A Bush-era program giving federal loans to support "advanced technology vehicle manufacturing" is under threat from Congress, but it should be ended anyway.
Fisker Automotive founder Henrik Fisker has joined forces with Hong Kong billionaire Richard Li in an attempt to buy the struggling extended range electric vehicle company by means of purchasing the massive chunk of debt owed to the United States Treasury via the $192 Department of Energy loan.
Even though it looks like Fisker Automotive is all but out of business due to crippling financial issues, the Bob Lutz backed VL Destino that is based on the Fisker Karma extended range electric vehicle will carry on – with hundreds of inquiries from current Karma owners who are more interested in supercharged V8 power than they are emission free driving.
Reports of the impending demise of Fisker Automotive have been exaggerated in order to force the company into bankruptcy, says an unnamed Fisker Automotive insider.
Fisker Automotive could files for Chapter 11 bankruptcy protection this week as the company faces a massive government loan payment later this month – with the whole situation being complicated by a lawsuit filed by one of the employees who was laid off last Friday that, if successful, could lead to more suits of a similar nature.
Fisker Automotive announced today that they would be laying off approximately 75% of their corporate workers in Southern California while the 25% kept on are those essential workers who are tasked with selling off the assets of the company – signaling the unfortunate end to the luxury EV maker.
Fisker Automotive, struggling to stay afloat amid a long series of problems, is instituting a one-week furlough to save money in parallel with seeking rescue offers from other automakers.
Fisker Automotive has had a rough time, with over a year of struggles between failed battery packs from A123 Systems, and an inability to manufacture the Karma.
While details are currently limited, Fisker Automotive announced this morning that company co-founder, lead designer and company namesake Henrik Fisker has resigned as the executive chairman of Fisker Automotive – with his immediate departure from the company that bears his name leaving us wondering if the end is near for the innovative luxury EV builder.
Beleaguered Fisker Automotive opened bidding on Feb 6, and has received firm offers from two Chinese automakers, which would sell the luxury plug-in hybrid automaker into foreign control.
Fisker Automotive's Karma production, frozen for six months due to A123's bankruptcy, has left the company in a lurch with no revenues and urgently seeking partners to rescue the company.
Fisker Automotive is in a hard place, unable to manufacture or sell the Karma luxury plug-in hybrid sedan, unable to begin Atlantic production, is reportedly turning to the Chinese for help.
Among the more unique vehicles to debut at this week’s 2013 Detroit Auto Show is the VL Destino – a high performance luxury sedan that features the exterior shape of the electric Fisker Karma with a drivetrain borrowed from either the 2013 Corvette ZR1 or the new 2014 Corvette Stingray.
Fisker bought a plant in Delaware and promised to build vehicles there, but so far has not done much with the facility. The state has been picking up the tab on the electric bill for the empty electric car plant, say news reports.
Former GM marketing chief, Joel Ewanick, is stepping in to replace retiring John Beattie, in a move that could reawaken rumors that Fisker plans to take on the Chevy Volt in a few years.
To facilitate finalizing the Fisker Atlantic design before production, Fisker Automotive is planning to open a technical center enabling work with components suppliers and others.
Rumors have surfaced that Fisker Automotive is planning a third plug-in hybrid car to target the "premium entry level segment," essentially the Chevy Volt, whose former program lead is now the CEO of Fisker.
Last week 16 Fisker Karma's caught fire and burned after being submerged under Hurricane Sandy flood waters while waiting in an automobile processing yard in Newark NJ, and the main battery pack was ruled out as the cause of the fire.
The Fisker Karma has had a fiery year with a couple car fires, and now in the wake of Hurricane Sandy 16 Karma's in a holding area in Port Newark NJ caught fire and burned.
A123's major customer, Fisker Automotive, filed a motion in bankruptcy court seeking a delay in the bankruptcy proceedings, and changes in the asset sales procedures, that Fisker claims will produce better value for creditors.
