The former General Motors Wilmington Assembly Plant, which cranked out Saturns, Oldsmobiles and Pontiacs before falling victim to economic and corporate forces, is looking for a new owner.
This time, however, it wants a buyer that isn’t a luxury plug-in electric car maker that folds before a single vehicle can leave the factory. (Read More…)
Henrik Fisker, chairman and CEO Fisker, Inc., surprised many earlier this month when he revealed his fledgling company plans to produce a new car bearing his name. Some critics who remembered the ill-fated Fisker Karma scoffed.
Well, the Danish businessman is attempting to close the doors on murmurings of overblown hype by showing off a different set of doors. Naturally, he did so in a befitting venue for shadowy electric car executives — Twitter. (Read More…)
Guess who’s back?
Henrik Fisker, the designer-turned-entrepreneur behind the ill-fated Fisker Karma, wants to try his hand at building a green luxury vehicle again.
The Dane wants to erase the cloud of failure that hangs over his name by building a new electric car with a Tesla-beating range, Bloomberg reports. Naturally, his name is all over the new company. In fact, it is the company. (Read More…)
It’s been a long wait since Henrik Fisker’s brainchild floated — bloated and belly-first — to the surface of the automotive pool, but we’re told a new plug-in hybrid statusmobile is on the way. That means new jobs coming to the Detroit area for as long as Henrik can keep the money rolling.
Last week, the Michigan Economic Development Corporation pledged $450,000 in funding so that Karma Automotive LLC — formerly Fisker Automotive — can build an engineering and purchasing building in Troy. The city plans to offer additional funds to see the $3.6 million project get off the ground, where the reborn company plans to employ up to 150 people. (Read More…)
Here’s some of the news you may have missed if you were out fighting the holiday crowds and spreading some of that Yuletide cheer by burning the hell out of some cookies you were planning on giving the neighbors. (Read More…)
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: