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Henrik Fisker  (Source: caranddriver.com)
Fisker denied that a possible sale to a Chinese firm had anything to do with it

Fisker Automotive's former executive chairman -- who recently resigned -- said he didn't leave because of the possibility of Fisker being bought by a Chinese firm.

Henrik Fisker, the co-founder of Fisker Automotive, resigned from his position as executive chairman citing issues with executive management. Many speculated that the possible takeover by a Chinese firm had something to do with his decision, but Fisker confirmed in an interview with The Detroit News that this is not the case.

"It's probably the most difficult decision I've ever made, but you know it was a decision that was necessary as I had major disagreements with the current executive management," said Fisker. "It would be wrong to stay.

"It was not specifically about the sale of the company. It was about the business strategy."

Fisker Automotive has been open to selling a majority stake of the company to Chinese firm Geely Automotive in order to fund the development of its next car -- the Atlantic. But this potential decision has been controversial since Geely is a Chinese company and Fisker was funded by the U.S. government for its Karma plug-in.

Fisker received $529 million in DOE loans in April 2010. The loans were part of a program to progress development of high-tech vehicles, where Fisker received $169 million for Karma plug-in engineering and $359 million for Nina production. The loans were also meant to revamp a closed General Motors plant in Wilmington, Delaware for Fisker EV production. However, Fisker fell a little behind on its production schedule, and in May 2011, DOE froze the loans due to "unmet milestones." 

Fisker had only drawn $193 million of it at that point.

The company has had other problems too, such as recalls, Hurricane Sandy destroying over 300 Fisker vehicles in New Jersey, and A123 Systems' (its battery supplier) bankruptcy.


"Despite these unbelievable, almost natural catastrophes that were against Fisker Automotive, I still think it proves how fantastic the Fisker team has performed," said Fisker.

Source: The Detroit News



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Amazing.
By truebeliever71 on 3/18/2013 1:19:06 PM , Rating: 3
Amazing... how people can be pushed out of a company that they started.




RE: Amazing.
By V-Money on 3/18/2013 1:27:17 PM , Rating: 2
Especially one that is doing so swimmingly well...


RE: Amazing.
By BZDTemp on 3/18/13, Rating: -1
RE: Amazing.
By Dorkyman on 3/18/2013 1:54:58 PM , Rating: 3
"Desperate Republicans."

Whoa. That came out of left field.


RE: Amazing.
By NobleKain on 3/18/2013 2:04:57 PM , Rating: 3
I see what you did there...

and I like it.


RE: Amazing.
By KCjoker on 3/18/2013 6:15:38 PM , Rating: 1
All sorts of things? You mean the truth? Yea it sucks when that happens to people taking our tax money and wasting it. That goes for both sides however you must think it's not. No reason our tax dollars should've been given or loaned to a non American company.


RE: Amazing.
By GulWestfale on 3/18/2013 2:24:18 PM , Rating: 2
they can be pushed out if they accept outside money (loans or capital investments) and thus hand over at least some control to other people. fisker himself was only one of the guys at the top, and the other ones obviously wanted him out. too bad for him, but what can you do?

as for his cars... i don't like the design. i have seen karmas in the flesh at a car show, and the proportions and detailing are all wrong, in my humble opinion. add to that the fact that electrics are not ready to take you on a real road trip, and what you have is a rather expensive environmental statement on wheels. it's for enviro-douches.


RE: Amazing.
By Solandri on 3/18/2013 6:20:30 PM , Rating: 3
quote:
they can be pushed out if they accept outside money (loans or capital investments) and thus hand over at least some control to other people. fisker himself was only one of the guys at the top, and the other ones obviously wanted him out. too bad for him, but what can you do?

It's not always that simple. A lot of times the people giving the loans or investing capital think they know how to run the company better than the person(s) who founded it. And will bend the rules any way they can to assert their viewpoint.

http://waxy.org/random/arsdigita/


RE: Amazing.
By mars2k on 3/19/2013 9:55:09 AM , Rating: 1
Fisker was not always electronic. He made a long term go if it doing luxury re-bodies of several popular European favorites. He was quite successful for lots of reasons before all this...
Forcing out the original entrepreneur is actually quite common. Many of the skills required to birth a company do not extend very well once an organization grows past a certain size. It isn’t really bad so much as required for many companies to go to the next level. Especially if you have a personality who cannot adapt to the new realities forced onto a company that is growing rapidly, perhaps out of control.
The good ones recognize this phenomenon and step aside.
As for “wasting tax dollars”, what a laugh. How much waste has gone into military contracts over the last 2o years? Why aren’t you complaining about that. Research and development is what made this country great. Without government backing we would never have had the railroads or the internet or computers or television or most of what we call the “American way of life”. Quit complaining, your ignorance is showing


RE: Amazing.
By cmart on 3/19/2013 3:34:51 PM , Rating: 2
quote:
How much waste has gone into military contracts over the last 2o years? Why aren’t you complaining about that. Research and development is what made this country great. Without government backing we would never have had the railroads or the internet or computers or television or most of what we call the “American way of life”. Quit complaining, your ignorance is showing


Yes... and of course, nothing researched and developed for military use has ever made its way into our homes as useful tech... (funny you mention the internet) **rolleyes**


Disagreements with Executive Management
By btc909 on 3/18/2013 12:57:54 PM , Rating: 2
Executive Management - We want to sell to a Chinese company.
Fisker - NO.
Executive Management - The board will overrule your decision.
Fisker - Ok I'm leaving.




By roykahn on 3/19/2013 4:03:23 AM , Rating: 2
Or as Eric Cartman would put it:
Screw you guys, I'm going home.


in my opinion
By Phoenix7 on 3/21/2013 6:52:51 AM , Rating: 2
IMO I support hybrids and electrics, but some of these cars are costly. I think they should try to offer something cheaper




RE: in my opinion
By lagomorpha on 3/25/2013 2:42:04 PM , Rating: 2
Current fact of life: Batteries are expensive

If you want to make electric cars cheaper you have to use smaller batteries which means even less range. Electric cars would be the same cost as conventional cars if you only needed to go 10 miles on a charge.


Explains?
By Milliamp on 3/18/2013 3:40:55 PM , Rating: 2
It just says he had "major disagreements with the current executive management"

That doesn't explain much.




Fantastic?
By cmart on 3/19/2013 2:26:53 PM , Rating: 2
"The company has had other problems too, such as recalls, Hurricane Sandy destroying over 300 Fisker vehicles in New Jersey, and A123 Systems' (its battery supplier) bankruptcy.

"Despite these unbelievable, almost natural catastrophes that were against Fisker Automotive, I still think it proves how fantastic the Fisker team has performed," said Fisker."

Fantastic? One of the problems was recalls; not exactly a testament to manufacturing excellence. And A123 sold for $260M -- if Fisker needed them, they could ostensibly have bought them.




Hey's smart
By Ammohunt on 3/18/2013 12:33:28 PM , Rating: 1
Politically this is a boondoggle I would get out while the getting good as well. The other option of course is that he is bailing before criminal probes dig up some unknown dirt we have yet to be privy too.




Score
By Reclaimer77 on 3/18/13, Rating: 0
"A politician stumbles over himself... Then they pick it out. They edit it. He runs the clip, and then he makes a funny face, and the whole audience has a Pavlovian response." -- Joe Scarborough on John Stewart over Jim Cramer














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