FiskerAutomotive
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Department of Energy seizes $21 million reserve account from Fisker
Fisker just can't catch a break. As if enduring the layoffs of three out of every four employees and the resignation of its founder wasn't unsettling enough, it's now come to light that the Department of Energy recently confiscated the company's $21 million reserve account in an attempt to recoup some of the government's loan. Fisker's first payment on the $192 million federal loan was due Monday, but the Energy Department revealed that it actually took the money 12 days beforehand, simply due to the company's high risk of default -- a move it characterized as an "appropriate action on behalf of taxpayers." If you're thinking the writing's now on the wall, you're correct... the WSJ reports that Fisker has hired a bankruptcy attorney, and the company admits that it's actively in search of a new owner. Will luck swing in Fisker's favor next time around? Place your bets.
Fisker announces steep layoffs, cuts company down to 25 percent of its workforce
Fisker Automotive has been seeing its troubles go from bad to worse, and its now announced its most drastic steps yet to keep the company afloat. In a statement released this afternoon, the company confirmed that it is making a "significant reduction" in its workforce, which it says will ultimately leave it with approximately 25 percent of its employees -- Bloomberg pegs the number of layoffs at about 160 based on its sources, down from the 200 it employed as of last week. Fisker's statement also notes that the company is continuing its efforts to secure a strategic alliance or partnership, but says it had reached the point where layoffs became unavoidable. As Bloomberg mentions in its report, Fisker has to date only sold 2,500 of its electric vehicles, which have been beset by delays and recalls in recent years.
Fisker founder resigns over 'major disagreements' with management
Fisker Automotive founder Henrik Fisker has resigned from his post as the firm's executive chairman. An email said to be sent by Henrik cites several unspecified "major disagreements" with the company's executive management on business strategy as the primary reason for abandoning ship. Reports suggest the decision was sparked by the firm's purported consideration of selling a majority stake to China's Geely Automobile, which would put much-needed cash in its coffers. For its part, the company says that it's strategy hasn't changed, and that it doesn't expect its namesake's departure to have an impact.
A123 Systems becomes America's latest EV battery maker to file for bankruptcy
Having been riddled with setbacks, including a major recall of faulty batteries supplied to Fisker Automotive, Michigan's favorite EV battery maker A123 Systems has filed for bankruptcy. It has also announced the sale of its main business units to rival Johnson Controls in a deal pegged at $125 million -- a sad fraction of the billion dollars it raised since it launched in 2001 (not least from government grants). It seems that neither fresh lithium ion innovations nor a potential deal with Chinese investors were able to keep the company out of the red, which leaves A123 on the road to nowhere -- right behind that other DoE-sponsored hopeful, Ener1.
Fisker confirms Q&A outlining Karma woes and fixes, may establish council to talk issues in person
Fisker has had more than its fair share of teething troubles with the Karma, but it has to be given credit for going out of its way to listen to early adopters. The hybrid car builder has confirmed to Autoblog that a question and answer session making the rounds is the official result of town hall discussions that have both acknowledged problems and promised fixes where they're possible. The answers we've been given are a mix of sober realities and practical remedies. Drivers hoping for outright hardware upgrades to improve performance with existing Karmas will have to keep wishing; thankfully, a host of firmware fixes are on the way to improve at least the sedan's Command Center system and mirrors. PR lead Roger Ormisher even hints that there could be an in-person council that would tackle concerns more directly than the remote pep talks. We're mostly hoping for the day when Fisker stamps out the bugs and doesn't need the Q&A to put Karma owners' minds at ease.
Fisker halting Surf production, but will build you one if you've got a 'big enough checkbook'
Like the ambitious diner at the all-you-can-eat-buffet, Fisker's got a lot on its plate. Between recalling all of its self-immolating Karma models, taking flack from its rivals and hiring a new CEO, something had to give. As such, it's halted production on the Surf and Sunset while it concentrates on getting the Nina / Atlantic onto the streets. However, one-percenters needing a five-door EV are in luck -- Fisker's Roger Ormisher has said that "if someone came along with a big enough checkbook" they'd discuss building a model tailored to their needs. While he remained coy about a specific price in his statement to Autoblog (after the break), a Fisker Buzz member has pegged the figure to be $200,000 -- but hey, that's pocket change to you, right?
