Congressional Republicans blasted current and former Fisker executives, as well as an official from the Department of Energy over missed milestones for their Department of Energy loans, which saw the company repeatedly fail to meet obligations while continuing to receive taxpayer money.
Tag: Fisker Karma
The U.S. government has managed to recover $21 million in cash from Fisker, funds that will go towards repaying the nearly $200 million its received from the government in the form of loans.
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.
California Congressman Darrell Issa wants to investigate the Department of Energy’s loans to nearly-bankrupt Fisker after the company laid off most of its employees and retained bankruptcy lawyers last week.
Fisker has laid off nearly all of its rank and file employees. Reuters reports that 160 people were out of a job as of today, while 53 senior employees will stay on, apparently to help find a buyer for Fisker’s assets. Fisker is also hoping to re-negotiate a loan payment to the Department of Energy, due on April 22nd.
Fisker is still likely to be rescued by a Chinese savior, but it won’t be Geely. Reuters is reporting that Fisker’s outstanding obligations to the Department of Energy have scared off the Chinese auto maker, leaving Dongfeng as the sole suitor for the beleagured EV maker.
Henrik Fisker has resigned from the automobile firm that bears his name, as the company’s future looks to be headed towards an inexorable buyout by a Chinese auto maker.
Reports by Bloomberg suggest that Fisker could sell up to an 85 percent stake to Chinese automaker Dongfeng. The automaker apparently bid $350 million for the beleaguered plug-in car maker, according to sources close to the company.
While Johnson Controls and China’s Wanxiang Group have competing bids to acquire the assets of advanced battery maker and Fisker supplier A123, a more serious battle is occurring in U.S. Bankruptcy Court in Delaware between the startup automaker and what is arguably its most important vendor. A123 wants the bankruptcy judge to void its contracts including those for supplying batteries to Fisker. That could stop production of Fisker’s only car, the Karma. (Read More…)
16 Fisker Karmas waiting at a New Jersey port caught fire, with all 16 cars burning to the ground.
Fisker is asking a bankruptcy judge to delay an asset sale related to beleaguered battery maker A123 Systems.
After reports of a Fisker Karma going up in flames in Woodside, California last Friday, we published comments that EV expert Jon Bereisa had made about an earlier Karma fire. Bereisa had said that the tight packaging of the engine and putting the entire exhaust system under the hood and exiting out behind the front wheels compromised the heat shielding. Putting that together with photos and video of the latest fire, that showed the firefighters concentrating their water spray behind the front wheel, I speculated that Bereisa’s criticism was warranted. Now Fisker has issued a statement, specifically absolving the engine compartment and “unique exhaust routing” of involvement in the Woodside fire: (Read More…)
Fisker responded quickly to the fire that left a Fisker Karma a clump of smoldering sheet metal last Friday. Fisker issued a statement saying that Fisker engineers, working with independent investigators from Pacific Rim Investigative Group, have started examining the Karma. What they found so far does not support speculation put forth on major car blogs: (Read More…)
The investigation into a Texas house fire that apparently started in a 2 month old Fisker Karma continues, with an EV expert weighing in with his opinion that the packaging of the combustion engine that drives the Fisker’s generator was likely the cause of the fire, the National Highway Transportation Safety Administration saying it is looking into the incident, and the car’s owner and his attorneys firing back after Fisker initially implied there might be fraud or foul play.