Fisker Automotive appears to be wrangling up its proverbial ducks and properly aligning them again after halting production nearly two years ago. After filing for bankruptcy, the Chinese company Wanxiang, like an angel made of money, scooped up the maker of the Karma range-extended electric sports car for the sizeable sum of $149.2 million. Now, Wanxiang is looking to relaunch the Karma by early 2015, and the car that we see upon its revival will likely look quite familiar.
It's easy to fall in love with the Fisker Karma based on looks alone. Figure in the luxury interior, electric drivetrain, and the convenience of the extended range, and it's hard to fault anyone who took the plunge and plunked down their hard-earned dollars for this swank green machine. Things go wrong, sure, as they do with any vehicle, but when the company goes bankrupt and you can't get the parts to get your car running again, let's just hope you really like the way it looks in your garage.
The Orange County Register has an update on Wanxiang's plans for Fisker, and it starts with the idea that you would see brand new Karmas back on the road in mid-2015. From there the goals get less certain, the OCR saying the Surf station wagon "could ship in 2016" and the mid-priced Atlantic "might come in 2017."
When it comes to choosing a guy who's gone from Rocky Mountain High to sea level in the electric vehicle world, the Electrification Coalition couldn't have made a better choice. The EV advocacy group has tapped Tony Posawatz, he of the former Chevrolet Volt and Fisker Automotive fame, to help spread the EV word. Posawatz will head the Coalition's community efforts in Drive Electric Northern Colorado (DENC) and Drive Electric Orlando (DEO).
You may have scoffed when the US Department of Energy sold the rights to its $168 million outstanding Fisker Automotive loan to Hybrid Tech Holdings last December for just $25 million, or about 15 cents on the dollar. It turns out that might be the going rate for anyone with claims against the bankrupt extended-range plug-in maker, though. That's because Fisker, which declared bankruptcy in November, has generated $985.4 million in claims from 618 not-so-happy parties, Delaware Online says, citi
At the beginning of 2014, it looked like Hybrid Tech Holdings LLC was going to buy the remains of Fisker Automotive for $25 million. Just before that sale was to take place, however, Wanxiang stepped in and an auction was therefore scheduled for the middle of February. After 19 rounds of apparently frantic bidding, Wanxiang drove away the winner with a $149.2-million bid. Despite the massive dollar run-up, the Department of Energy will not be recouping any extra money from its failed loan to Fis
Always read the fine print before you sign the contract. That platitude is taking on new life as word comes that the winning bidder for bankrupt plug-in hybrid manufacturer Fisker may not actually earn the rights to use the company's name and logo. According to Delaware Online, that's because Fisker Automotive doesn't actually own either – they're the property of a different company called Fisker Coachbuild, LLC, and they have been used under license by the carmaker since 2008.
Will more money equal more Karma? In the continuing fight over the assets of extended-range plug-in vehicle maker Fisker Automotive, a Hong Kong-based investor is ready to up the stakes. Hybrid Tech Holdings has announced it will increase its bid for the maker of the Karma to $55 million.
Fisker, which made the $100,000+ Karma plug-in hybrid until it shuttered its plant 15 months ago, is said to finally have a buyer in an investment group led by Richard Li, one of Hong Kong's richest men. That's according to a new Reuters report, which notes that the the deal remains private since the sale hasn't been finalized finalized.
Think of it as a plug-in pu pu platter, albeit a rather depressing one. That's the option cash-heavy investors with an eye for electrified light-duty vehicles had as charging-station maker Ecotality joined Fisker Automotive among entities whose assets were up for auction last week.
American plug-in hybrid automaker Fisker Automotive has been through some tough times since losing its Department of Energy loan. More than 300 Karmas were destroyed by hurricane Sandy - and they weren't covered by the insurance company - its battery supplier filed for bankruptcy, and 75 percent of its employees were laid off in April. There have been more issues, but you get the point...
It looks like Beijing Automotive Industry Holding Corp. (BAIC), which was recently reported to be taking a look at unnamed European automakers for a potential acquisition, has come to this side of the Pond. The latest news is that BAIC is targeting extended-range plug-in vehicle maker Fisker Automotive for a possible buyout, Automotive News China reports, citing various Chinese media sources. BAIC executives visited Fisker's offices in Southern California last week, according to Automotive News
Anyone looking for a chilling plug-in vehicle warning tale should check out this detailed Reuters article, which digs into the financial history of Fisker Automotive and reveals that the company lost around $35,000 per vehicle.
Struggling to save Fisker Automotive from the of talons of bankruptcy, Henrik Fisker has teamed up with Hong Kong billionaire Richard Li to offer to purchase the company's outstanding U.S. Department of Energy's (DOE) advanced vehicles loan for just a fraction of its $171 million balance (the company was originally loaned $192 million, but $21 million was seized last month by the Energy Department).
Chinese company Wanxiang was in the news earlier this year, as it moved to acquire bankrupt automotive battery company A123. Turns out, while that was taking place in the public eye, Wanxiang was also working with VL Automotive – of Bob Lutz and Destino fame – to try and buy out Fisker Automotive.
As we get ready for a Congressional hearing later today, news of money that Fisker Automotive owes to the US government is on the mind of regulators and the public. Therefore, the US Department of Energy has announced that it did recently collect $21 million from the struggling automaker. The DOE says that the $21 million was paid back April 11. The company's first repayment, of $10 million out of the roughly $192 million that the company took (it was originally granted a $529 million loan but n
Fisker Automotive looks to be headed towards bankruptcy protection. Automotive News reports the automaker could file Chapter 11 as soon as this week as the US Department of Energy attempts to get the company to give back around $200 million in federal loans. The manufacturer's lawyers have already drawn up the necessary paperwork and are ready to file within the next few days, according to an unnamed source. The DoE is pushing Fisker toward bankruptcy after months of bickering between the two pa
Turns out it's illegal to surprise three-quarters of your workforce with pink slips on a random Friday morning. Just before the weekend, Fisker Automotive furloughed 160 employees as "a necessary strategic step to... maximize the value of Fisker's core assets," which is lingo for trying to conserve as much cash and value as possible while the financially troubled company searches for a buyer. But Fisker Automotive laid off that group of employees without giving them 60 days notice and that detai
Henrik Fisker, former Executive Chairman of luxury plug-in hybrid carmaker Fisker Automotive, has resigned from the company he helped to found in 2007. Citing "several major disagreements...with the Fisker Automotive executive management on the business strategy," in a statement sent to Autocar, Fisker announced his resignation, effective immediately.
Details are scant, but the company has released the following statement: