The company formerly known as Fisker will now be called Karma Automotive, AutoGuide reported.
The name comes from the formerly defunct automaker’s only production model, which the company says it will relaunch in 2016 from its California factory. (Will it be called the Karma Karma?) The company, which was purchased by Chinese businessman Lu Guanqiu, may be shedding its namesake and ties with former founder, designer Henrik Fisker, in an effort to disassociate itself from the former car’s famous failing.
According to the report, Karma will continue preparing its second, all-electric model, reportedly called the Atlantic. Thankfully, the company’s website (The New Fisker redirects to Karma Automotive) tells us how much thought went into its logo without mentioning much about its new cars.
Even though the first-generation Chevrolet Volt has had its price slashed every year since its debut, the next-generation range-extended electric vehicle will be priced even lower. This aims GM’s offering squarely at a number of more traditional hybrids.
If you were hoping to pick up a new Fisker Karma, not so fast. The PHEV won’t be out until mid-2016, and it won’t be a Fisker, either.
If you’re Justin Bieber, Carlos Santana or Bob Lutz — and even if you’re not — you’ll be happy to know that your Fisker Karma will be more fixable in the event of a fender-bender or two, all thanks to parent company Wanxiang.
Last week, Rueters reported that Wanxiang, a Chinese parts supplier, had won the bankruptcy auction for Fisker Automotive. The bid was valued around $149.2 million. The deal comes to close after a bidding war between Wanxiang and Hybrid LLC — a group who includes Richard Li, a Fisker investor and Hong Kong billionaire. In November, Fisker asked for Hybrid Technology LLC to purchase the bankrupt company for $25 million, but creditors objected the deal in November and brought Wanxiang into the case in December.
Today Delaware, U.S. Bankruptcy Judge Kevin Gross approved of the sale to Wanxiang. He stated that the auction “shows that a fair process is a good thing.”
United States Energy Secretary Ernest Moniz said the whichever of the two Chinese bidders for the assets of Fisker Automotive wins the court ordered auction on February 12th it will still have to keep Fisker’s manufacturing and research in the U.S. Automotive News reports that Hybrid Tech Holdings LLC and Wanxiang America Corp. are fighting over the remains of Fisker in U.S. bankruptcy court for the remains of Fisker, an Energy Department loan recipient that stopped making its luxury plug-in hybrid cars in 2012.
“I’m not going to pick a winner of the auction,” Moniz said at the Washington Auto Show. “What’s key for us is of course the terms of our loan have to be respected. We have technology transfer limitations first of all. No matter who the winner is we will be looking at both engineering and manufacturing in the U.S. That’s the key for us.” (Read More…)
The Fisker Karma’s battery pack and drivetrain, supplied by Quantum Technologies
The Department of Energy today is auctioning off the paper for the $192 million it loaned to Fisker Automotive as part of the Advanced Technology Vehicles Manufacturing loan program. An obvious question is why would anyone want to buy that debt? Many of the press reports about the sale say that by purchasing the debt, a buyer could ultimately gain control of Fisker’s assets including intellectual property, like the extended range hybrid drivetrain and controls thereof. While Fisker may indeed have assets with some value, I’m not sure that anyone’s going to spend at least $30 million, the minimum bid required by the DoE, to be able to duplicate the Fisker Karma’s drivetrain. (Read More…)
The United States Department of Energy will today auction off Fisker Automotive’s loan from the federal government, on which the moribund hybrid car startup defaulted. Last month the department said that it would hold the auction after “exhausting any realistic possibility” that it could recoup all of the $168 million still that Fisker still owes.
As of October, the most fuel-efficient mid-sized sedan in America is the Honda Accord. Or so Honda says. After all, Ford has been trumpeting a matching 47 MPG combined from their Fusion. Who is right? And more importantly, can the Accord get Honda back into the hybrid game after having lost the initial hybrid battles with their maligned Integrated Motor Assist system? Honda invited us to sample the 2014 Accord Hybrid as well as a smorgasbord of competitive products to find out.
Fisker is at its last gasp. After burning through $1.4 billion, “the company is out of cash,” writes Reuters, “for months, key investors have been footing the car maker’s day-to-day expenses to keep it alive in diminished form.” Reuters has an in-depth report on what went wrong at Fisker. Reuters also has the one sentence version: