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:

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.   

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)

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)

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

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

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

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.

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.

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

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.

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.

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.

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

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

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

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.

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.

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.

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.

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.

By William Maley

Staff Writer - CheersandGears.com

April 1, 2013

Just when you think the news about Fisker couldn't get any worse, it has. Last Thursday, Reuters learned from a source that Fisker has hired the law firm of Kirkland & Ellis to advise on a possible bankruptcy filing. The source says the company is “considering bankruptcy while it pursued alternatives.”

Fisker has also furloughed its U.S. work force this week to preserve cash.

Last month has been tough on Fisker as the company saw its founder and chairman, Henrik Fisker resign due to "several major disagreements" with top management. It also saw its efforts to find a investor erode away as Geely and Dongfeng dropped their bids due to the terms of the Department of Energy loans Fisker has. Sources say chief executive Tony Posawatz, visited China last week to try to rekindle those deals.

The bad news doesn't stop there though. Fisker has a payment due to the Department of Energy on April 22nd. Fisker isn't saying how much the payment is, but judging from these moves.

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

By William Maley

Staff Writer - CheersandGears.com

March 19, 2013

Last month, we reported that Fisker had two possible bidders for a possible stake in the company. The two bidders in question were Zhejiang Geely Holding Group and Dongfeng Motor Group. At the time, Fisker was leaning towards Geely due to the company's experience of acquiring a foreign automaker (Volvo) and management structure.

But Geely has dropped their bid for Fisker. Two sources tell Reuters that the reason Geely dropped their bid was due to Fisker's obligations to the U.S. Government which included obligation to restore capacity and jobs at Fisker's Delaware plant according to a schedule imposed by the government.

"Those obligations are too complicated to handle and seem too risky. The plan's footprint was too big. It would take a long, long time to fill up the plant with products and restore employment there," a source said.

This leaves Dongfeng Motor Group as the sole bidder for Fisker. The company sent their final bid last week.

As for those who think this was why former Fisker chairman and founder Henrik Fisker stepped down, sources explain this is not related.

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.

By William Maley

Staff Writer - CheersandGears.com

March 13, 2013

Henrik Fisker, founder and executive chairman of Fisker Automotive has resigned today.

In a statement sent today, Fisker Automotive said “the main reasons for his resignation are several major disagreements that Henrik Fisker has with the Fisker Automotive executive management on the business strategy.”

“Given the confidential nature of this matter, at this point in our process we can only confirm that the company has received detailed proposals from multiple parties in different continents which are now being evaluated by the company and its advisors. The company is pleased with the level of interest from potential partners, which underscores the attractiveness and relevance of Fisker's proven EV powertrain technology, design and strategy,” Fisker Automotive went on to say.

We'll be updating this story as soon as we have more information.

Source: Fisker

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.

By William Maley

Staff Writer - CheersandGears.com

February 18, 2013

The past couple of months for Fisker has been very interesting. In December, Fisker founder and Chairman Henrik Fisker said that the company was looking for "potential strategic partners". Then in January, Fisker headed off to China to talk with automakers. Now Fisker is looking at bids for a stake in the company by two Chinese automakers.

Reuters is reporting that Fisker is weighing two bids from Zhejiang Geely Holding Group and Dongfeng Motor Group. The report says that companies from Europe and South Korea were also interested, but the two Chinese automakers sent in written bids.

Two people familiar with the situation say the bids are worth between $200 million to $300 million and would give a majority stake to the winning bidder. Both say that Fisker is leaning towards Geely.

Part of that comes from Geely's experience acquiring a foreign automaker, as it purchased Volvo from Ford in 2010. The other part deals with management structure. Geely has a more lean structure than Dongfeng, meaning it can complete the deal with Fisker with fewer roadblocks.

Any deal with either company is likely to involve one other Chinese company; Wanxiang Group, who has purchased A123 systems. A123 systems was Fisker's primary battery supplier. Wanxiang Group has indicated they would be willing to help Fisker.

Fisker, Geely, and Dongfeng aren't commenting at this 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.

By William Maley

Staff Writer - CheersandGears.com

January 30, 2013

Bloomberg is reporting that Fisker has hired hired Huron Consulting Group Inc. to help with day to day operations and to conserve cash while it goes searching for a partner. As we reported last Monday, Fisker is currently looking for a partner in China.

Two people familiar with the situation say Fisker is currently seeking first-round bids by early February. If Fisker doesn't get the funds or has a partner by midyear, the company risks burning through cash a person tells Bloomberg.

“We’re making prudent business decisions to help secure an alliance or partnership,” said Fisker spokesman Roger Ormisher.

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.