View Full Version : Fisker out of juice

06 April 2013, 1355
In an article by Jerry Hirsch of the LA Times, titled "EV carmaker Fisker out of juice", it is reported that due to their failure to obtain financing from the Chinese, Fisker Automotive laid off most (160) of its workers last Friday. Analysts say that the move likely signals the end of Fisker and leaves the U.S. government "essentially owning the automaker". Fisker ran out of cash when they failed to meet various production targets mandated by the Energy Department Advanced Technology Vehicles Manufacturing Loan Program and their loan access was frozen. Fisker is supposed to make the first payment on their $192 million in funds that it borrowed from the government later this month. Fisker's tooling equipment and other property make up the collateral on the loan.

Fisker has sold about 2,000 of its Karma hybrid cars and hasn't assembled a vehicle in about 9 months, according to the article. Speculation is that the company's assets will be sold for pennies on the dollar, but the cars might live on if an investor buys the assets and drops a pure IC engine into the car. Fisker is continuing to talk with three Chinese businesses that are considering buying or investing in the company, according to people familiar with the negotiations.

The article says: "Fisker has suffered from constant management turnover, changing chief executives there times in just about a year. Henrik Fisker, the automaker's executive chairman and founder, quit the automaker last month in what h described as a management dispute".

According to Aoife McCarthy, an Energy Department spokesman, the government "is committed to the best outcome for taxpayers. Despite Fisker's difficulties, our overall loan portfolio of more than 30 projects continues to perform very well, and more than 90 percent of the $10 billion loan loss reserve that Congress set aside for these programs remains intact."

06 April 2013, 1940
The shills paid by Big Oil will be all over this, citing it as further proof that EVs are a wasted effort. Our best hope is for Tesla to continue to succeed and put a hurt on the shorts.

Harold in CR
07 April 2013, 0546
I don't understand why every time a company gets real close to production, or, as in Fiskers case, IS producing, someone decides that "NEW" management is needed, and that usually gets the whole project shut down.

In Aptera's case, the X GM executive effectively shut down that whole project, AFTER he successfully bankrupted the Delphi company ??

Can't these inventors-entrepreneurs see the light with these Corporate assassins ???

Call my thoughts conspiracy theories all you want, BUT, it all started with the Tucker Car Company. It continues to this day.

22 May 2013, 1451
Reuters reports, in an article written by Deepa Seetharaman, that "A boutique carmaker led by former General Motors executive Bob Lutz and China's largest auto-parts supplier made an offer to buy cash-strapped green car company Fisker Automotive this month, people familiar with the matter said." According to the article, VL Automotive and Wanxiang Group (the new owners of A123 Systems' assets) are attempting to gain control of Fisker Automotive through a "prepackaged" bankruptcy. There are also investors based in Europe and Hong Kong who are also tying to work out a deal for the company.

At this year's Detroit auto show, VL Automotive showcased a new car, the Destion, which combines the shell of the Fisker Karma with the guts of a Corvette ZR1. I suppose that vehicle might make a ready-made platform for an EV using Wanxiang Group's B456 Systems' new batteries.

23 November 2013, 1508
According to an article in my newspaper today, the Feds got their clock cleaned by Fisker. On Friday the Obama administration reported that it will lose $139 million on a loan that they made to Fisker after selling part of the loan to a private investor who immediately took the company into bankruptcy. Hybrid Technology, Fisker's new owner, said that it plans to keep Fisker operation going after it emerges from bankruptcy. There was no mention of making any more of the hybrid cars, though.