Rumorpile: Fisker To File Chapter 11 Bankruptcy This Week?

One of the groups that haven't been able to take any legal action against General Motors over the faulty ignition switch were those who bought the affected vehicles before the company announced bankruptcy in 2009. Last year, a bankruptcy judge said that New GM was shielded from liabiliites over the actions taken by Old GM.
 
But today, the U.S. Second Circuit Court of Appeals in Manhattan reversed that decision. In the ruling, the court stated that New GM must face some of the claims from owners that arose from their actions before their bankruptcy.
 
“We are reviewing the ruling and its impact. Even if some claims are ultimately allowed to proceed, the plaintiffs must still prove their cases," said GM spokesman Jim Cain in an email to the Wall Street Journal.
 
This decision could expose GM to additional costs as it tries to move away from this mess. According to the ruling, the protection given to GM shielded them from up to $10 billion of liability claims.
 
Source: Automotive News (Subscription Required), Wall Street Journal (Subscription Required)

G. David Felt
Staff Writer Alternative Energy - www.CheersandGears.com
 
Karma - Boldly Imperfect Email
 

 
Karma Marketing machine has started, When Fisker was sold, it was not long before the new Karma web site was setup and was very basic. Yet it did have a sign up for email information field. I did this and Karma has finally started sending out information on their upcoming new EV auto.
 

 
Karma has decided to take the marketing approach of "Boldly Imperfect" and also sent out this video link. 
 
Boldly Imperfect Video
 
New Interior

 
Karma Automotive

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.

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