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Author Topic: Fisker Automotive shake-up  (Read 1705 times)

Richard230

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Fisker Automotive shake-up
« on: March 01, 2012, 05:01:19 AM »

According to an article in my newspaper today, written by Dana Hull of Mercurynews.com, electric car start-up, Fisker Automotive, announced Tuesday that they had replaced company founder and CEO Henrik Fisker, with Tom LaSorda, a “veteran of Chrysler and General Motors”.  Fisker will become “Executive Chairman” of the board of the company.

Fisker, based in Anaheim, CA, makes the $102,000 plug-in hybrid Karma and hopes to manufacture a sedan known as the Nina, at a former GM plant in Wilmington, Delaware.  The executive shake-up comes as Fisker faces several formidable challenges and growing competition from various major automotive manufacturers in the EV and plug-in hybrid market. In recent months, Fisker has had problems with production delays, a voluntary battery pack recall, software glitches, troubles getting its Delaware plant running and a freeze in much of its $529 million Energy Department loan guarantee.

So far Fisker Automotive has raised more than $860 million in private equity financing since 2007, but more is needed. Fisker was awarded the $529 million loan guarantee by the DOE, $169 million of which was to develop the Karma. But $359 million of the guarantee was to support the production of the Nina and to resurrect the closed GM plant. So far Fisker has drawn down $190 million of the grant and they are trying to revise their business plan in an effort to get the rest of the money.

Last summer, Fisker said that it planned an initial production volume of 15,000 Karmas in 2012, but has since scaled down its plans to 10,000 cars. The article mentions that Al Gore has bought one of their cars, as has the CEO of Coulomb Technologies, Pat Romano.

My comment is that it sure seems typical that the founder of a start-up gets replaced by a professional CEO when production of the product commences and then finds himself as Chairman of the company board.  Shortly after that, he will probably leave the company to try to invent and develop a new product. It has happened before.

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Richard230

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Re: Fisker Automotive shake-up
« Reply #1 on: May 23, 2013, 03:55:21 AM »

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 (previously A123) Systems' new batteries.
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Richard's motorcycle collection:  2014 14.2 kWh Zero S, 2016 BMW R1200RS, 2011 Royal Enfield Bullet 500 Classic, 2009 BMW F650GS, 2005 Triumph T-100 Bonneville, 2002 Yamaha FZ1 (FZS1000N) and a 1978 Honda Kick 'N Go Senior.

CliC

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Re: Fisker Automotive shake-up
« Reply #2 on: May 23, 2013, 07:47:10 PM »

I probably don't know all the facts, but from what I've read, Fisker needs to step up their design game. Tesla makes what appears to be a far better car for that kind of money. The only advantage Fisker has is perhaps range, it being a hybrid.

I'm all for more players in this game, but EV makers often have to do better than ICE makers just to overcome public perception. Tesla is doing this; Fisker, not so much.
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Richard230

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Re: Fisker Automotive shake-up
« Reply #3 on: November 24, 2013, 04:12:16 AM »

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.
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bigd

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Re: Fisker Automotive shake-up
« Reply #4 on: November 25, 2013, 08:05:31 AM »

o great, the tax payers get to pay for more of obama`s cronies to get rich :-(
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Richard230

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Re: Fisker Automotive shake-up
« Reply #5 on: February 21, 2014, 05:42:03 AM »

I read an article the other day that the last of Fisker's assets were just sold off by the bankruptcy court to a Chinese company.
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Richard's motorcycle collection:  2014 14.2 kWh Zero S, 2016 BMW R1200RS, 2011 Royal Enfield Bullet 500 Classic, 2009 BMW F650GS, 2005 Triumph T-100 Bonneville, 2002 Yamaha FZ1 (FZS1000N) and a 1978 Honda Kick 'N Go Senior.
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