PrivCo, a private corporate intelligence firm, has published a 20+ page dossier on Fisker’s seemingly strong ability to fundraise for itself, while failing to do a good job of actually creating cars. With Fisker teetering on the verge of bankruptcy, the results are staggering; with just under 2000 units sold, Fisker burned through an estimated $1.3 billion in venture capital, taxpayer-funded loans and private investor funds.
According to PrivCo’s estimates, that amounts to $660,000 per Karma sold. PrivCo has charted out an extensive, detailed timeline of Fisker’s operations, and highlighted key information pertaining to corporate developments, government loan proceedings and the various ways that Fisker breached their agreements with the government. What materializes is an amazing picture of how Fisker was able to raise enormous sums of money merely on the promise of providing a “green” car for the very wealthy few, without every creating anything tangible or ready for the marketplace. According to the firm, the government
“…applied negligent underwriting standards in granting the DOE Loan and Credit Agreement to Fisker, which was by any commercial standard clearly a financially unqualified borrower for the loan.”
You can view the full report at PrivCo’s website.