Mexican Media Brands
Fisker Gets $100 Million Cash Infusion to Fund New Model
Fisker Automotive Inc. says it has raised more than $100 million in fresh capital from unidentified private investors to finance daily operations and development of its Atlantic extended-range hybrid midsize sedan.
#hybrid
Share
Fisker Automotive Inc. says it has raised more than $100 million in fresh capital from unidentified private investors to finance daily operations and development of its Atlantic extended-range hybrid midsize sedan.
The Anaheim, Calif.-based startup declared last month that it aimed to raise $150 million and might new additional capital next year. Fisker has now raised more than $1.2 billion since it was founded in 2007.
The cash-strapped company has postponed the introduction of the $50,000-$60,000 Atlantic. The car was originally slated to go into production this summer at a former General Motors Co. assembly plant in Wilmington, Del.
The project was halted in February when the U.S. Dept. of Energy froze Fisker's $529 million loan because the company missed sales and development deadlines. Fisker warned in April that unless it can negotiate a revised agreement with the DOE, the Atlantic might be built overseas.
CEO Tony Posawatz the company's third chief executive this year says Fisker will announce production plans and a timeline for the Atlantic by December.
The company's first model, the $107,900 Karma plug-in sedan, continues to struggle. The car has experienced a series of quality problems and been recalled three times since it debut last December. Consumer Reports panned the Karma in a review this week.
RELATED CONTENT
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
What the VW ID. BUGGY Indicates
Volkswagen will be presenting a concept, the ID. BUGGY, a contemporary take on a dune buggy, based on the MEB electric platform that the company will be using for a wide array of production vehicles, at the International Geneva Motor Show.
-
Electric Motors for Aero and Auto
Rolls-Royce—the manufacturer of aircraft engines, not the one that makes high-end vehicles with four wheels—is working with another British company, YASA, on the development of the ACCEL, an electric airplane.