Fisker's Project Nina exposed ahead of New York Auto Show debut
An unreleased gadget is pretty easy to conceal, but an upcoming automobile? Not so much. Thanks to some quick reflexes, you're looking at the first spy shots of Fisker's second and smaller plug-in hybrid sedan, heretofore known as Project Nina. Last we heard, the BMW-powered auto had been put on life-support, as the remainder of the company's DOE loan evaporated as it failed to meet timely deadlines in bringing its first EV, the Karma, to market. That could mean the above is a mere concept designed to woo potential investors -- but with less than a week before its supposed New York auto show debut, it won't be long until we know for sure. Until then, ogle at more eye candy of the beaut over at Autoblog in the source link below.
With federal loans blocked, Fisker halts work on Project Nina, lays off 66 workers
Fisker Automotive's bumpy 2011 appears to have given way to an even rockier 2012. A little more than a month after recalling 239 of its Karma plug-ins, Fisker has now stopped working on its second electric vehicle, following the US government's decision to suspend its federal loans. The manufacturer confirmed the news in an email yesterday, adding that a total of 66 workers in Delaware and California have been laid off, as a result. In 2009, the Department of Energy provided Fisker with $528.7 million in federal loans, but according to spokesman Roger Ormisher, access to those funds have been blocked since May. The money was supposed to be used to launch the Karma and Fisker's second, US-manufactured EV, known as the Nina. The Karma began rolling out to market in July, but did so well behind schedule, spurring the DOE to suspend its loan."Our loan guarantees have strict conditions in place to protect taxpayers," Department spokesman Damien LaVera explained in an email to Bloomberg. "The department only allows the loan to be disbursed as the company meets certain milestones and demonstrates results." Thus far, Fisker has drawn on only $193 million of federal funds and is looking to renegotiate the terms of the loan, in the hopes of accessing the remaining $336 million. The DOE, however, is still under intense scrutiny because of September's Solyndra debacle, so it's difficult to say what a renegotiated deal would look like. The manufacturer, for its part, says it's taking no risks, telling GigaOM that it "continues to pursue alternative funding sources." In the meantime, it'll continue to focus on the Karma for 2012, and hopes to revive Project Nina at a later date.
Fisker's shooting brake Surf EV to make waves at Frankfurt
Frankfurt's ready to hang ten as teaser images of Fisker Automotive's new "shooting brake" electric whip dropped in just in time for the city's automotive show on September 13th. Affectionately nicknamed the Surf, the two-door sedan is the latest incarnation of the Karma, Fisker's range-extended electric vehicle launched last year. Although the company won't release any details on the new ride just yet, we're expecting it to be somewhat similar to the company's former model, which boasts two 150 kW electric motors, a turbocharged 2.0-liter I-4 and a lithium-ion battery. Joining the ranks of other luxury wagons like the Ferrari FF, the Surf's blast-from-the-past design is guaranteed to be a gnarly change from the standard four-door luxury variety, and you can bet we'll be there for the full reveal.
Fisker inks BMW deal, Nina EVs gain Ultimate Driving Machine DNA
Fisker Nina -- sounds more like a Bolshoi ballerina to us, but these codenamed, future EVs are now on course for a German heart and soul infusion. BMW has recently inked a deal that will see its four-cylinder turbocharged engine and additional components included in 2012 production models of the American auto maker's mid-sized sedans. The line of electric cars are currently slated for an early 2013 debut, but we'd sprinkle a cup of salt on that date considering the Karma's long road to launch. Skip on past the break for the company's official eco-meets-luxury handshake announcement.
Fisker Karma boss nabs first set of keys, s'pose we'd do the same
In an old-fashioned display of corporate introversion, the keys to the first production Fisker Karma will be handed not to a real customer, or a profile-raising celeb, or even to a good cause. Nope, they'll be whisked straight into the silky pockets of Ray Lane, chairman of the board of directors at Fisker Automotive. Unless it's an entirely empty publicity stunt and he has to hand the keys right back, lucky Lane will be driving home this afternoon in a luxury EV with a 300-mile range and 125MPH top speed. The rest of us, however, will have to wait til October -- and cough up $95,900.
