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    Drew Dowdell

    .... courtesy of BMW....

    Karma Automotive is preparing to release the 2020 refresh of the Revaro.  The current car uses GM's 2.0 liter 4-cylinder as a regenerator to charge the 21.4 kWh battery while underway. The battery then powers a pair of electric motors in the rear that produce a combined 403 horsepower letting the Revero dart to 60 in just 5.4 seconds. Range in full EV mode is about 37 miles, so says the EPA.
    In a press release, Karma has announced that the the refreshed Revero will now move to a 1.5 liter BMW 3-cylinder to support a new, more powerful NMC lithium-ion battery pack.  The rear drive unit is being replaced as well with a new twin-motor rear drive module.  In the 2020 car, naught to 60 will drop by nearly a full second to 4.5 seconds. 
    The refreshed Revero will sport updated body work to go along with its technological upgrades. 
    Karma will be unveiling the 2020 Revero at the Shanghai Motor Show on April 16th along with two other concepts. 
     
    2020 Karma Revero Teaser (Click to Enlarge)
    Related:
     

    Drew Dowdell

    One of three new vehicles to come to the Shanghai Auto Show.

    Karma released a teaser image of an unnamed concept car that will be fully unveiled at the Shanghai Auto Show on April 16th.  The car is the result of a partnership with Pininfarina.  The front view of the car shows thin, horizontal daytime running lamps in presumably LED, a lighted logo, and a deep lower air spliter with 16 vertical teeth. 
    Also being shown at Shanghai will be a refreshed version of the Karma Revero.   

    William Maley

    The Fisker Karma rises from the ashes with a new name

    It seemed this day would never come, but the Fisker Karma has risen from the ashes to become the Karma Revero. Thanks to Chinese supplier Wanxiang buying the assets of Fisker Automaker back in 2014, the company would be renamed to Karma Automotive and work would begin on the resurrection. 
    There aren't any real changes of note for the exterior aside from new badging and the 'Revero' name on the fenders. The interior does see a big change with a new infotainment system. The new system runs at 60 frames per second, can be updated over-the-air thanks to a dedicated 4G connection, and will feature Apple CarPlay and Android Auto support in the near future.
    The powertrain is still a plug-in hybrid with a GM-sourced turbocharged four-cylinder producing 260 horsepower. At least the rest of it has seen some major changes. The battery capacity has been increased from 20.4 to 21.4 kWh that will give 50 miles of electric only range. The 3.3kW on-board charger has been swapped for a 6.6 kW to provide faster charges. The Revero also features the ability to use DC fast-charging at 40 kW. A solar roof on top can provide up to 1.5 miles of electric range per day - depending on weather conditions.
    Pricing for the Revero begins at $130,000 (about $27,000 more than the Karma) and you can place an order right now.
    Source: Karma Automotive, Autoblog
    Press Release is on Page 2
    Karma Automotive Unveils 2017 Revero Luxury Vehicle

    COSTA MESA, Calif., Sept. 8,2016 /PRNewswire/ -- Karma Automotive officially unveiled the 2017 Revero luxury hybrid automobile to a select group of customers, media and retailers at a private event in Laguna Beach, CA.  Orders are now being accepted for the much-anticipated, and stylishly appointed Revero.  The list price of $130,000 was announced at the unveiling.
    Originally hailed as one of the most beautiful vehicles ever conceived, these one-of-a-kind cars embody the sensibilities of a passionate, charismatic, California-based company.  The car is being built in an all new custom, low-volume production facility in Moreno Valley, California. 
    "The car unveiled tonight was designed with a specific customer in mind.  Karma customers are self-made, proud, risk-takers who love cars, and they can tell you about each one they have owned since childhood," said Jim Taylor, Karma Chief Revenue Officer.  "We are building each Revero with the workmanship and attention to detail required for a discerning customer looking for a car without compromises."
    The Revero includes several features that set it apart.  A clean and elegant infotainment system has been designed from the ground up to be fast and intuitive, and will incorporate over-the-air updates as well as Apple CarPlay.  It will be the first car sold in the U.S. powered by electricity, gas and solar.  The solar roof not only charges the 12V battery, but also charges the HV battery adding to the electric range.  Individually hand-painted emblems grace the front and rear of every vehicle.  It is a small but symbolic statement about the company's desire to give each owner a unique vehicle. 
    The Revero is quick, going from 0-60 in 5.4 seconds in Sport mode.  Owners can plug in for a battery range up to 50 miles and the gas-powered generator extends the total range to approximately 300 miles.  Fast-Charging brings the HV battery to 80 percent state-of-charge in a remarkable 24 minutes. 

