2012 Fisker Karma
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After 18 months of not building any vehicles, plug-in vehicle company Fisker finally threw in the Chapter 11 towel today, filing for bankruptcy protection. The Department of Energy sold its Fisker assets to Hybrid Tech Holdings LLC for $25 million, at a reported $139-million loss. Other reports say the DOE invested $192 million in Fisker, and only got around $53 million back. The DOE put Fisker up for auction last month. Fisker also apparently owes creditors up to a billion dollars. Whatever the exact figures, the point is that the Fisker saga now enters a new phase.

Hybrid Tech Holdings is a somewhat mysterious investor group, one that does not have a website for more information, as far as we can tell. Spokeswoman Caroline Langdale told Bloomberg that she could not reveal who's behind the group, or even where it is located. "Unfortunately we can't comment beyond the press release at this time," she said. This won't be the last we hear of Fisker, though. Bloomberg says the LLC bought the Fisker remnants so it can, "eventually restart... production and sale of the Karma," as well as "other hybrid-electric vehicles." Fisker's press release is available below.
Show full PR text
Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings

ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets.

Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction.

To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process.

"After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership."


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    • 1 Second Ago
  • 81 Comments
      Afi Keita James
      • 1 Month Ago
      Got that right, that is why i'm a libertarian.
      dlubeck_mbz
      • 1 Month Ago
      I can't see how Li can even think of reviving the company, especially here in the U.S. Who really wants to buy the car for over $100K? Sure, they're buying them now because they've been discounted at $50-$60K or so. But I can't see anyone in their right mind wanting the car for the original asking price. If I were Li, I'd definitely re-engineer the entire car and completely change the name. Fisker is unfortunately associated with a company that lied to their investors and vendors and that made such poor management decisions, all while just thinking of their own pocket books. ,
      Geoffrey Swenson
      • 1 Month Ago
      The problem is partly the terrible engineering of the car. It's all style and no function, the car is way too low-slung, big, space inefficient, which makes it heavy, which then makes the powertrain even heavier. It makes no sense because even with all the hybrid savings, it weighs so much it doesn't get good mileage. If the company is going to succeed it needs to re-engineer from scratch. Perhaps licensing the Volt chassis and then doing something in carbon fiber that makes it 800 lbs lighter might make some sense as a luxury electric. But this car, even though it looks way kewl, does not.
        EVnerdGene
        • 1 Month Ago
        @Geoffrey Swenson
        Geoffrey, some interesting thoughts. Rebody Volt with Karma (ala tuners like AMG, Saleen, Rosch) ? Either up the power, or decrease weight - preferably both. Volt 3781 pounds. Karma 5400 pounds. You had me going until you said shave 800 pounds. This beast needs to shed closer to 2000 pounds for decent performance, even with a hot-rodded Volt drivetrain. Doable ? Yes. Major major redesign ? Yes. Butt, I don't see much of a market for it beyond Leonardo and Justin.
          m_2012
          • 1 Month Ago
          @EVnerdGene
          5.9, and that under ideal conditions. Its normally closer to 7 seconds under normal conditions while droning and banging. So slouch, pretty much.
          Kevin Gregerson
          • 1 Month Ago
          @EVnerdGene
          It already does 0-60 in the 5s. Speedwise, it's no slouch. But for handling, perhaps.
      gslippy
      • 1 Month Ago
      Everybody's a loser in this deal, lastly the fools at Hybrid who took over this thing. I'm amazed at the arrogance of people who think they constitute the missing link to a bankrupt company's ultimate success. Fisker was in hoc for $1 billion, and for numerous reasons: 1. Nobody wants the Volt drivetrain in a package that's more expensive, slower, demonstrably less reliable, and more cramped than a Tesla Model S. 2. Fisker died the day the Consumer Reports Karma bricked. 3. Fires - and not the kind you get after an accident.
      • 1 Month Ago
      one mans loss is another mans gain. 10 years from now, buy a fisker and take outt he electric and 4 cylinder engine and put in a turbo diesel and you have a very nice luxrury sedan.
      Spec
      • 1 Month Ago
      I saw a Fisker Karma yesterday. Beautiful car. But I wouldn't touch the company with a 10 foot pole. Build a pure electric version.
      jebibudala
      • 1 Month Ago
      Thanks Obama for wasting more of my tax dollars. We'll just tag this to the additional $80+ billion trillion million of other green initiatives/loans/grants that have been wasted thus far.
        raktmn
        • 1 Month Ago
        @jebibudala
        Dept of Energy spokesman Bill Gibbons said Friday: "While this result is not what anyone hoped, the ($139 million loss) represents less than 2 percent of our advanced vehicle loans, and less than one-half of 1 percent of our overall loan program portfolio" of more than $30 billion, Gibbons said. So no, not $80+ billion trillion million, but $30 billion. And no, that doesn't mean $30 billion in losses. Tesla already paid back half a trillion, with interest, and with an early prepayment penalty. Ford is well into paying off their $5.9 billion dollar loan, with absolutely zero sign of default. Same with Nissan.
          raktmn
          • 1 Month Ago
          @raktmn
          This site needs an editor. s/trillion/billion typo doesn't change the point.
        RoyEMunson
        • 1 Month Ago
        @jebibudala
        Is "$80+ billion trillion million" some kind of red-neck number? Kind like being "a thousand percent sure" of something like a paternity tests results? I occasionally watch daytime TV...