Inhabitat's Week in Green: Honeycomb skyscrapers, solar funnels, and the Karma PHEV supercar
Each week our friends at Inhabitat recap the week's most interesting green developments and clean tech news for us -- it's the Week in Green. High tech architecture took the spotlight this week as Aedas unveiled a set of photovoltaic crystalline honeycomb skyscrapers for Abu Dhabi and San Francisco unfurled plans for a sail-shaped solar stadium for the America's Cup yacht race. We also took an exclusive look inside a high-tech solar home that actually produces more energy than it consumes, and spotted a new technology that can transform any home's electrical wiring into an information-transmitting antenna. We also showcased some of the world's most efficient vehicles as the winners of the $10 million Automotive X-Prize were announced, and we were excited to hear that the first factory-built Fisker Karma supercar will be rolling up to the Paris Auto Show next month. Finally, we peek inside Jay Leno's envy-inducing green garage in this week's episode of Green Overdrive. In other news, MIT made waves on the renewable energy front as they revealed a new "solar funnel" technology that could increase the efficiency of photovoltaic cells 100 times. We also took a first look at Eddy GT's new streamlined city-friendly wind turbine, and we saw Tesla batteries jump-start residential solar systems by storing excess energy.
Production Fisker Karma gets revealed, shakes that sexy thang
Unlike another automaker out there, Fisker Automotive's eco-friendly vehicle looks a whole lot like the concept, and while the Tesla Roadster is certainly a sexy beast, we're having an exceptionally difficult time taming our fondness for this ride. The $80,000 $87,000 plug-in hybrid has been officially revealed ahead of its "debut" at the 2009 Detroit Auto Show, but sadly, it seems that the '09 ship date has already slipped to "late 2010." We can't say looking at the gorgeous pictures make that fact any less depressing, but they're all there in the read link if you care to indulge.[Via CNET]
Judge sides with Fisker in Tesla arbitration case
It started out with allegations of stolen secrets and quickly gave way to plenty of jokes involving "bad karma" before ultimately winding up an in arbitration, and it now looks like the legal tussle between Tesla Motors and Henrik Fisker of Fisker Automotive has finally come to a close. That lawsuit, as you may recall, had accused Fisker (who worked on Tesla's WhiteStar sedan) of stealing Tesla's hybrid technology and using it in Fisker's own car, the Fisker Karma. The judge in the case apparently couldn't disagree more with Tesla's claims, however, and has now cited "overwhelming" evidence in ruling in Fisker's favor. For it's part, Tesla simply said that, "we disagree with the ruling, and we're focused on producing and shipping cars to our customers," while Fisker is expectedly taking the opportunity to gloat a bit, saying that the ruling "completely vindicates" Fisker.[Via AutoblogGreen]
Valmet Automotive announces plans to build Fisker Karma plug-in hybrid
It may still be squabbling with Tesla over some allegedly stolen secrets, but it looks like Fisker is still moving full steam ahead with its Fisker Karma plug-in hybrid, with Valmet Automotive now announcing its intention to manufacturer the car en masse in Finland. As Fisker itself had announced way back when, they're expecting to churn out 15,000 of the cars annually, with the first of 'em sent to land in North America sometime in the fourth quarter of 2009, and Europeans getting theirs shortly thereafter in 2010. Apparently, Valmet was chosen to manufacture the car after an "extensive global search," with its location in Finland in particular working in its favor given that more than half of Fisker's cars are expected to be sold outside of North America.[Thanks, Timo]
Tesla Motors sues Fisker over stolen secrets
Tesla Motors can't seem to keep itself out of the press, can it? The newest flare-up concerns rival Fisker and claims that the automaker has stolen trade secrets and copied design concepts. In a lawsuit filed Monday by Tesla, the carmaker accuses Henrik Fisker -- whom the company had hired to design its WhiteStar sedan -- of accepting the work to "gain access to confidential design information and trade secrets." The company alleges that Fisker then used that knowledge to launch a competing vehicle, and believes Fisker has implemented its range-extended vehicle (or REV) technology in the recently introduced Karma. "I think it's ironic that Fisker chose to name his car the Karma, when what he's done is very bad karma," said the company's lawyer. Fisker wouldn't comment on the case, then drove silently away when pressed.[Via CNET]