    William Maley

    How does Karma Automotive plan on selling their new Revero?

    What is the best way to sell a vehicle? Is it through a dealership or a factory store? For Karma Automotive - the reincarnation of Fisker - plans to do both.
     
    Automotive News reports that by the end of this year, 10 franchised dealerships in key markets around the U.S. and Canada will begin selling the Revero. The dealers picked already sell brands like Bentley, Rolls-Royce, Lamborghini, and Porsche.
     
    "These guys really understand this customer. They get that it's not moving metal and pushing volume like the mass-market guys have to," said Jim Taylor, Karma's chief marketing officer.
     
    Alongside the dealers, Karma will have a few brand experience centers" (aka factory stores) in states allow this type of retail experience. Taylor said the stores would allow Karma to control its brand message, and provide reassurance to the dealers that "it's living up to the same standards it expects of them."
     
    "When you control your own store, you live it every day, so you have to walk the walk, So I think in a good way it puts a lot of pressure on yourself to deliver the same level of performance," said Taylor.
     
    Karma plans on showing the Revero next month.
     
    Source: Automotive News (Subscription Required)

    William Maley

    The Karma is returning, with a new name!

    It has been awhile since we heard anything from Karma Automotive - the company formally known as Fisker. Our last report in November said the company would be sourcing powertrain parts from BMW and was planning to restart production in 2016.
     
    Yesterday, the Wall Street Journal published a report saying Karma Automotive is busy with finishing development of an updated version of the Karma sedan. The sedan will be renamed the Revero which Karma says is the combination of the Latin words "re" and "vero," meaning truth. Karma is planning to reveal the Revero later this summer, with the order books opening sometime later in the year.
     
    Karma is keeping quiet on various details such as range, price, and release date.
     
    “If you manufacture all kinds of hype then fail to deliver on time, it undermines your credibility. We are being careful about making promises [because] things happen in car development,” said Jim Taylor, Karma’s chief marketing officer.
     
    One item that was divulged was the Ravero will use the powertrain and charging system from BMW.
     
    Taylor said the company is working hard to make sure the Ravero doesn't experience the numerous quality issues that sunk the Karma and Fisker itself. It was also revealed that the Ravero will be built at a new 556,000 square-foot factory in Moreno Valley, California. The equipment used to build the Karma have been shipped in from Finland.

    Source: Wall Street Journal (Subscription Required)

    William Maley

    Karma Automotive Announces A New Deal With BMW For Powertrain Parts

    Karma Automotive - the company formerly known as Fisker - announced a new partnership with BMW this week. The partnership will see BMW proving Karma with powertrain components moving forward.
     
    Now the full extent of the deal is unknown. But according to the statement released by Karma this week, the deal will include "high voltage battery charging systems and a wide range of hybrid and EV systems."
     
    "The Wanxiang Group is giving Karma Automotive the opportunity to bring a stunning car back to the market, and the partnership with BMW and their outstanding track record is a great fit for the future," said Tom Corcoran, Karma Automotive's CEO.
     
    Karma Automotive is planning to restart production sometime next year.
     
    Source: Karma Automotive
     
    Press Release is on Page 2


     
    Karma Automotive Signs Supply Agreement With BMW
     
    COSTA MESA, Calif., Nov. 12, 2015 /PRNewswire/ -- Karma Automotive announced today that BMW has agreed to be a supplier in ensuring their vehicles are built with the highest quality automotive parts. BMW will supply Karma Automotive with their latest powertrain components, including high voltage battery charging systems and a wide range of hybrid and EV systems.
     
