Autoblog

Fisker needs $150 million to build Atlantic

Jeff Sabatini — Thu, 16 Aug 2012 14:16:00 EST

Filed under: Plants/Manufacturing, Technology, Fisker

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.

Fisker needs $150 million to build Atlantic originally appeared on Autoblog on Thu, 16 Aug 2012 14:16:00 EST. Please see our terms for use of feeds.

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Henrik Fisker, what are you drawing?

Jeremy Korzeniewski — Fri, 06 Jul 2012 19:58:00 EST

Filed under: Hybrid, Videos, Fisker, Design/Style, Electric

"Cars have become an appliance... And on top of that, you start feeling a bit guilty about driving a car, because it pollutes, you use a lot of gasoline." These are the words of Henrik Fisker, car designer and the man who startes his own automobile company which currently builds and sells the extended-range electric Karma sedan.

"Why do electric cars, or small fuel-efficient cars, always have to look dorky? Why can't we make a beautiful, gorgeous car?" Well, if you're the man who penned the BMW Z8 and a couple of show-stopping Aston Martin coupes, you don't have to design a dorky EV. Which explains the sleek lines of the aforementioned Karma and upcoming Fisker Atlantic.

Will Fisker ultimately succeed in establishing a viable automaker that continues to build cars well into the future? Only time will tell. Either way, we have to admire Henrik's bravado. "The doubters out there, they are rarely the builders. And those who are the skeptics, are never really the inventors... There are a lot of us out there who believe that dreams are possible."

Those parting words are spoken as Henrik Fisker lays out what appears to be a two-door sports car with a low-slung profile that would seemingly mesh quite well with the rest of Fisker's slinky but eco-conscious machinery. Scroll down below to watch the video, which was shot during his TED talk at Chapman University.

Continue reading Henrik Fisker, what are you drawing?

Henrik Fisker, what are you drawing? originally appeared on Autoblog on Fri, 06 Jul 2012 19:58:00 EST. Please see our terms for use of feeds.

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Fisker loan spurs more questions from senators

Danny King — Wed, 27 Jun 2012 11:29:00 EST

Filed under: Hybrid, Government/Legal, Fisker, Electric

Um, about that $337 million.

Fisker Automotive and its pending federal government loan has spurred a letter from two U.S. senators to Energy Secretary Steven Chu questioning the appropriateness of the loan, The Detroit News reports.

In their letter to Chu, senators John Thune (R-South Dakota) and Chuck Grassley (R-Iowa) reportedly question the $529 million loan in part because of Qatar's ownership stake in the plug-in hybrid automaker. The senators also inquired about the loan earmarked for Fisker partner A123 Systems, the company whose batteries have been subject to a recall.

Fisker spokesman Roger Ormisher tells The Detroit News that the company is staying out of politics and focusing on creating U.S. jobs. California-based Fisker was granted the loan in 2010 but has drawn down just $193 million to date.

Energy Department spokesman Damien LaVera argues the loan was an appropriate part of the federal government's effort to help boost fleetwide fuel economy and said Fisker's delays are "common for start-ups," according to the report.

Last week, Fisker debuted its first national advertising campaign in a multi-page Wall Street Journal ad that included a statement from company founder Henrik Fisker proclaiming that the automaker has "set out to redefine and reshape how the world thinks about cars." Fisker also recently widened its European distribution network.

Upon securing the original loan grant, Fisker was slated to hire 2,000 people at a Delaware factory that was formerly run by General Motors. Production of the Fisker Atlantic shown above, which was originally scheduled to be produced at the Delaware plant, has been delayed until at least 2014.

Fisker loan spurs more questions from senators originally appeared on Autoblog on Wed, 27 Jun 2012 11:29:00 EST. Please see our terms for use of feeds.

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Leaked Fisker Atlantic documents reveal big production delay, specs

Autoblog Staff — Wed, 16 May 2012 16:29:00 EST

Filed under: Hybrid, Sedan, Plants/Manufacturing, Fisker, Electric, Luxury

The Fisker Atlantic extended-range plug-in vehicle will start production about a year after its previously estimated mid-2013 date, Inside EVs blog reports, citing leaked company documents that were dated "a few weeks ago."

