Originally published on EV Obsession. A few months ago, I wrote about Fisker Automotive and Technology Group’s search for factory space in California to resuming production of the Elux Karma (aka Fisker Karma). This was somewhat surprising, since it’s not too common for a Chinese company* to manufacture products in California, but stranger things have happened. According to […]
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The rumors that Apple is working on an electric car codenamed Project Titan just got a lot stronger with a lawsuit by A123 Systems that accuses the iPhone maker of stealing key EV battery engineers. Reuters reports that beginning in June of 2014, Apple began approaching key employees of A123 Systems, including several in leadership […]
The L.A. Auto Show is less than a month away, and Henrik Fisker is scheduled to return to the automotive world with Galpin Auto Sports at his side.
The soon-to-relaunch Fisker Karma will be basically the same car as the one that sunk Fisker in the first place, albeit with some much-needed upgrades.
Can Fisker’s new Chinese owners build a rival to Tesla Motors? Wanxiang Group’s billionaire owner Lu Guanqiu wants to do just that, or go broke trying.
While the Fisker Karma may get another chance at production thanks to a last minute bid from Wanxiang, the Fisker name and logo may not come with the sale.
With the surprise last-minute bid for the remains of Fisker Automotive, a Federal judge deceded to delay the Fisker auction until late February. In response to a better bid from the Wanxiang Group, Hybrid Holdings LLC. has more than doubled its bid. Is this the beginning of a bidding war? Sure seems like it.
Just when it looked like the Fisker Automotive saga might be put to rest, a last-minute bid from China’s Wanxiang Automotive has thrown the whole thing into a little bit of legal chaos.
It’s been more than 18 months since Fisker Automotive last built a car, and the vultures have been circling for over a year now, waiting for the inevitable to happen. Last week Fisker finally filed for bankruptcy, and was sold for a paltry $25 million to a mysterious investment group that hasn’t revealed what its […]
After a number of twists and turns that saw Fisker’s founders fighting for control of the company’s possible future against such industry visionaries as Bob “let’s just put a 60-year-old V8 in it!” Lutz, it appears that Hong Kong Billionaire Richard Li is the likely winner of a government loan owed by Fisker Automotive. That […]
In a bid to get back the some $168 million Fisker still owes the Feds, the rights to the Fisker name and technology will be put up for bid this October. Is Fisker’s fate sealed?
The long, drawn-out death of Fisker has been carried out in slow motion the past few months as the automaker sought one last lifeline. So far though nobody has stepped up to save Fisker, and the vultures are circling. Germany’s Fritz Nol has put in a bid for Fisker, and government handlers are said to be considering an auction to try and recoup as much money as possible.
The second revival of the Detroit Electric name is banking on a carbon copy of the Tesla Roadster to get the ball rolling on this new/old brand, as well cashing in on Detroit’s resurgence as a manufacturing hub. Alas, production delays and the lack of a factory deal has sent Detroit Electric to Holland to begin production. Is this Fisker 2.0?
2012 was a year of political football for American automakers new and old, with Republicans and Democrats punting GM, Tesla, and Fisker back-and-forth before the presidential election. It got so bad that President Obama put a temporary hold on the Advanced Technology Vehicle Manufacturing green loan program, but that hold has been lifted and applicants are encouraged to apply once again.
Why did Fisker Automotive fail? There are plenty of reasons, though newly revealed internal documents reveal the biggest reason of all. The only product Fisker sold, the Karma sedan, cost the company $35,000 more than they sold it for. Add to that lavish spending by executives and costly engineering mistakes, and you have a company that was doomed to fail from the beginning.
With recent high-profile failures of government-backed alt-fuel projects including Fisker Automotive and the Vehicle Production Group, one wouldn’t be blamed for thinking the green energy loan program was a flop. But a well-written analysis of the program finds that, despite incessant criticisms, the program did better than some people would have you think.
The Department of Energy’s loan program for the advancement of vehicle technology underwent some significant changes following Fisker Automotive’s financial problems. The Feds decided to tighten restrictions and hopefully mitigate wasteful spending, though that has done nothing to cull critics of the green energy loan program.
The bell has tolled for electric vehicle maker Coda Automotive, which earlier this year laid off almost all of its employees following dismal sales for their all-electric Coda Sedan. Today the EV maker filed for bankruptcy, and going forward will focus on “energy storage solutions.” In other words, Coda, as a carmaker, no longer exists.
With Fisker Automotive on the brink of bankruptcy, there are those of us left wondering how this small niche automaker managed to spend $1.3 billion of public and private investments in just a few short years. A new report lays out in detail how Fisker Automotive blew through a billion dollars, while developing and delivering just over 2,000 vehicles, becoming possibly the biggest venture capital blunder in history.
Fisker Automotive made claims of $140 million against A123 Systems (now called B456 Systems. They moved onto the next letter in the alphabet and used the three numbers after 123) because of the rejection of its supply agreement and alleged breach of warranty obligations. The claims were $91.2 million for damages caused by rejection of its supply agreement, and $48.7 million for a breach of warranty obligations. But most of these claims were rejected.