    Throughout automotive history, BMW has been globally recognized for engineering and manufacturing world-class products. They are a proven technology leader and renowned for conceiving and delivering groundbreaking innovations.
     
    Karma Automotive will integrate the first BMW components into its plug-in hybrid flagship vehicle, which will re-launch in 2016. The next generation of vehicles already in development will utilize more of BMW's powertrain technology.
     
    "The Wanxiang Group is giving Karma Automotive the opportunity to bring a stunning car back to the market, and the partnership with BMW and their outstanding track record is a great fit for the future," said Karma's CEO Tom Corcoran. "We will continue to develop beautiful cars with the latest cutting edge hybrid and EV technology."
     
    Co-founder Bernhard Koehler said; "I'm personally excited and incredibly proud we will be integrating the sophistication, integrity and character of the BMW powertrain into our own. Karma Automotive products and ultimately our customers will be the greatest benefactors of this fantastic relationship."

    William Maley

    Fisker Changes Its Name In Hopes Of Capturing Good 'Karma'

    Back in February, we reported on the rumors that Fisker Automotive was planning to change its name to Elux. This past week, Fisker has officially changed its name and it isn't Elux. Meet Karma Automotive.
     
    The company says this name has always been a part of the brand - see Karma plug-in hybrid sedan.
     
    "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," said James Taylor, Karma's Chief Marketing Officer.
     
    Rumor has it that production of the Karma sedan will restart sometime next year. We expect a name change along with the production restart.
     
    Source: Karma Automotive
     
    Press Release is on Page 2


     
    Fisker Automotive Reveals New Name And Logo
    Karma Automotive - honors iconic design and communicates future direction

    COSTA MESA, Calif., Sept. 30, 2015 /PRNewswire/ -- Fisker Automotive and Technology Group announced a name change today to Karma Automotive. The company also launched its new website, including a video that reveals its new logo at karmaautomotive.com.
     

    "With new ownership, a new management team, and a new production site, all here in California, it was time to communicate change," said James Taylor, Karma's Chief Marketing Officer.
     
    "Karma" was chosen because it is relevant to both the old and new brands, while providing an aspirational message which embodies the company's purpose.
     
    "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," added Taylor.
     
    Karma's new executive team has attracted top-tier talent from the automotive and technology industries to bring world-class expertise to its headquarters and new assembly facility in Southern California.
     
    Karma Automotive's owner, Wanxiang Group, one of the world's largest automotive component conglomerates, is committed to the alternative energy space, having acquired solar, wind and energy companies. The group provides strong financial backing necessary to build a sustainable, world-class luxury automotive brand.

    William Maley

    Coming In 2016* The Return of the Karma

    Since being bought by Chinese auto parts supplier, Wanxiang Group, Fisker Automotive has been quietly ramping back up with a new headquarters in Costa Mesa, CA, and an upcoming factory in Moreno Valley, CA. But one item that has been up in the air is when production of the Karma would restart. Speaking with The Oakland County Register, Fisker's chief marketing officer Jim Taylor said the automaker will relaunch sometime in the middle of 2016.
     
    “We want to be out next year. Midyear is our target. That’s what we’ve told the plants and our suppliers, but we won’t make any promises to say this is our launch date, get ready,” said Taylor.
     
    There is still a number of items and issues that Fisker has to work on before having vehicles rolling down the production line. At the moment, Fisker is busy hiring people for their headquarters and production facility. Complicating matters are number of delays and no real information as to changes for the model.
     
    Source: The Orange County Register

    FAPTurbo

    California's affinity for technology, style and perceived environmental consciousness appears to have earned it some Karma.

    California's affinity for technology, style and perceived environmental consciousness appears to have earned it some Karma.
     
    China's Wanxiang Group has announced plans to build the Fisker Karma luxury sports sedan in Moreno Valley. The 555,670 square foot Greater Los Angeles Area manufacturing facility is slated to create 150 jobs.
     
    “California's natural beauty, trend setting, technology, and environmental focus are perfectly aligned with our Karma re-launch,” said Fisker's chief marketing officer, James Taylor, adding that the company "believes in the quality, work ethic and competitiveness of manufacturing in the United States.”
     
    The plug-in hybrid Karma won accolades for styling, but financial difficulties caused the company to file for bankruptcy in November 2013, only to be purchased by Wanxiang in February 2014. The Hangzhou-based automotive parts giant also acquired battery manufacturer A123Systems in late 2012.
     
    Fisker's move comes on the heels of another Asian automaker's decision to build vehicles Stateside. Geely-owned Volvo has just announced a $500 million manufacturing facility in South Carolina, and several states are vying for Land Rover's business, a brand which has been owned by Tata Motors since 2008.
     
    Source: Autofile.ca

    William Maley

    The latest on the return of Fisker or should we say Elux

    It has been awhile since we heard anything out of Fisker and its new owner, the Wanxiang Group. But Reuters has learned some new information about what could be in store.
    Two sources tell Reuters that Wanxiang is planning to drop the Fisker name and use Elux. So instead of the Fisker Karma, it could be called the Elux Karma.
    Speaking of the Karma, Reuters also learned that Wanxiang has pushed back the launch of the Karma to mid-2016 and will raise the price to $135,000. Sources also revealed that the Karma will not be built in Finland and that new production site hasn't been finalized.
    Source: Reuters

    William Maley

    Fisker's New Owners Plans To Keep The Karma The Same. Does That Mean Fires Appearing Once Again?

    Fisker's new owner, the Wanxiang Group wants to get the Fisker Karma back on the marketplace as soon as possible. How fast? According to a report from Reuters, the company is planning to stick with the original 2012 design.
    A source tells Reuters the reason for sticking with the older design is due to not going through crash testing and certification again.
    "It will have to be nearly identical to the 2012 model, or it would need to go through (safety) testing and certification again. I don’t think they want to put a lot of engineering into it either, as well as probably use up some of the old parts that are in inventory," said the source.
    However this plan presents a problem. Suppliers who dealt with Fisker aren't happy with the brand because of losses suffered with the company going under.
    "They lost money and had dedicated facilities that were severely underutilized. Many scrapped their tools or took them out of their facilities," another source said.
    Now a source close to Fisker says the Karma will be slightly different, but wouldn't go into detail about what will change.
    “Not 100 percent identical. The new Karma will be different in many key areas. It will have noticeable upgrades.”
    Source: Reuters
    William Maley is a staff writer for Cheers & Gears. He can be reached atwilliam.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley

    The Fisker Karma Will Be Going Back Into Production, Once We Fix All Of These Bugs

    Fisker, the automaker that doesn't seem to die is back in the news. This past week, the Wanxiang Group, Fisker's new owner, went on tour of the U.S. to met with officials and politicians in several states about plans. At one of the stops, Chairman Lu Guanqiu and President of the U.S. unit, Pin Ni spoke to reporters. Ni explained that company is planning on starting production of the Karma in the near future. But before then, the company needs to fix 250 “bugs” in the Karma and have a 'reliable supply of high-quality components'.
    "At Fisker, the biggest issue is to solve the problems. There are about 250 bugs in this we need to de-bug. I often say that Wanxiang can afford to make cars, but Wanxiang cannot afford to make bad cars,” Ni told reporters. “Our goal is to fix all the issues and get the car back on the road, but this car has to be a good cart. It cannot be a car with problems … We want to make this car in the United States. This too is determined. But in terms of a detailed plan, we are still evaluating.”
    But Wanxiang has bigger ambitions for Fisker. Chairman Lu Guanqiu said the company is working on a new Fisker model that will be launched in 2017. Guanqiu didn't go into specifics about the new model or where it will be built.
    Source: Automotive News Europe (Subscription Required)
    William Maley is a staff writer for Cheers & Gears. He can be reached atwilliam.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley

    Fisker's New Owner Vows To Spend It All To Make It Success

    Lu Guanqiu is the chairman and founder of China's Wanxiang Group Corp., which happens to be the new owner of Fisker Automotive. In a interview with Bloomberg, Lu says the company will be making significant investments into the troubled automaker.
    "“I’ll put every cent that Wanxiang earns into making electric vehicles. I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.”
    That's saying something in the least. But the question is when will we see Fisker vehicles coming off the production line?
    "The road is still very long. We want to concentrate for now on manufacturing in the US. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will," said Lu.
    The plan at the moment is for production of the Karma to come back online, followed by the introduction of new models.
    Source: Bloomberg

    William Maley

    The Wanxiang Group Outlines Some Of Its Plans For Fisker

    Fisker's new owner, the Wanxiang Group out of China plans to restart production of the Karma plug-in hybrid sedan within a year or so. Pin Ni, head of the U.S. unit for Wanxiang tells Reuters the company plans on restarting production in Finland possibly this year and sell them in U.S. and Europe. At the moment, Ni says the company is working on finalizing business plans for the brand and hasn't worked out what the sales target for the Karma will be.
    Ni went onto say that production could move to the U.S. with with "a potential partner out of Michigan." That possible partner could be VL Automotive, the company who is taking Fisker Karmas and dropping in V8 engines.
    Along with restarting Karma production, Wanxiang plans to finish development of the Atlantic sedan. The model, which was positioned to be the volume model for Fisker was planned to go into production in 2015.
    Source: Reuters
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley

    The Fisker Automotive Saga Rolls On...

    After three days and nineteen rounds of bids, China’s Wanxiang Group emerged as the new owner of Fisker, beating out Hybrid Tech Holdings LLC, the original winner of Fisker Automotive back in November. The winning bid was $149.2 million, about six times higher than the original sale price of $25 million.
    The auction came after a ruling made by U.S. Bankruptcy Judge Kevin Gross last month. Gross rejected the original offer made by Hybrid Tech Holdings LLC of $25 million for all of Fisker's assets.
    Now the bid has to be approved by Gross for Wanxiang Group to become Fisker Automotive's new owner. That will happen this week.
    Source: Bloomberg
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley

    Just When You Thought Fisker Auction Saga Was All Done...

    Nothing ever seems to come easy for Fisker. Back in November, we reported that Hybrid Tech Holdings, LLC, a company founded by Hong Kong investor Richard Li, had purchased Fisker's assets from the Department of Energy for $25 million. It seemed that this chapter in Fisker's turbulent life had come to close. But this past week, the chapter was ripped opened.
    In a hearing last week, U.S. Bankruptcy Judge Kevin Gross rejected the planned sale and instead has favored putting the assets back up on the auction block in February. This opens the door for Wanxiang Group, the Chinese auto parts supplier who owns A123 Systems, to bid on Fisker's assets as well.
    "I think that, for me, at the end of the case, whether or not the price paid was fair or reasonable, I think an auction will provide that mechanism. That is the most favored method," said Gross at the hearing.
    In a statement, Hybrid Tech Holdings said they were "deeply disappointed" with the ruling.
    "Despite the court's decision, Hybrid will participate in the auction, as we still feel Hybrid represents the most competitive and viable bid for Fisker's future," the company said.
    Source: Reuters
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley

    Just when you thought Fisker was out of the hot water, they get it dumped back on them.

    Just when you thought Fisker was out of the hot water, they're back in it. Bloomberg reports that founder Henrik Fisker and the board of directors have been hit with a lawsuit over losses incurred by the company's financial problems.
    Atlas Capital Management LP, an investor in Fisker, filed a federal suit in Wilmington, Delaware, on December 27 claiming the automaker withheld information regarding its financial health. The suit also alleges that Fisker kept quiet about a recall involving 239 Karmas until the day after it closed a round of financing.
    Had Atlas known the truth, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid,” lawyers representing Atlas wrote in the filling.
    Anita-Marie Laurie, a spokeswoman for Fisker with Sitrick & Co., declined to comment when asked.
    Source: Bloomberg
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    William Maley
    Staff Writer - CheersandGears.com
    November 25, 2013
    The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker.
    To keep the transfer process smooth and make sure Fisker's creditors and suppliers get paid, the company has filled for Chapter 11 Bankruptcy in a California court.
    "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders. We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer in a statement.
    What does Hybrid Tech have in mind for Fisker? The company plans to restart production and sales of the Karma sedan, and work on developing new vehicles.
    "As we continue to examine Fisker's opportunities, we will be making decisions about the structure and footprint of the new business," said Caroline Langdale, a spokeswoman for Hybrid Technology.
    Source: Automotive News (Subscription Required), Fisker
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster.
    Press Release is on Page 2
    Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings
    ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets.
    Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction.
    To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process.
    "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership."

    William Maley
    William Maley
    Staff Writer - CheersandGears.com
    October 18, 2013
    Last month, we told you about the U.S. Department of Energy putting up for auction Fisker's $124 million loan in a effort to recoup as much money as they can. There were a number of suitors who were ready to take on the loan including;
    Hong Kong-based investor Richard Li
    Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive
    German investment group Fritz Nols AG