The Atlantic, formerly known as Project Nina, will compete pricewise against the BMW 3 Series and 5 Series sedans, as well as the Mercedes-Benz C-Class and E-Class, Jaguar XF and Audi A4 and A6. That would put the model in the $50,000 to $60,000 range, according to the publication. The model, which will still be produced at Fisker's Delaware plant, will have 300 horsepower, a 0-60 time of 6.5 seconds and emissions of 50 grams per kilometer of CO2, Inside EVs reports, citing the documents.

"As these documents are obviously leaked investor documents and highly confidential, I am not prepared to comment any further," a Fisker representative tells Autoblog sister site, AutoblogGreen.

The status of the Atlantic has been in question since plans for the former General Motors plant in Delaware were put on hold once the U.S. Department of Energy froze most of the $529 million in loans earmarked for the California-based company.

Fisker unveiled the Atlantic at the New York Auto Show last month, saying that the car's price tag would be "a much lower price point" than Fisker's Karma sedan.

Leaked Fisker Atlantic documents reveal big production delay, specs originally appeared on Autoblog on Wed, 16 May 2012 16:29:00 EST. Please see our terms for use of feeds.

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Ex-Fisker chair blames Mitt Romney attacks for DOE loan hold-up

Autoblog Staff — Fri, 20 Apr 2012 18:29:00 EST

Filed under: Hybrid, Sedan, Government/Legal, Earnings/Financials, Fisker, Electric, Luxury

Ah, election season...

Former Fisker Automotive Chairman and current investor Ray Lane is blaming Republican presidential candidate Mitt Romney for the delays in procuring federal loans that have been earmarked for the maker of the extended-range plug-in Karma and the upcoming Atlantic, according to Delaware Online.

In an e-mail, Lane said Romney is mistakenly grouping the Fisker loan from the U.S. Department of Energy (DOE) with money given to failed companies like solar-panel producer Solyndra. Lane, managing director at venture-capital company Kleiner Perkins Caufield & Byers, said in the alleged e-mail that he's planning to contact Romney, whose father George Romney was once president of American Motors Corp.

The Fisker issue is particularly acute in Delaware, where the automaker had planned to expand employment and build a production version of the Atlantic sedan (a.k.a. Project Nina) shown above at a former General Motors factory. Those plans have been put on hold as Fisker sorts out its financial situation. Delaware Online reported late last week that Fisker had laid off 12 more workers at the factory, which was characterized as "absolutely empty."

The company was set to receive $529 million in federal loans but has only received a fraction of that and hasn't received funding since last year.

Ex-Fisker chair blames Mitt Romney attacks for DOE loan hold-up originally appeared on Autoblog on Fri, 20 Apr 2012 18:29:00 EST. Please see our terms for use of feeds.

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More layoffs at Fisker; Delaware plant is 'absolutely empty'

Sebastian Blanco — Tue, 17 Apr 2012 18:01:00 EST

Filed under: Hybrid, Sedan, Performance, Hirings/Firings/Layoffs, Plants/Manufacturing, Earnings/Financials, Fisker, Electric, Luxury

Last we heard, Fisker Automotive was still "committed" to building the recently revealed Atlantic sedan at the former General Motors plant in Delaware. A few years ago, Fisker announced that site would be the company's new domestic production home (the Fisker Karma extended-range plug-in hybrid is made by Valmet in Finland). Still, Fisker did say that any definitive statement on the Atlantic's production location would not come until the end of the summer.

So we were interested to read new reports from local media that show more signs that the Atlantic might not ever be built in Delaware. On Friday, Delaware Online reports, 12 more workers - including engineers and maintenance technicians - were laid off at the plant, leaving "only a small maintenance team" left there. One of those let go was Jeff Garland, who had been working on community affairs and business development efforts in Delaware. He said the plant is currently "absolutely empty." This is because Fisker has taken out the old GM equipment but has not yet installed the machines it would need to build the Atlantic. As Garland told Delaware Online, "I think what happened was the budget numbers are so tight right now and they're working so hard to preserve as much cash as they can that something had to give. We're not making a car in Wilmington right now, so given that situation it was an obvious place to make a cut."

Fisker spokesman Russell Datz said that the company has flexible plans and will hire people when "we ramp up the project again." Production of the Atlantic is being delayed, at least in part, because of issues with Fisker's Department of Energy loan. You can read more about that here.

In related news, some of the components that Fisker and Ford will use in hybrid and all-electric cars are now being made by Magna E-Car Systems in Michigan. The inverters Magna makes are used in the Karma and this new production does not in any way predict a shift of Atlantic production to Michigan.

More layoffs at Fisker; Delaware plant is 'absolutely empty' originally appeared on Autoblog on Tue, 17 Apr 2012 18:01:00 EST. Please see our terms for use of feeds.

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Fisker may change plans on Delaware production, details Karma troubles

Autoblog Staff — Sun, 08 Apr 2012 10:01:00 EST

Filed under: Plants/Manufacturing, Hatchback, Earnings/Financials, Fisker

Fisker Automotive may drop plans to use a Delaware factory to build its upcoming Atlantic sedan and is looking at "other options," Automotive News reports, citing an interview with company CEO Tom LaSorda. The company, in an online meeting with owners of the Fisker Karma extended-range plug-in sedan, spelled out some of the issues that have been plaguing the car.

Fisker will hold off on deciding on the Atlantic's production site until the end of summer, which will delay the model's debut. LaSorda maintains that Fisker will be able to produce the Atlantic with or without Department of Energy funding, according to Automotive News. Fisker's director of corporate communications, Russell Datz, tells AutoblogGreen that the company remains "committed to Delaware" but admits that if the rest of the company's DOE loan money does not come through, the plan to build the Atlantic in Delaware could change.

Follow the jump to continue reading...

Continue reading Fisker may change plans on Delaware production, details Karma troubles

Fisker may change plans on Delaware production, details Karma troubles originally appeared on Autoblog on Sun, 08 Apr 2012 10:01:00 EST. Please see our terms for use of feeds.

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Fisker Atlantic revealed, promises to be available to mortals someday [w/video]

Sebastian Blanco — Tue, 03 Apr 2012 22:31:00 EST

Filed under: Concept Cars, New York Auto Show, Hybrid, Hatchback, Fisker, Electric

Overheard at the reveal event for the Fisker Atlantic this evening: This is the car you buy your secretary.

Yes, the altogether good-looking Atlantic sets a new high for plug-in hybrid looks, and even though Fisker is tight-lipped about things like all-electric range, cost or an estimated delivery date, for now the car speaks for itself. All anyone would tell us is that the Atlantic will come in at "a much lower price point than the Karma," as Fisker executive chairman Henrik Fisker put it, suggesting something in the range of the Audi A5 or "the upper end of the BMW 3 Series." So, $45,000? In any case, Fisker seems to have learned its lesson with the Karma situation/delay, and is keeping mum about its future plans.

One thing Fisker was very happy to talk about was that the Atlantic is a car that will be built and will go into production. It is "a promise we are going to deliver," he said.

Whenever the Atlantic arrives, it is most likely going to be incredibly similar to what we see in the pictures here (and in recent spy shots). Fisker said that his company does not do concepts - see how little the Karma changed between auto show reveal and showroom. And that's fine by us. The lines and angles of the little Karma might be too busy for some, but in person they most certainly work. One thing to note is that in person the headlights have a frozen/frosted look that offers an 'eagle eye' with a strength of strong character not seen on a production car before," the Fisker press release says.

Despite the off-hand suggestion from the peanut gallery that this is a car for those with a bit of money to throw around, Fisker repeatedly emphasized the practicality of the Atlantic. For one thing, it will have the second-generation EVer (Electric Vehicle with extended range) powertrain that incorporates a BMW four-cylinder gasoline engine, because, Fisker said, "range equals freedom." He also showed the gathered media how the rear seats fold down and called it "a pure family vehicle." Must be nice to be in that family.

