Posts Tagged ‘fisker atlantic’
Former GM “car czar,” Chinese supplier reportedly offer $20 mil for failed plug-in maker.
by Paul A. Eisenstein on May.24, 2013
Former GM car czar Lutz meeting with reporters at the Detroit Auto Show.
General Motors’ former “car czar” and Vice Chairman Bob Lutz reportedly is part of a group making a bid to purchase the assets of fast-failing plug-in carmaker Fisker Automotive.
The $20 million offer would be part of a pre-packaged bankruptcy deal, according to the Reuters news service. Fisker, which produces the $100,000 Karma plug-in hybrid sports car, laid off three-quarters of its staff in April and senior executives subsequently told a Congressional committee that a Chapter 11 filing was quite likely to follow.
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Credited with the original concept that eventually became the Chevrolet Volt plug-in, Lutz did not return a request for comment. But he recently expressed his interest in Fisker through a bylined column on the Forbes blog. He described the Karma as “quite possibly the most beautiful four-door sedan ever,” and referred to its underlying technology as “ground-breaking.”
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Tags: Fisker layoffs, auto news, battery cars, bob lutz, car news, fisker, fisker atlantic, fisker automotive, fisker bankruptcy, fisker karma, fisker lutz, fisker news, lutz fisker, paul a. eisenstein, paul eisenstein, plug-in hybrids, thedetroitbureau, vl motors, wanxiang fisker
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GOP preparing House hearings on collapse.
by Paul A. Eisenstein on Apr.10, 2013
Henrik Fisker is one of several current and former Fisker Automotive executives who will be asked to testify before the House Oversight Committee.
Lawyers for Fisker Automotive are putting the final touches on paperwork that could put the company into Chapter 11 bankruptcy protection within a matter of days, according to numerous sources in and outside the fast-fading battery-carmaker.
The move appears to be coming under pressure from the Department of Energy which is hoping to recoup more than $200 million in government-backed loans it initially provided to help spur the development of Fisker’s plug-in hybrid technology. The automaker has faced increasing turmoil in recent months and last week terminated three-quarters of its 160-member staff.
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The news is causing turmoil in Washington, where the DoE automotive loan program has long been criticized by Republicans. House GOP members are planning to press into Fisker’s problems with hearings by a key oversight committee later this month, with Fisker founder Henrik Fisker and current CEO Tony Posawatz reportedly among those being called to testify.
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Tags: auto news, car news, fisker DoE, fisker atlantic, fisker automotive fisker fires, fisker bankruptcy, fisker chapter 11, fisker hearing, fisker karma, fisker loan, fisker news, fisker oversight committee, gop fisker, henrik fisker, paul a. eisenstein, paul eisenstein, thedetroitbureau, tony posawatz
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Bankruptcy the likely option, say sources.
by Paul A. Eisenstein on Apr.08, 2013
Barring some last-minute rescue, don't expect to ever see the Fisker Atlantic make production.
If it were possible for things to get worse, well, it just might for fast-failing Fisker Automotive which, just last Friday, laid off three quarters of its employees, including its marketing, engineering and communications teams.
That move has triggered a federal lawsuit alleging the company failed to provide the required advance notice before releasing 160 of its 210 employees – who were also advised they would receive no severance pay.
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Meanwhile, several highly placed sources echoed their concerns that a bankruptcy filing is extremely “likely,” one executive who has had close scrutiny of Fisker’s books telling TheDetroitBureau.com, “I don’t see how they can avoid it.”
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Tags: auto news, car news, fisker atlantic, fisker automotive, fisker bankruptcy, fisker cuts, fisker fires, fisker karma, fisker news, henrik fisker, paul a. eisenstein, paul eisenstein, plug-in hybrids, thedetroitbureau, tom lasorda, tony posawatz
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Maker looking for cash, partner or buyer.
by Paul A. Eisenstein on Apr.05, 2013
Henrik Fisker with one of the first Karma plug-in hybrids during its initial media drive.
This is a complete update of TheDetroitBureau.com’s earlier report.
About 75% of the workforce at troubled battery-car start-up Fisker Automotive has been laid off, including its entire communications staff and much of its marketing and engineering operations, a move forced by the firm’s increasing weak financial situation and the mounting fears that without new investors or partners Fisker could be forced into bankruptcy, numerous sources have confirmed.
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The move comes only days after U.S. employees reported back after a week-long, unpaid furlough, and less than a month after founder and former Chairman Henrik Fisker resigned over “several major disagreements” with members of the small carmaker’s senior management team over its ongoing business strategy.
“Unfortunately we have reached a point where a significant reduction in our workforce has become necessary,” the company said, adding that it was still searching for a strategic partner.
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Tags: Fisker layoffs, auto news, car news, fisker atlantic, fisker automotive, fisker bankruptcy, fisker firings, fisker job cuts, fisker karma, fisker news, henrik fisker, kleiner perkins fisker, paul a. eisenstein, paul eisenstein, thedetroitbureau, tony posawatz
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Sources point to key investors for shake-up.
by Paul A. Eisenstein on Apr.05, 2013
Don't expect to see the Fisker Atlantic get into production unless a White Knight emerges for the troubled battery-car maker.
Barely a week after U.S. employees were put on a 5-day unpaid furlough, troubled Fisker Automotive has apparently given termination notices to as much as half or more of its staff – including its entire communications department, several well-placed sources have told TheDetroitBureau.com.
While the latest move appears to be part of a desperate move to conserve dwindling cash resources while searching for new investors or a complete outside acquisition, the situation could be even more dire.