    Today, we might have an answer as to who bought the loan.
    Reuters is reporting the Richard Li's investment group won the auction and are now in the process with the Department of Energy to finalize details of the sale. Sources say bidders in the auction had to offer at least $30 million for a chance of buying Fisker's loan. It's unknown at this time how much Li's bid was.
    Previously we reported that Fisker Automotive's founder, Henrik Fisker was a part of Li's group. Now it's being reported the two have gone their separate ways. Sources say the two remain on good terms.
    So what Li's investment group get with buying Fisker's loan? Well it gives Li's group a stake in the company. It also allows Fisker to starve off bankruptcy for a time.
    Source: Reuters
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    William Maley
    Staff Writer - CheersandGears.com
    September 19, 2013
    The U.S. Department of Energy has announced this week they will be putting up Fisker Automotive's $164 Million loan up for auction next month. This is in a effort to try and recoup as much money as they can.
    "After exhausting any realistic possibility for a sale that might have protected our entire investment, the Department announced today that we are auctioning the remainder of Fisker's loan obligation, offering the best possible recovery for the taxpayer," said Peter Davidson, director of the Loan Program Office at the Department of Energy in a blog post.
    "Consistent with the intent and statutory purpose of the Advanced Technology Vehicles Manufacturing program, the Department will require all bids to include a commitment and business plan that promotes domestic manufacturing capabilities and related engineering for advanced technology vehicles here in the United States."
    So who will be putting in a bid for Fisker? Well we have a list of possible suitors. We have the founder of the company, Henrik Fisker who has teamed up Hong Kong-based investor Richard Li, Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive, and German investment group Fritz Nols AG.
    Source: Green Car Reports
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    William Maley
    Staff Writer - CheersandGears.com
    August 23, 2013
    A German investment group has put its hat in the ring to buy Fisker Automotive. Fritz Nols AG has put in a bid for $25 million dollars for the company and its assets, a far cry from $173 million debt Fisker owns the U.S.
    "There was too much focus on design and production. It was forgotten that you have to sell the car as well," said Ingo Voigt, the person heading the buyout for Fritz Nols AG to Autobild.
    If the group was to get Fisker, Voigt says they would move production from Finland to the U.S. and sell 2,500 Karma sedans per year. The group will also focus on adding more models to Karma lineup with the Surf, a shooting brake model and the the Sunset, a two-door convertible. The smaller Atlantic sedan has been taken off the table due to cost concerns.
    Nols isn't the only buyer interested in buying up Fisker. Back in May, Henrik Fisker and Hong Kong-based investor Richard Li offered $25 to $30 million to the Department of Energy. There is also Chinese automotive suplier Wanxiang Group and Bob Lutz's VL Automotive teaming up and offering a bid of $20 million.
    Source: autovisie, Autobild
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    By William Maley
    Staff Writer - CheersandGears.com
    May 26, 2013
    Two groups are trying to get their hands on what remains of Fisker Automotive.
    Group one is VL Automotive (the fine folks who are planning to make the Destino) and China's Wanxiang Group have put in a joint bid of around $20 million, a far cry from Fisker Automotive's almost $2 billion estimate from a investor document filing obtained by Reuters.
    As we reported earlier this month, Lutz said that VL Automotive could with Fisker's suppliers to keep the Karma in production, but that could become a logistics nightmare.
    "I want Fisker to live and succeed, if only to ensure a continuing supply of Karma bodies for my and my parter's (sic) VL Destino, a de-electrified Karma with a Corvette drive train, for which there is brisk demand," Lutz wrote in a blog piece for Forbes.com in April.
    The second group is a investment group being led by Hong Kong billionaire and Fisker investor Richard Li. This group got a huge boost this past week when founder and former CEO, Henrik Fisker joined the group. Sources say the group is offering between $25 to $30 million.
    Source: Reuters, 2, 3
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    By William Maley
    Staff Writer - CheersandGears.com
    May 20, 2013
    There is always the risk of buying into a new, fledgling automaker since they may be here one moment and gone the next. Such is the case in point with Fisker Automotive and owners are selling their vehicles at prices that will make you do a double take.
    A recent search on eBay saw the average price of twenty-five Fisker Karmas up for bid hovering around the $60 to $70k mark. There were a couple that were around $50,000 mark.
    "Anybody who wanted this car before because it was knock-down gorgeous, but couldn't afford it, well now they can afford it," said Bill Michlin, a dealer with the Fields Auto Group in Glencoe, Il. "The car is a pleasure to drive, it has horsepower beyond belief for an electric vehicle and it's so fun and so gorgeous. And now it's available."
    So why are people getting rid of their Karmas? Well with Fisker's future uncertain thanks to bankruptcy, there comes the question of availability of parts and service down the road.
    But who knows, maybe many of these new owners will turn to VL Productions to add a V8 engine...
    Source: NBC News
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    By William Maley
    Staff Writer - CheersandGears.com
    April 10, 2013
    It seems the end is close for Fisker. Reuters is reporting that Fisker could be filling for Chapter 11 bankruptcy this week due to pressure of the U.S. Department of Energy who want the company to pay back nearly $200 million in government loans.
    A source tells Reuters that Fisker's lawyers have drawn up the documents needed to file for bankruptcy, and are ready to go within the next few days.
    Fisker and the Department of Energy's relationship has been strained over the past few months due to missing milestones for the loans, not building any vehicles since last summer, and number of other problems. The company has been has been trying to renegotiate terms of a payment due on April 20th with the Department of Energy. However, the Department of Energy said enough was enough and is pushing Fisker in bankruptcy.
    Source: Reuters
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    By William Maley
    Staff Writer - CheersandGears.com
    April 9, 2013
    From the "it can't get any worse, can it?" file, Fisker has been smacked with a lawsuit by their former employees alleging the company violated the law when they were laid off.
    Last Friday, Fisker announced they would be laying off 75% of their employees (about 160 employees) as "a necessary strategic step to... maximize the value of Fisker's core assets," which is complicated way of saying 'we're trying to conserve as much cash as possible'.
    However, employees have sued Fisker in Federal court, stating the company violated the US Worker Adjustment Retraining Notification (WARN) Act which says a company must give employees 60 days of notice of a termination. The suit also alleges Fisker failed to pay the employees the wages and other benefits they would have earned in the 60 days following the layoffs.
    Fisker's communications firm, Sitrick and Co said the company had no immediate comment concerning the suit.
    Source: Automotive News (Subscription Required)
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

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