Continue reading Fisker Atlantic revealed, promises to be available to mortals someday [w/video]

Fisker Atlantic revealed, promises to be available to mortals someday [w/video] originally appeared on Autoblog on Tue, 03 Apr 2012 22:31:00 EST. Please see our terms for use of feeds.

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Project Nina revealed as Fisker Atlantic, images leak early

John Neff — Sun, 01 Apr 2012 18:00:00 EST

Filed under: New York Auto Show, Hybrid, Sedan, Fisker, Electric

Here it is, folks. This is the car that was under cover in the spy shots we showed you a few days ago, and it's going to be called the Fisker Atlantic when it debuts this week at the New York Auto Show. These two images of the car appeared today on a Czech website, and the rear shot clearly shows a license plate bearing the name "Atlantic."

Previously called Project Nina, the Atlantic will slot in Fisker's fledgeling lineup below the Karma, and reportedly cost considerably less. While any talk of pricing is just a guess at this point, rumor has it the Atlantic will be about half the price of the Karma, putting it squarely in the $45,000-$55,000 range. It's a plug-in series hybrid, just like its big brother, but the Atlantic will reportedly use a turbocharged four-cylinder from BMW as its range-extending generator.

We'll have more detailed information about the Atlantic when it officially debuts at the New York Auto Show this week, so come back for our live show coverage on Wednesday and Thursday, April 4-5.

Project Nina revealed as Fisker Atlantic, images leak early originally appeared on Autoblog on Sun, 01 Apr 2012 18:00:00 EST. Please see our terms for use of feeds.

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1936 Bugatti Type 57SC Atlantic sells for a record $30+ Million

Noah Joseph — Wed, 05 May 2010 19:24:00 EST

Filed under: Classics, Auctions, Bugatti, Earnings/Financials

The Williamson Bugatti Type 57SC Atlantic - Click above to enlarge

Widely regarded as one of the most beautiful automobiles ever created, it's not every day that a Bugatti Type 57SC Atlantic changes hands. Only four of examples were ever made, and only two or three of them are still around today. One is owned by Ralph Lauren, and another belonged to the late Dr. Peter Williamson. Californian auction house Gooding & Company has now announced that the Williamson Bugatti has changed hands for a record sum, and though the buyer and exact amount paid remain undisclosed, reports place it between $30-40 million, easily eclipsing the $12.2 million paid for a 1957 Ferrari 250 Testa Rossa this time last year.

Until his recent passing, Dr. Williamson had amassed a considerable collection of classic Bugattis. Gooding had helped assemble the collection, and since his passing has helped his estate sell them off. But the Atlantic - the crown jewel of the collection and winner of the 2003 Pebble Beach Concours d'Elegance - was saved for last. According to reports, the car was acquired through Gooding by the Mullin Automotive Museum in Oxnard, California, where we recently went to check out the soon-to-be-rebuilt Bugatti Type 64 Coupe, so with a little luck we might have the opportunity to bring you the Atlantic in due course. Follow the jump for the press release from Gooding.

[Source: Gooding & Company]

Continue reading 1936 Bugatti Type 57SC Atlantic sells for a record $30+ Million

1936 Bugatti Type 57SC Atlantic sells for a record $30+ Million originally appeared on Autoblog on Wed, 05 May 2010 19:24:00 EST. Please see our terms for use of feeds.

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Ralph Lauren's Bugatti Atlantic to headline Villa d'Este

Noah Joseph — Fri, 10 Apr 2009 18:27:00 EST

Filed under: Bugatti, Misc. Auto Shows

Bugatti Type 57 SC Atlantic from the Ralph Lauren Collection - Click for a hi-res gallery

Ralph Lauren's Bugatti Type 57 SC Atlantic will headline the classic cars assembling for the annual Concorso d'Eleganza at Villa d'Este. The ultra-rare coupe, even rarer than the Type 57 Atalante recently unearthed from a garage in England, is one of only three ever built, and will be coming back to Europe for the first time in 18 years. The special appearance of special Bugatti will help the marque celebrate its 100th anniversary this year, and the show its 80th.

