Detroit Bureau on Twitter

Posts Tagged ‘fisker’

Karma Making a Comeback

Fisker’s stunning plug-in hybrid may return in 2015.

by on Apr.23, 2014

The Karma plug-in hybrid is taking a second run in the U.S. starting sometime in 2015.

Karma is back! The Fisker Karma, that is.

Fisker Automotive’s electric vehicle boasted cutting edge design, but couldn’t overcome production and quality issues that sucked up millions of dollars and led to its demise. Enter Chinese auto supplier Wanxiang, which bought the company out of bankruptcy a few months ago and is looking to resurrect the plug-in hybrid similar to the Chevy Volt by the middle of next year.

On Top of the News!

According to Fisker’s interim president, Tim Brown, the Karma will back next year with two siblings not far behind: the Surf, a $100,000 station wagon-like version of the Karma and the Atlantic, a smaller sedan that was originally stated to be the follow up to the Karma at about $50,000. (more…)

Sale of Delaware Plant Brings an End to Fisker Saga

Wanxiang affiliate buys former GM facility for $18 million.

by on Mar.25, 2014

Fisker initially attracted the attention of a number of high-profile buyers, including actor Leonardo DiCaprio.

The final chapter on Fisker Automotive closed last week when the sale of the Delaware plant the defunct electric vehicle maker bought to make its second-generation vehicle was sold for $18 million.

The plant was sold for the same amount it was purchase by WX Delaware Real Estate Holding Co., which is a subsidiary of Wanxiang America, Inc., according to USA Today.

Product News!

Wanxiang America, a unit of China’s largest auto parts supplier, won an auction for Fisker in bankruptcy court last month for $149.2 million. It outbid another Chinese company, Hybrid Tech Holdings L.L.C., for the assets. Hybrid bought the Fisker’s loan from the U.S. Department of Energy, hoping to leverage that ownership into getting the entire company. (more…)

Judge Opens Fisker Assets up For Auction

Hybrid, Wanxiang expected to duke it out in bidding war.

by on Jan.11, 2014

A bankruptcy court judge ruled that Fisker Automotive's assets would be put up for auction.

Now defunct Fisker Automotive’s remaining assets, including a former General Motors plant in Delaware, will be available to the highest bidder after a ruling by U.S. Bankruptcy Judge Kevin Gross yesterday.

Two companies – Hybrid Technologies LLC and Wanxiang America – are expected to be the two leading bidders for the former EV maker. Gross scheduled a hearing for Monday, Jan. 13 at 2 p.m. to determine how the auction will be structured.

News You Can Trust!

The ruling is a win for Wanxiang, which convinced the court to not only allow an auction, but also saw Gross place a limit on what Hybrid could claim in its offer. (more…)

Foes Fighting over Fisker’s Future Form

Two companies bidding on the EV maker’s assets in bankruptcy court.

by on Jan.10, 2014

The fate of Fisker and the Karma is being decided in U.S. Bankruptcy Court.

The Fisker saga continues today when a judge will decide if the assets of the now-defunct electric-vehicle maker can be purchased by one company or if they’ll be opened to an auction.

Hybrid Technologies, a company owned by Richard Li, a Hong Kong billionaire, is seeking to secure the assets, including the former General Motors plant in Delaware where Fisker planned to build a second model, for $75 million, according to court documents.

Your Automotive Source!

However, there is a second plan being pulled together by Wanxiang Group Corp., which wants to assets put out for bid. (more…)

Lutz Looking to Buy Fisker

Former GM “car czar,” Chinese supplier reportedly offer $20 mil for failed plug-in maker.

by 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.

Auto News From a Source You Trust!

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.”


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


Leonardo DiCaprio Lending a Hand to Fisker

Troubled start-up gets some star power.

by on Jul.05, 2012

Leonardo DiCaprio with his Fisker Karma.

Struggling battery-car start-up Fisker Automotive is hoping some star power can charge up its sales and image and will get that helping hand from green-minded Leonardo DiCaprio.

The silver screen celebrity has long been an active proponent of clean machines like the Toyota Prius, notably driving one of the first of those hybrids to the Academy Awards a decade ago.  He now owns one of the $102,000 Fisker Karma plug-ins – and has invested in the California-based firm.

Your Auto News Star!

But DiCaprio plans to go a step further, using his star power to promote the Fisker brand as part of a campaign for global sustainability.

“My foundation supports efforts to secure a sustainable future for our planet and all its inhabitants,” says DiCaprio. “I am delighted to be working with Fisker Automotive to promote this shared vision.”


Fisker Facing Investor Lawsuit

Could complicate bid to raise cash.

by on Feb.21, 2012

Fisker founder Henrik Fisker with the Karma.

With the fate of its $528 million Department of Energy loan in limbo, Fisker Automotive has been rushing to sign up new investors, reportedly already lining up $260 million during recent months. But the California start-up could be facing new problems in the form of a lawsuit by an investor accusing it of bait-and-switch tactics.

Though it’s unlikely the suit itself could bring a major new financial burden on Fisker, several observers cautioned it could create another management diversion and throw up a red flag that might scare off other potential investors.

Subscribe Now - It's Free!

The timing, meanwhile, couldn’t be worse.  Fisker is finally getting to market with the much-delayed Karma plug-in hybrid sports car, but it needs additional funding to ensure that the company’s more mainstream second project, codenamed Project Nina, gets into production in 2013 – also about a year behind schedule.


Fisker Automotive Raises More Capital

So far more promises and money have been raised than electric cars produced.

by on Apr.07, 2009


Karma is still under development.

Fisker Automotive Incorporated, which is still scrambling to get its plug-in electric vehicle to market this year, has announced procurement of additional capital from private sources. The fledgling maker of plug-in electric vehicles said that it has entered into definitive agreements to receive $85 million in venture capital funding. 

The financing is expected to be completed this month and will be the fourth and largest investment round since the company’s inception in August 2007. New York-based Eco-Drive (Capital) Partners LLC, a European-American investment consortium, and Kleiner Perkins Caufield and Byers, an early investor in Fisker and one of Silicon Valley’s most prestigious venture capital firms, have together agreed to provide the additional capital, Fisker announced. 

The money will be used to further the development and manufacturing of its Karma plug-in hybrid family automobiles. The first production versions of the Fisker Karma are scheduled to roll off the assembly line in Finland later this year.

“The investment by Eco-Drive and Kleiner Perkins validates our vision of joining together the advances in technology for plug-in hybrid powertrains with the eco-chic beauty and eco-conscious comfort of the Fisker Karma. We are proud to have Eco-Drive behind us, and to see Kleiner Perkins reaffirm its confidence in our future direction,” said Henrik Fisker, Fisker Automotive CEO.

“This investment is a strong endorsement of our business s model and future product offerings in a challenging business environment,” Fisker claimed.  (more…)