Detroit Bureau on Twitter

Posts Tagged ‘henrik fisker’

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…)

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…)

Bankruptcy Real Possibility, Fisker COO Concedes

Maker, Obama Admin hit hard during House hearing.

by on Apr.25, 2013

Shown here with the $103,000 Karma, former Fisker Automotive Chairman Henrik Fisker was grilled on Capitol Hill.

Fisker Automotive may be running out of options other than bankruptcy, the floundering battery-carmaker’s chief operating officer conceded during an often contentious hearing on Capitol Hill.

The maker — which recently laid off 75% of its U.S. staff and this week saw the U.S. Energy Department seize the company’s emergency reserve funds – has been at the heart of a partisan battle over a program created by the Obama Administration to support clean car technologies. The GOP-controlled House Oversight Committee ordered three current and former Fisker executives, as well as the head of the Energy Dept. loan program to testify about the likely collapse of the automaker.

Charging Up Your Car Knowledge!

“I do not know exactly what the future holds for Fisker Automotive, including whether the company will be able to find new investors,” said COO and co-founder Bernhard  Koehler, “or whether the company may be obliged to seek bankruptcy protection to facilitate its continued efforts to preserve value for all stakeholders.”

(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…)

Fisker Facing Federal Lawsuit; Other Legal Action Could Follow

Bankruptcy the likely option, say sources.

by 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.

Plug In for News!

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.”

(more…)

Fisker Lays Off 75% of Workforce, Bankruptcy Could Follow

Maker looking for cash, partner or buyer.

by 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.

The Last Word!

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.

(more…)

Major Layoffs at Fisker – Will Bankruptcy Follow?

Sources point to key investors for shake-up.

by 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.

The Last Word!

“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.

(more…)

Battery Cars Spark with Consumers in March

Leaf, Tesla set records, but Volt slips.

by on Apr.03, 2013

The Nissan Leaf shows unexpected momentum in March with the launch of a new entry model.

Unexpectedly strong demand for the Nissan Leaf and Tesla Model S suggest that the battery-car market might finally be sparking interest with American buyers.

Both the Japanese maker and its new California-based rival have experienced a surge in sales in recent weeks and expect that pace to continue – albeit by nurturing demand with new efforts to reduce the cost of ownership.

Other makers, including Ford and Honda, also appear to be gaining traction in a market that has until now been skeptical to embrace the claimed advantages of electrification. Even at Chevrolet, where sales of the Volt plug-in hybrid took an unexpected tumble in March, company officials said they’re still pleased with the general trend in sales since the beginning of the year.

Charge Up - With a Free Subscription!

Nissan officials seemed particularly pleased with the results for Leaf.  Launched in late 2011, sales of the battery-electric vehicle dragged well below expectations last year, leading some skeptics to anticipate the Japanese maker might have to back off on its optimistic plans – which call for the launch of a second model for the Infiniti brand sometime in 2014.

(more…)