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It looks as if electric carmaker Fisker is about to join the ranks of companies like like Studebaker, Packard, and Duesenberg: Great automotive companies that failed.

The automaker, which hasn't produced a single car since last year, laid off about three-fourths of its workers at its California headquarters on Friday. The company issued a statement saying it is pursuing "strategic alternatives" to manage its way through its financial woes, but couldn't avoid the layoffs.

"The company regrets having to terminate any of its hard-working and talented people," the company said in its statement. "But this was a necessary strategic step in our efforts to maximize the value of Fisker's core assets."

Fisker's troubles show how hard it is to break into the auto industry. Cars cost a lot of money to develop, build, and eventually sell. They consist of thousands of parts that can act unexpectedly once customers get their hands on the vehicle -- a lesson Fisker learned the hard way after a couple of its vehicles caught fire.

It's the second alternative car maker to start circling the drain in the past few weeks. Carbon Motors, which was trying to make a high-powered fuel-efficient police car, recently packed up its belongings from its plant in Indiana and stopped operating. Its CEO, William Santana Li, did not return emails from AOL Autos.

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Statement of Fisker Automotive Inc., Friday, April 5, 2013

Over the last several months, Fisker Automotive Inc. has been considering strategic alternatives that would allow the Company work through its current financial challenges.

Throughout this process our primary goal has been to maximize the core value of the Fisker technology and the business that we have created.

Our efforts to secure a strategic alliance or partnership are continuing in earnest, but unfortunately we have reached a point where a significant reduction in our workforce has become necessary.

Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company. Yesterday, we met with a core group of employees in Southern California to express our desire that they remain with the company while we continue to address the challenges before us. We expect that at the end of the day we will have retained approximately 25 percent of our workforce.

The Company regrets having to terminate any of its hardworking and talented people. But this was a necessary strategic step in our efforts to maximize the value of Fisker's core assets.
TRANSLOGIC 95: Fisker Karma Extended-Range EV Drive


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      • 2 Years Ago
      before I saw the draft which was of $6071, I accept that my brother had been truley making money in there spare time from there computar.. there aunts neighbour has been doing this for under a year and as of now took care of the morgage on their apartment and purchased a gorgeous volvo. I went here,........... ZOO80.ℂom
      wrestleprocbt
      • 2 Years Ago
      That sucks, it's a cool car. Maybe if they can quickly turn it into a hybrid model or give it a powerful v8, cut the cost some they can shoot a few thousand on the roads. I would sure consider one if it wasn't so expensive and all electric.
        wrestleprocbt
        • 2 Years Ago
        @wrestleprocbt
        Ok, after watching the video, I realize I didn't know as much about this car as I thought, just assumed. It does seem to be a really great car. Hopefully someone will come through and save the company. Besides GM! They would decide it needs to look more American and slap a chevy front end and sticker on it and destroy another cool brand. They are good at that.
      Ron Wizard
      • 2 Years Ago
      Accountability? Tired of this word conimg out of liberal democrats mouths? The only real accoutability in government is to be able to sue a politician or judge when he/she create a law, regulation, rule or policy that cause damage to the nation and/or its citizens. So we need an amendment to the constitution to do so. Otherwise "accountability" is a word used to fool the gullible amongst us. This Fisker blunder like others will become another joke on americans to be swepted under the rug. And become a "Remember When Story" for Obama and his liberal friends to joke about in thier later life.
        carney373
        • 2 Years Ago
        @Ron Wizard
        It's not just liberals who support breaking free from oil. Bush said we must end our addiction to oil, and the loan program Fisker benefited from began under his Administration. Presuming Fisker does fail, the hundreds of millions of tax dollars lost still pales in comparison to the hundreds of BILLIONS lost EVERY YEAR to the Mideast because we are still stuck on oil. It makes sense to take some risks that the market would not support on its own, to try to find some way to break out of the oil trap.