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2012 Fisker Karma
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Releasing its first-ever business report, Fisker Automotive announced today that the company's revenues for the first four months of 2012 exceeded $100 million and that total funding in the company has exceeded a billion dollars. Not bad for a company that only has one product, the plug-in hybrid Karma that has received plenty of critical press and driver reception. Oh, and recalls. Speaking of the Karma, Fisker has already found homes for 1,000 of them since starting deliveries last December.

A thousand Karmas sold in six months equals an average of about 167 a month, or around five-and-a-half a day. That's a good pace for a $100,000+ car from a new company, but it's far from enough to move the 15,000 Karmas Fisker said it would make in 2012. To sell all those vehicles, Fisker would have to move 1,250 a month, or roughly 42 a day. Still, Fisker CEO Tom LaSorda said in a statement that, "We are encouraged by solid demand for the Karma, our unique extended-range luxury model. Pending completion of investment sourcing, we are poised to press ahead with further market expansion and development of our higher volume model, the Fisker Atlantic."

Earlier this year, Fisker unveiled the Atlantic, a less expensive model that has already attracted a lot of positive attention for its looks. Of course, the Karma was lauded, too, before the dark times.
Show full PR text
Fisker Automotive Issues Inaugural Business Update

05.28.2012
  • Over $100 million revenue generated in four months to April 30
  • 1000 vehicles delivered to customers since launch
  • Private equity funding exceeds $170 million in 2012
  • Total funding passes $1 billion milestone
  • New Atlantic model unveiled in New York
  • Record sales in Netherlands signal European progress
  • Distribution deal agreed in Middle East
Anaheim, California USA – May 29, 2012: Fisker Automotive, the leading manufacturer of luxury Electric Vehicles with extended range (EVer™), today published its first business update by announcing that revenues had exceeded $100 million in the first four months of 2012.

The company, which began deliveries of the Fisker Karma luxury four-door electric sedan in December 2011, also revealed that it has delivered 1000 vehicles to customers in the US and Europe.

Tom LaSorda, Chief Executive Officer of Fisker Automotive, said: "We are encouraged by solid demand for the Karma, our unique extended-range luxury model. Pending completion of investment sourcing, we are poised to press ahead with further market expansion and development of our higher volume model, the Fisker Atlantic."

In the first few months of 2012, Fisker has continued to raise private equity investment to fund its expansion plans, securing $174 million of additional private financing since the start of the year. The latest funding has lifted the overall financing beyond $1 billion since the start of the company in 2007.

Fisker has also become the first manufacturer to launch vehicles under the Federal Government's Advanced Technology Vehicle Manufacturing (ATVM) program.

Henrik Fisker, Executive Chairman of the company, said: "There is great confidence from the investment community, our customers and the media in what we have achieved in bringing such a beautiful and innovative car to the marketplace in record time.

"Treading a new path in any industry is never easy, but we have set out to re-define and re-shape the way the world thinks about cars, and I am proud of what the Fisker team has achieved so far."

He was commenting amid positive feedback from customers and dealers about the quality and performance of Fisker's flagship model, the Karma – the world's first luxury four-door electric vehicle.

Strong customer demand for the Karma has continued internationally. In the Netherlands, considered one of the most competitive markets for premium vehicles, the Karma ranked second in volume to the Porsche Panamera in the segment for four-door luxury sedans (of all powertrain types) in the January-April, 2012 period.

Success in such markets is expected to continue with further expansion into new territories, including the Middle East. Earlier this month, Fisker signed an exclusive agreement with the Al-Futtaim Group, one of the Middle East's most experienced automotive distributors, to build Fisker's sales presence in fast-growing markets for performance and luxury cars. Al-Futtaim and its network of experienced retailers will allow Fisker to reach customers in the U.A.E, Saudi Arabia, Qatar, Oman, Bahrain, and Egypt.

ABOUT FISKER AUTOMOTIVE, INC.
Fisker Automotive is an American car company, founded in 2007, committed to producing electric vehicles with extended range (EVer) that deliver uncompromised responsible luxury. The company is designing and developing the world's first line of premium electric plug-in hybrids representing the company's firm belief that environmentally conscious cars need not sacrifice passion, style, or performance. Fisker Automotive is a global company that is redefining luxury for the modern sports car buyer. For more information on the brand and the Fisker Karma Sedan, please go to http://fiskerautomotive.com.


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    • 1 Second Ago
  • 39 Comments
      me
      • 2 Years Ago
      was going to get one for wifey n the kids .. but waaaaay too small for that! I even sat in the back of the shooting brake version still not for kids. So I guess it's the Tesla SUV or Panamera Hybrid .. damn we really liked this car..
      Letstakeawalk
      • 2 Years Ago
      Fisker has done much to be proud of in a relatively short time.
        dexbusy
        • 2 Years Ago
        @Letstakeawalk
        Actually Fisker PR, uh I mean LTW, I agree with you on this one. To put together an entirely NEW car, chassis, sheet metal, interior etc from scratch is amazing. Too bad they didn't understand the complexity of it before they open their mouths and caused 'delays'. If they would have been realistic about timing in the first place all the Fisker press would have been much better.
      Car Guy
      • 2 Years Ago
      Sounds like they should no longer need a dime of taxpayer money.
        EVnerdGene
        • 2 Years Ago
        @Car Guy
        Never did. Tesla and Frisker could have and should have raised all the money they needed in private markets. As we have seen; gov'ment loan cripple and provide the seeds for waste and stupidity. Frank Lloyd Wright said; "man built most nobly when limitations were at their greatest" Instead we have an overweight, over-priced, inefficient, not such a great sports car, not such a great performance sedan, not such a great touring saloon, and not so green. And taxpayers (or our kids) are on the hook for a variable interest rate loan from China. Most excellent job DOE !
      Len'ee Peach
      • 2 Years Ago
      Fisker is using the govt. loan for the plant in Delaware, that they bought and are fitting up for making the Atlantic. The Karma was already underway in the Finland facility before the govt. loan which they only drew some of the money from, not even half of the $500 has been drawn from the loan. It costs about the same as a high end Mercedes or Beamer. I bought a Fisker Karma, and I love it. I am averaging 107 mpg for the last 500 miles I have driven. I don't make a ton of money, but I work 7 days a week. I chose the Karma because it's 4 door, as sporty as a Granturismo Maserati, with gas mileage that suits me! It is new technology - so of course every mole hill is made into a mountain of negativity in the Media - and the OIL COMPANIES profit every time they can criticize a new GREEN technology. Henrik Fisker is a genius and has created many beautiful vehicles besides the Karma. The BMW Z8 - Aston Martin DB7 and many others that he has helped develop. I volunteered my money to be the guinea pig for this new technology and I am glad I did, I just get tired of explaining to all the un-familiar car people out there what it is and who makes it and how it works every time I get in or out of it. I want to say "Google it people!" quit taking pictures and videos of me driving it! These people almost run into me trying to get a photo of the car. It is a beauty -
      EV News
      • 2 Years Ago
      It took 18 months for Tesla to sell/deliver it's first 1,000 cars!
        2 Wheeled Menace
        • 2 Years Ago
        @EV News
        True, but remember that said car came out in the mid-late 2000's and being a 2 seater, is more of a niche product.
        dexbusy
        • 2 Years Ago
        @EV News
        So what? The roadster and Karma are two completely different types of vehicles. One is all electric and the other is a hybrid. Different.
          theflew
          • 2 Years Ago
          @dexbusy
          Don't forget the Roadster was a lot easier car to build. They got the chassis from Lotus and just had to bolt on batteries, motor and controller. The Karma is a lot more complex than even the Model S because it's a serial electric (EV that carries it's generator). By simplistic definition it's a hybrid, but I don't think hybrid does the Karma or Volt justice. They are both more EV than ICE. The term hybrid gets thrown around to much and a casual reader thinks a hybrid is a hybrid and that's not true.
      Grendal
      • 2 Years Ago
      1000 cars is a nice start. They now need to break out of the bad press and make a lot more. If they succeed at that, then they can start on their next car. It would be nice to have another successful company building cars in the US and employing lots of people. They've certainly got good looks down with all three cars we've seen from them.
      HVH20
      • 2 Years Ago
      I hope the atlantic makes it to production, but it will be a long way off, atleast 2-3 years. Comparing the Karma to the Roadster is apples to oranges. PHEVs are both an EV and a Hybrid, on top of a NEW platform with no compromise to design this is quite a feat for a new company! Expecting the same quality out of a new manufacturer as a the big OEMs is just wishful thinking. They will get the bugs worked out soon enough.
      EcoEinstein
      • 2 Years Ago
      Jeez, give the guys a break already! First of all, 1000 cars earning a new car company $100 million in 4 months is a big deal. And that's despite all the bad press -- most of which was either caused by their battery maker (A123) or the US gov't. (The EPA took forever to certify the Karma and that -- along with the poisonous political climate -- was probably the major cause reason the DoE froze over $300 million of their approved loan money. As for your belittling their production numbers, did you ever stop and think that takes a while to ramp up production of a highly-sophisticated, high-end vehicle like the Karma? How about recognizing that this is the FIRST CAR to come out of the gov't's advanced vehicles program -- and that OUTSOLD every 4-door luxury car in the Netherlands in its price range (no matter what form of power it used) except for the Porche Panamera.
        American Refugee
        • 2 Years Ago
        @EcoEinstein
        I saw my first one in Amsterdam last week. That's a very large, long, low and handsome car.
      Roy_H
      • 2 Years Ago
      Nice to see some good news from Fisker. I have heard Fisker state that they have 2500 orders in hand. I thought they would have been able to fill that by now, but they have had some set-backs. Barring no more problems, I expect the next 6 months to double the delivery rate. Overblown stories about fires and re-calls have hurt Fisker, but the really important issue for consumers is build quality. Poor fitting panels, excess wind noise from rear windows and less than perfect workmanship is not acceptable. Actually I expect the Atlantic to be a much superior car for less money, but can they get it out soon enough to salvage Fisker's reputation?
      Letstakeawalk
      • 2 Years Ago
      Kudos to Fisker! Hopefully, they will weather this rough first few years, and we'll have an American automaker that we can all be proud to support.
        dexbusy
        • 2 Years Ago
        @Letstakeawalk
        American? Fisker is a Dane, LaSorda is a Canuck, the COO is German. the Karma is assembled in Finland. The chances of the Atlantic being assembled in America is slim at best. Lets see what part is American... Oh yeah thats right, our tax dollars!
          Letstakeawalk
          • 2 Years Ago
          @dexbusy
          Dexbusy, I'm sure we're all well aware of how multi-national the typical automotive company is these days. Of course, I'm referring to the fact that Fisker is an American company, headquartered in California.
          • 2 Years Ago
          @dexbusy
          Alot you know about the Global economy. Do you think Apple is an American company? Most people do. Yet the iPod products are made in China. GE is an American company yet 67 percent of their products are made overseas. Don't forget America is a Melting pot of all different cultures that is what makes America great. Unless you are an American Indian every American ancestor came from a different country.
        2 Wheeled Menace
        • 2 Years Ago
        @Letstakeawalk
        Hm, Tesla motors doesn't count?
          Letstakeawalk
          • 2 Years Ago
          @2 Wheeled Menace
          Proud of them too. But since this article is about Fisker, I directed my comment towards them.
      • 2 Years Ago
      Whether you're interested because you might buy one, everyone should be interested in how the Karmas sell, because we invested in the company. Remember, we gave them several hundred million dollars to create jobs building these things (so far all the jobs are in Finland) so if the company doesn't make it, we're on the hook for up to $500 million.
      Maddoxx
      • 2 Years Ago
      Tesla S will be Competition to the Karma. The top of the line S will be faster, more Eco, Newer, better dealer network, And is actually built in the USA. I can see the Tesla S taking a sales away from Fisker.
        Letstakeawalk
        • 2 Years Ago
        @Maddoxx
        I'd have to disagree about Tesla having a better dealer network. Tesla has no plans to use outside sales - they're not even going to be able to sell cars from their stores in many states. Buyers might be able to order the car at a Tesla store, but then they will have to have it delivered. Fisker, OTOH, has already developed solid relationships with established high-end dealerships in cities all across the US, as well as established distribution networks throughout Europe, Asia, and the Middle East.
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