Detroit Bureau on Twitter

Posts Tagged ‘fisker loan’

Remains of Fisker Automotive on Auction Block this Week

Feds hope to recover lost loan money.

by on Oct.07, 2013

It remains to be seen who - if anyone - will put the Fisker Karma plug-in hybrid back into production.

Only a handful of employees still report to work at the Fisker Automotive offices in Anaheim, California, and it has been more than a year since any of the failed maker’s Karma sedans have rolled off the assembly line at a plant in Finland. But the once-promising battery-car maker could get a new lease on life later this week.

Or, more precisely, a new owner could find ways to use Fisker’s assets, which include a second, partially completed plug-in hybrid, as well as a never-completed plant in Delaware.  They’ll be auctioned off on  Friday, October 11th in a move by the U.S. Department of Energy to recover $168 million in loans from a controversial government program intended to help spur the development of alternatively powered vehicles.

Get a Free Subscription!

Who will be bidding for the remains of the carmaker is unclear, but since Fisker collapsed last spring several names have been said to be interested. That includes former Chrysler and General Motors executive Bob Lutz, Wanxiang, the Chinese company that purchased Fisker’s battery supplier, the former A123 – now renamed B456 – and Richard Li, a Hong Kong billionaire. The company’s founder, Henrik Fisker, had also expressed interest in repurchasing the eponymously named automaker though it is unclear he has been able to line up any financial backing.

(more…)

Henrik Fisker Hopes to Buy His Battery-Car Company Back

Fisker Automotive founder reportedly teaming up with Hong Kong tycoon.

by on May.28, 2013

Fisker Automotive founder Henrik Fisker with the $103,000 Fisker Karma during better times.

Forced out earlier this year after a disagreement over management policies, Fisker Automotive founder Henrik Fisker is hoping to regain control of the struggling maker of plug-in hybrid vehicles which is expected to file bankruptcy unless it can quickly find a White Knight to cover its mounting debts.

Henrik Fisker, who first made his name as an automotive designer, is reportedly teaming up with Hong Kong billionaire Richard Li – an early investor in Fisker Automotive. While Fisker was not immediately available to comment, reports on the Reuters news service indicate they would like to take over the automaker without forcing it into bankruptcy.

Your Auto News Source!

They would be one of several groups company insiders say are interested in taking over Fisker Automotive which launched sales of its Karma plug-in hybrid vehicle early last year. Among the others, former General Motors “car czar” Bob Lutz has teamed up with a Chinese automotive supplier to place a $20 million bid for Fisker post-bankruptcy.

(more…)

Energy Dept Seizes $21 Mil from Fisker Automotive

Battery-carmaker facing Chapter 11, founder set to testify before House.

by on Apr.23, 2013

Henrik Fisker is one of several current and former Fisker Automotive execs called to testify before Congress.

Even as the company’s founder is set to testify before a House hearing, the U.S. Department of Energy has seized $21 million from Fisker Automotive to apply towards repayment of a federal loan the floundering battery-car manufacturer received.

The move appears to have emptied what was left of Fisker’s fast-dwindling cash assets, a further nudge towards bankruptcy, according to industry observers. The maker has been expected to file ever since laying off 75% of its 160-member staff earlier this month.

Your Source for News!

The collapse of Fisker is raising questions not only about a DoE loan program designed to help fund the development of advanced, high-mileage vehicles but what happened with the money Fisker tapped from its loan – as well as an estimated $1.2 billion it received from private investors.

(more…)

Fisker Bankruptcy Could Come Within Days

GOP preparing House hearings on collapse.

by 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.

Free Subscription!

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.

(more…)

Plug-in Maker Fisker May be Nearing Deal

China's Dongfeng reportedly seeking controlling stake.

by 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.

Your Auto Resource!

“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.

(more…)

Fisker Talking to “Multiple Interested Partners”

by 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.

Your Inside Source!

“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.

(more…)

Troubled Fisker Automotive Seeking Partner

Plug-in maker aims to cut costs, bring more cars to market.

by 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.

Voice of the Automotive World!

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.”

(more…)

Senators Ask for Explanation of Fisker Loan

Lawmakers question process used by Department of Energy to give $529 million loan to fledgling automaker.

by on Apr.25, 2012

Fisker has suspended work on its Atlantic plug-in hybrid that it hopes to build in a former General Motors plant in Deleware.

Two U.S. senators are asking the Obama administration to explain the process it used to approve a $529 million loan to Fisker Automotive, which has suspended work on an electric car it planned to build in the U.S.

Charles Grassley, the top Republican on the Judiciary Committee, and John Thune, a Republican member of the Finance and Commerce committees, asked the Energy Department to investigate the financing deal.

Your In-Depth Source!

Since receiving the loan, Fisker has run into production problems and has had to suspend work on the Atlantic, a midsize electric sedan it planned to build at a former General Motors plant in Deleware.

(more…)

Fisker Offers Official Look at New Atlantic Plug-In

But details, including production timing, remain elusive.

by on Apr.04, 2012

The first official pic of the Fisker Atlantic plug-in hybrid.

Henrik Fisker, founder of the eponymous Fisker Automotive, was clearly searching for something new to reveal during an evening news conference the night before the formal opening of the 2012 New York Auto Show.  The problem is that much of what he had hoped to say – and then some – leaked out in the days leading up to the event.

The most important detail confirmed by the Danish designer-cum-automaker was that the second Fisker product line will be dubbed the Atlantic if it ever gets into production.  Make that “when” it gets to production, Fisker asserted, insisting that the California start-up’s problems locking down a Department of Energy loan it thought it already had will not stop its ambitious plans.

Your Auto Show Source!

Fisker belatedly reached market with the bigger and decidedly more expensive Karma earlier this year.  But problems bringing it to showrooms led the DoE to withdraw the loan after the company had only been able to draw down about 35% of it.  While new Chief Executive Officer Tom LaSorda is continuing discussions with the government, he told TheDetroitBureau.com that Fisker Automotive is moving ahead with alternative plans to raise money privately to replace the DoE funds.

(more…)

Former Chrysler Chief LaSorda Now Fisker CEO

“They didn’t have to twist my arm.”

by on Feb.28, 2012

Former Chrysler Chief LaSorda will now serve as CEO at Fisker Automotive.

Former Chrysler CEO Tom LaSorda is back in the saddle, albeit one with a relatively silent source of power, as the new chief executive of battery-car start-up Fisker Automotive.

LaSorda, who had been serving as advisor and vice chairman of the California-based company will step into day-to-day management replacing founder Henrik Fisker as CEO.  The Danish-born Fisker will continue to serve as executive chairman and as the company’s design chief.

In the Know!

The 57-year-old LaSorda will have plenty of challenges ahead of him.  Fisker Automotive is months behind with the launch of its first product, the plug-in Karma sports car, and it is struggling to renegotiate $528 million in federal loans needed to complete the development and production launch of the maker’s next product, a more mainstream plug-in model codenamed Project Nina.

(more…)