While the famous fashion designer's classic Bugatti is sure to garner its fair share of attention among the classic motors on the shores of Lake Como later this month, Bertone, Zagato and Morgan are anticipated to arrive with brand new designs of their own, promising to make this year's Villa d'Este assembly an especially memorable event.

Gallery: Speed, Style and Beauty: The Ralph Lauren Car Collection

[Source: Luxist]

Ralph Lauren's Bugatti Atlantic to headline Villa d'Este originally appeared on Autoblog on Fri, 10 Apr 2009 18:27:00 EST. Please see our terms for use of feeds.

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Like father like sons: Mansell boys sign for Champ Car Atlantic series

Noah Joseph — Thu, 15 Nov 2007 10:34:00 EST

Filed under: Motorsports, Hirings/Firings/Layoffs

History, they say, has a habit of repeating itself. That's certainly the way things have been looking in recent years as some of the greatest racing names in motorsport history have been making a comeback. But instead of the legends squeezing their aging selves into new racing equipment like so many sardines, it's the younger generation that's been hitting the scene lately.

Gilles Villeneuve's embattled son Jacques, it pains this Montrealer to say, may have turned out to be a bit of a disappointment in recent years, notwithstanding his earlier F1 and Indy titles. But Bruno Senna, nephew of the legendary Ayrton, has been working his way up the ranks, as has Freddie Hunt, son of '76 F1 champion James Hunt. Nico Rosberg has already made it into Formula One, following in the footsteps of his '82 world champion father Keke.

The next big thing in racing dynasties, however, is coming with back-up. Nigel Mansell's sons Greg (20) and Leo (22) are boarding the ark two by two to cross the Atlantic for next year. The brothers have been working their way up the racing ladder together, competing in the British series Formula BMW last year after just half a year racing in karts. Like their father who won the CART title in 1993, the pair has confirmed that they're coming stateside to compete in the Champ Char Atlantic Series, joining BMW-backed Canadian driver Kevin Lacroix for a three-car Walker Racing team in 2008. Some good ol' Mansell-style racing is one bit of history we don't mind repeating.

[Source: Auto Week]

Like father like sons: Mansell boys sign for Champ Car Atlantic series originally appeared on Autoblog on Thu, 15 Nov 2007 10:34:00 EST. Please see our terms for use of feeds.

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Motorsports this Weekend: April 15-16

Stuart Waterman — Fri, 14 Apr 2006 19:56:00 EST

Filed under: Motorsports

Easter weekend is traditionally an off-weekend for most racing series, providing TV-watchers a chance to catch up on some taped broadcasts from the supporting series that we often miss in the busier weekends.

NASCAR:
No Nextel Cup action this Sunday, but Saturday features a live broadcast of this week's Busch Series race from Nashville, Tennessee. Matt Kenseth will be without crew chief Chad Norris, who received a 3-race suspension for rules violations in the Texas race. Craftsman Truck rookie Erin Crocker will make a Busch Series start, driving a Dodge for Evernham Motorsports. Full info here.

FX, Saturday 3:30pm ET.

SPEED World Challenge GT Series (pictured)
Last week's SPEED World Challenge race in support of the Long Beach Grand Prix was a barn-burner! Here's your chance to watch the Caddys, Vipers, 'Vettes and Porsches take it to the streets. Guaranteed great racing! The series website has plenty of info, but watch for spoilers if you haven't heard the results yet!

SPEED, Sunday 2pm ET

Champ Car Atlantic
Another terrific support race for the LBGP, this time from the resurgent Formula Atlantic open wheel series. With a new chassis, new engines and a huge field of young drivers looking to prove themselves, this series will be one to watch all year. Here's the series website - wait until after the broadcast though!

SPEED, Sunday 1pm ET

Motorsports this Weekend: April 15-16 originally appeared on Autoblog on Fri, 14 Apr 2006 19:56:00 EST. Please see our terms for use of feeds.

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