisker will start selling Karma in China in November originally appeared on AutoblogGreen on Sun, 16 Sep 2012 08:16:00 EST. Please see our terms for use of feeds.
Republican vice presidential candidate Paul Ryan might have supported full disbursement of the U.S. Energy Department’s planned $529 million loan to extended-range plug-in vehicle maker Fisker Automotive. Then again, he might not have. Ah, politics.
Recently, Ryan has joined fellow Republicans in blasting DOE loans to “green” technology companies like Fisker and solar-panel producer Solyndra. But, in a 2008 letter, he appeared to support giving the DOE enough “flexibility” to make its planned $529 million loan to the California-based automaker, according to Delaware Online.
Of course, Ryan spokesman Brendan Buck denied that the candidate changed his views, saying that the funding would’ve been contingent on Fisker being “approved as a viable recipient.” We’re not sure what that means either, since the DOE loan was, indeed, originally approved. The DOE granted Fisker the $529 million loan in 2010 but has since frozen all but about $200 million of it because Fisker failed to meet certain predetermined production quotas for its Karma model.
In late June, Senators John Thune (R-SD) and Chuck Grassley (R-IO) sent a letter to DOE secretary Steven Chu questioning the $529 million loan in part because of Qatar’s ownership stake in the company. Two months earlier, ex-Fisker chairman and current investor Ray Lane blamed Republican presidential candidate Mitt Romney for the delays in the DOE funding, saying Romney, the son of former American Motors chief George Romney, mistakenly grouped Fisker with Solyndra. Fisker had planned to take over an old GM factory in Delaware to produce the Fisker Atlantic, but those plans have been put on hold, in part because all the loan money did not come through.
Fisker might have received complete $529m loan under Paul Ryan’s plan originally appeared on AutoblogGreen on Thu, 13 Sep 2012 18:45:00 EST. Please see our terms for use of feeds.
For those existentialists who’ve ever wondered what’s the sound of 45 Fisker Karma plug-in hybrids recharging, now we know.
Forty-five Fisker Karma owners in the Netherlands staged what organizers are saying is the world’s largest simultaneous re-charge of “single-brand electric vehicles.”
Better yet, owners of five other EVs joined in on the fun, giving the attempt a “mixed-brand” simultaneous recharge of 50 vehicles, also a world record. Of course, Fisker didn’t say what the other EVs were. Dutch EV advocate Stichting E-Laad verified the record, according to Fisker.
Still, the Fisker owners used the Floriade Horticultural World Expo in Venlo, Netherlands (which is on the southeastern corner of the country near the German border) to show their EV solidarity. Dutch astronaut Andre Kuipers, himself a Karma owner, was on hand for the party. Fisker has sold 130 Karmas in the Netherlands this year, the most in any European country. There are more details in the press release below.
Fisker sets ‘world record’ with 45 Karmas charging at once in Holland originally appeared on AutoblogGreen on Tue, 11 Sep 2012 10:57:00 EST. Please see our terms for use of feeds.
We’ve been teased by this look before. CEC, an authorized Fisker Automotive aftermarket parts dealer, showed off a white body kit version with proper tuning makeover at last year’s SEMA show. CEC was going to sell their body kit through Fisker, but all plans have been put on hold until further notice.
But one Karma owner, who posts on the Fisker Buzz forum under the name “Wojo,” wasn’t going to let the look slip away. The owner of a white Karma – the same color as the one CEC displayed at SEMA in 2011 (pictured) – and asked CEC for the kit after the show. After long negotiations, CEC sold the only kit it had to Wojo. Wojo’s updated Karma now has a chin spoiler, beefy side skids, and a boot lip spoiler. Factory tires were replaced with larger Forgiato wheels with black spokes and white windows and rim.
The problem that caused the recall was this one:
Within the high-voltage battery, certain hose clamps may have been positioned incorrectly during assembly. if positioned incorrectly, the battery compartment cover could interfere with the hose clamps, potentially causing a coolant leak from the cooling hoses.
Consequence: If coolant enters the battery compartment, an electrical short could occur possibly resulting in a fire.
This mis-positioning has not caused any real-world incidents, but it is potentially dangerous and is therefore being fixed. Originally, Fisker said the affected cars were built between July 1 and November 3, 2011. A new update to that recall extends the build date to January 20, 2012, affecting another 19 cars (for 258 total). Because of the year change, new paperwork needed to be filed, which caused some false reports of a new recall. Fisker issued a statement (available below) in response to the false reports by saying the update is a “minor technical adjustment – in accordance with normal industry standards for all recalls.”
Fisker adds 19 Karmas to battery hose clamp recall list originally appeared on AutoblogGreen on Mon, 04 Jun 2012 10:11:00 EST. Please see our terms for use of feeds.