          Marcopolo
          • 1 Month Ago
          @RoyEMunson
          @ RoyEMunson "$80+ billion trillion million" , that sure is an impressive number ! That's only a fraction of all the money Obama's given to Al Gore, and other secret " World Government , types" . Last night my neighbour Verne, in the trailer park, told me that he seen African guy's coming out of the White House with sack loads of money ! Ol' Verne, he ought to know 'cos he drives the garbage truck that picks up up trash not three block from the White house each day !
        EZEE
        • 1 Month Ago
        @jebibudala
        Y'all are way to serious. Sure, jeb's post was dumb, but didn't it make everyone laugh just a little? I am an engineer and even I don't know how high that number is.
        Koenigsegg
        • 1 Month Ago
        @jebibudala
        "my tax dollars" another one of you fags
        Joeviocoe
        • 1 Month Ago
        @jebibudala
        Wasn't the loan money Fisker took, given by the Bush Administration.
          raktmn
          • 1 Month Ago
          @Joeviocoe
          The loan program was signed into law by Bush, and received wide-bipartisan support in the Congress, getting passed by a large majority. But the loan was technically approved by the Obama administration. So it depends upon what your definition of "given" is...
          Grendal
          • 1 Month Ago
          @Joeviocoe
          The program was created by the Bush administration but the final approval based on Bush's loan criteria (such as an equal amount of money had to come from investors) was given by the Obama administration.
      AngeloD
      • 1 Month Ago
      The Government doesn't need to be in the business of picking and choosing private companies to support with US taxpayer money. They're not good at it and it is rife with corruption. Virginia's new Governor "fast Terry" McAuliffe is a good example of a sleazebag Democrat engaging in a criminal enterprise masquerading as a green tech auto company in my opinion. As we all know, the Obama Administration is famous for this kind of incompetence and corruption. Look at Solyndra and dozens of other green tech companies run by Obama cronies that have stolen $Billions of taxpayer money.
        Marcopolo
        • 1 Month Ago
        @AngeloD
        @ AngeloD "criminal enterprise masquerading as a green tech auto company in my opinion" Angelo, some would say, you're entitled to your opinion, other would say that you are just a libellous mischief-maker, with no evidence to back up your slanderous claims about Governor McAulliffe. You may not like government policies, be they Republican or Democrat, but unless you can prove that any laws have been broken, you just have to accept that those policies are legal. It doesn't mean that you have to like them, or the politicians who support them, but it does mean you can't call people criminals without any evidence, other than your dislike.
          EVnerdGene
          • 1 Month Ago
          @Marcopolo
          read Rodham visas for sale http://www.motherjones.com/politics/2013/11/terry-mcauliffe-governor-virginia overall, yes - a sleaze
        icemilkcoffee
        • 1 Month Ago
        @AngeloD
        Look up the Bush administration. They lost $6 billion in Iraq. And I don't mean lost as in mis-spent. They mis-spent $30 billion. They LOST $6 billion in cash. As in- Ooooopsie dooooosie, where'd I put that $6 billion? Have you seen my $6 billion?
      diffrunt
      • 1 Month Ago
      When the crime of deceptive practices has occurred, the first question is ---who profits?
        skierpage
        • 1 Month Ago
        @diffrunt
        Asking a rhetorical question with nothing to back it up is lame. Fisker got a high-end plug-in hybrid car to market, was working on a nice follow-up to be made in the USA, caught some unlucky breaks, and failed. Nobody profited. I still think the Advanced Technology Vehicles Manufacturing loan program was a good deal, assuming Ford and Nissan repay the billions they got.
      • 1 Month Ago
      Maybe our federal government repurchased Fisker with taxpayers $$$? quote; "Sooner or later, a socialist government will run out of other people's money." Margaret Thatcher
      Letstakeawalk
      • 1 Month Ago
      Hopefully the new owners will resurrect these beautiful designs. C'mon Sunset!
        Joeviocoe
        • 1 Month Ago
        @Letstakeawalk
        Are you really having hope that the Sunset will still come? The fate of Fisker, is the same as in 'A Game of Thrones'.... "Winter is Coming".
          Letstakeawalk
          • 1 Month Ago
          @Joeviocoe
          Joeviocoe, always upset that out there, somewhere, somebody might be hoping for a product he doesn't understand... and he feels the need to complain about it.
          Joeviocoe
          • 1 Month Ago
          @Joeviocoe
          I understand your hope. And I would actually love to see the Sunset come true. But it is so damn unlikely, that I don't explicitly have "hope". I think it is time to move on from Fisker. Any further press regarding Fisker, or a possible resurrection, will likely cause unneeded backlash about the money lost. Remember, this is not just an Engineering battle we are trying to win... it is a PR war too. EVs/PHEVs need good PR, as much as the need good engineering. Not that Fisker is known for good engineering either.
        Marcopolo
        • 1 Month Ago
        @Letstakeawalk
        @ Letstakeawalk Yes, I also loved the Sunset's styling.
      • 1 Month Ago
      My company is still owed over 1 million in bills from Fisker. My family, employees families and company continue to suffer! No response from anyone!! A billionaire now buys the company and flushes the debt along with destroying my company and it's families that work for me. No one cares!!! Fisker lied to us and told us all would be ok. Let us do work and continue to help them sell cars. Great American dream story!!!
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