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“I would not be surprised to see this leading up to the possibility of a bankruptcy filing,” cautioned an extremely well-connected source with long connections to the battery-car maker. Other Fisker sources said such a move would come as no surprise to them, either.
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Tags: auto news, car news, fisker atlantic, fisker automotive fisker karma, fisker china, fisker cuts, fisker firing, fisker furlough, fisker kleiner perkins, fisker news, henrik fisker, paul a. eisenstein, paul eisenstein, thedetroitbureau
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Geely, Dongfeng might rethink plans for plug-in maker.
by Paul A. Eisenstein on Mar.18, 2013
The big challenge will be coming up with the cash to bring the Fisker Atlantic to market.
Now that the company’s eponymous founder has tendered his resignation, have several possible Chinese partners also decided to take a pass on Fisker Automotive? That appears to be a strong possibility according to published reports and several sources TheDetroitBureau.com has spoken to.
The question then is whether the struggling battery-car maker will have the resources to continue on its own considering its financial problems and the repeated delays in launching the company’s critical second product, the Fisker Atlantic.
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Founder and non-executive Chairman Henrik Fisker tendered his resignation last Wednesday, citing “several major disagreements” with senior management. While Fisker has declined to be interviewed about the source of that trouble, company sources tell TheDetroitBureau.com the issues appear to have largely centered around a disagreement with CEO Tony Posawatz over how much money was needed to move the company forward and where it would come from.
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Tags: auto news, car news, fisker DoE, fisker atlantic, fisker automotive, fisker china, fisker chinese, fisker dongfeng, fisker geely, fisker karma, fisker loans, fisker news, henrik fisker, paul a. eisenstein, paul eisenstein, thedetroitbureau, tony posawatz
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Cites “major disagreements” with new management team.
by Paul A. Eisenstein on Mar.13, 2013
The Fisker Karma with company founder Henrik Fisker.
With his eponymous battery-car company facing increasing turmoil as it struggles to survive a trouble launch and increasing financial problems, Henrik Fisker has resigned as executive chairman of California-based Fisker Automotive.
In a terse statement, the executive cited “several major disagreements” with members of the small carmaker’s senior management team over its ongoing business strategy. It is unclear if that references reported plans to find a partner and possibly sell a controlling stake in the firm to one of several Chinese automakers linking to the Fisker company.
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After tendering his resignation, Fisker sent out a note to a small group of media, including TheDetroitBureau.com, in which he stated that effective immediately he “has resigned from Fisker Automotive as Executive Chairman, and has left the company. The main reasons for (my) resignation are several major disagreements…with the Fisker Automotive executive management on the business strategy.”
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China's Dongfeng reportedly seeking controlling stake.
by Joseph Szczesny on Feb.18, 2013
Fisker Automotive founder Henrik Fisker with his plug-in hybrid, the $103,000 Karma.
Fisker Automotive Inc. has confirmed it is considering a variety of options that reportedly could include the sale of a controlling stake to one of China’s largest domestic automakers.
But while the start-up plug-in hybrid maker has confirmed it is discussing options with potential partners from at least “three continents,” Fisker insiders caution that some recent, published reports may be wildly off the mark in terms of the bids it is considering.
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“With regards to a sale, given the confidential nature of this matter, at this point in our process we can only confirm that the company has received detailed proposals from multiple parties in different continents which are now being evaluated by the company and its advisors,” echoed Fisker spokesman Russell Datz in an e-mail response to questions from TheDetroitBureau.com.
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by Paul A. Eisenstein on Feb.08, 2013
A prototype of the Fisker Atlantic. Its production date likely will depend upon current negotiations with potential partners.
Battery-car start-up Fisker Automotive has entered a critical stage in its short life, the plug-in hybrid maker working feverishly to firm up an alliance strategy that could team it up with one or more well-funded partners – and, in the process, allow it to move ahead with the launch of its second product line.
In the meantime, Fisker also is working to restart production of its original model, the Karma, something that is dependent upon negotiations with battery supplier A123 which recently emerged from bankruptcy under new ownership.
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“We have multiple interested partners” that the company is talking to, said Fisker Automotive’s eponymous founder and Chairman Henrik Fisker, following a speech at the Chicago Auto Show.
Company spokesman Roger Ormisher subsequently told TheDetroitBureau.com that the “multiple partners” talking to Fisker are located “across three Continents,” though the maker is declining to reveal specific names.
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Tags: auto news, battery cars, car news, fisker a123, fisker atlantic, fisker automotive fisker karma, fisker china, fisker loan, fisker news, fisker partner, henrik fisker, paul a. eisenstein, paul eisenstein, plug-in hybrids, thedetroitbureau
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Plug-in maker aims to cut costs, bring more cars to market.
by Paul A. Eisenstein on Nov.30, 2012
Henrik Fisker with one of the first Karma plug-in hybrids.
Hoping to overcome a string of setbacks and get its product program back on track, battery-car start-up Fisker Automotive is quietly looking to line up a better financed partner.
There are no plans to sell the company, stressed founder and Chairman Henrik Fisker, but it appears the firm has recognized it will be difficult to go it completely alone, especially after having the Department of Energy freeze a low-interest loan that was supposed to help bring the maker’s second product, the Fisker Atlantic plug-in hybrid to market.
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Fisker has run into a series of setbacks this year, there were two recalls — including one involving a fire caused by a battery cooling fan — product delays, management shake-ups and the loss of its DoE loan. While its first product, the Fisker Karma, has won kudos from some reviewers, it has been harshly criticized by others, notably including the influential Consumer Reports magazine.
Acknowledging it’s been a tough year, Henrik Fisker told TheDetroitBureau.com in an exclusive interview that, “We’re actively engaged in conversations with potential strategic partners.”
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