So what is the first order of business for new Fisker CEO Tony Posawatz? Certainly putting out fires. But he's also going to be doing some hat-in-hand work, according to a report from Reuters.

Posawatz knows what it takes to get an electric car to market, but Fisker is some $150 million short of cash it needs before it launches the Atlantic, according to the report. One of Fisker's directors told the news organization that bolstering the balance sheet is necessary not only to cover operating expenses, but also to fund more product development.

Fisker's financial shortfall is the effect of losing over half its $529 million loan from the Department of Energy, according to the report. The company says it plans to raise the additional funds through more private financing.


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  • 51 Comments
      Nick
      • 2 Years Ago
      o_o AUTOBLOG! Change that "billion" to "million" please!! Mis-informed commentators are on a roll now. Regardless, half a billion $ is still a LOT of money. I'm curious to see their current profit margins. I've seen quite a few Karmas around here.
      Ricky
      • 2 Years Ago
      PROOFREAD YOUR POSTS AUTOBLOG.
      MONTEGOD7SS
      • 2 Years Ago
      Private investors that don't have Internet access, or read the paper, or watch the news? Other than the Feds playing fast and loose with taxpayer money, who in their right mind would want to finance this failure of a company?
        jeffsun22
        • 2 Years Ago
        @MONTEGOD7SS
        and you think these people make investment decisions based on TV and Newspapers? well dang it! I can be a private investor as well...
      Rob J
      • 2 Years Ago
      Autoblog may want to change that B to an M...
      johnnythemoney
      • 2 Years Ago
      caugh, 529 Million, not Billion, caugh
      Mohammed Smith
      • 2 Years Ago
      Obama would be happy to provide the 150 million.
      Rob J
      • 2 Years Ago
      I love all the questionably intelligant people here who confuse a loan with a giveaway. The money given to Fisker was a VERY low interest loan, but it was still a loan, not a "bailout" or "a socialist scheme". I love people who get upset over a penny when they have quarters that are constantly being thrown at oil companies to "keep the economy going"
      mootabolife
      • 2 Years Ago
      A loan equaling almost 5% of the US GDP... and they still want more!
      Zack
      • 2 Years Ago
      They should be denied. Yes their cars are pretty, but they're proven failures at what they originally intended. Unlike Tesla, the car fails as all electric. Unlike the Volt, the car fails in the electric-only range. It's a fail all around, especially due to the fires. That plus it's a car for the rich at 100k+, the answer is clear IMHO
      Larry
      • 2 Years Ago
      Hello. I have owned the Fisker Karma for 4 mths. I plug in at night and get just over 40 miles per charge. I drive between 32 and 50 miles per day. I get a discount on my electric bill and rarely visit the gas station. (once in past 5 weeks). My software is on version 6.28, and the driving experience is awesome. I think both Tesla and Fisker will survive long term. Hopefully we'll see both Fisker and Tesla on the road in large respectable volume. Its time for the United States to stand behind and support them. I'd even go as far as supporting Fisker w/ the remainder of the loan + fund raising as long as they bring the business to DE. Build both the Karma AND Atlantic in Delaware.
        • 2 Years Ago
        @Larry
        [blocked]
          jeffsun22
          • 2 Years Ago
          oh mr peteresen, are you also angry about the Truck Loads of cash that were sent to Iraq never to be seen again - We are talking about tens of billions of dollars. What about the Oil Subsidies. NO I thought not... You just do what your Right Wing puppet masters tell you to.... I mean why should the US government try to get us off foreign oil and clean up the environment. The free market will do it, right? You know the free market the one that almost put us back in to the stone age a couple of years ago......
      EJD1984
      • 2 Years Ago
      I think they should worry about tracking down what is causing the fires first. Then concentrate on a new model.
      Jon Acton
      • 2 Years Ago
      For someone who has made a life-long career in the auto industry he sure seems like an amateur when it comes to actually developing a vehicle from the ground up. I feel Tesla will have a far more successful launch and ultimately a much better product. The Karma seems like a cobbled together kit car in contrast to the well put together Tesla Model S. Its no wonder the government won't fulfill the entire loan; they see no future for this greenwasher.
        dukeisduke
        • 2 Years Ago
        @Jon Acton
        He's very good at design, but he's never been very successful as a car *builder*.
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