Fisker May Build Atlantic Hybrid Outside of U.S.; Generates $100M in 2012 Karma Sales
May 31, 2012 8:31 PM
In the first four months of 2012, Fisker's Karma plug-in generated a revenue of over $100 million for just 1,000 Karmas sold
Fisker Automotive could build its next hybrid electric vehicle, the Atlantic, outside of the U.S. due to the automaker's lack of access to government funds.
Back in April 2010, California-based Fisker Automotive received a total of $529 million from the U.S. Department of Energy (DOE) for clean vehicles. The loans were part of a program to progress development of high-tech vehicles, where Fisker received $169 million for its $102,000 Karma plug-in and $359 million for the production of its Atlantic midsize sedan.
The loans were also meant to revamp a closed General Motors plant in Wilmington, Delaware for Fisker auto production. So far, Fisker has drawn down $193 million from its loans, but there's a chance that the company may never see the rest of it.
In May 2011,
DOE froze Fisker's loans
because delivery of the Karma plug-in was delayed and ended up falling behind schedule. DOE said Fisker did not meet the milestones previously promised, and since then, Fisker has not been able to access the DOE loans.
The lack of access to loans affected work on the Delaware factory. In fact, work on the auto factory had been halted, and 26 people were laid off.
However, Fisker CEO Henrik Fisker said earlier this year that the loss of DOE loans
wasn't the end of the company's auto production in the U.S.
"We are a viable, self-funded company," said Fisker. "We can actually be self-sustainable on the Karma. But we have bigger aspirations."
Despite Fisker's enthusiasm, the unfortunate realization may be that the automaker may have to go elsewhere to build its next clean vehicle, the Atlantic, because of the lack of government funding.
According to Fisker spokesman Roger Ormisher, Fisker's loss of government loans will force the automaker to look into other building locations for the Atlantic. However, the company still hopes that the Delaware plant can be used somehow and that government funding will be returned.
"If Fisker no longer gets government monies, then obviously we are in a place where other options are open to us and have to be considered from a business perspective," said Ormisher. "However, given the work that we have done at the plant in Delaware and the fact that we own it, it is still our primary option to consider."
DOE may be giving Fisker a hard time when it comes to past Karma issues, but recent reports show that Fisker is
certainly doing something right
. In the first four months of 2012, Fisker's Karma plug-in generated a revenue of over $100 million for just 1,000 Karmas sold.
"When an individual makes a copy of a song for himself, I suppose we can say he stole a song." -- Sony BMG attorney Jennifer Pariser
Fisker Says Loss of DOE Loan Isn't the End; Company Searching for Alternatives
February 22, 2012, 11:37 AM
Fisker Loses Access to DOE Loan, Lays Off Delaware Factory Employees
February 7, 2012, 11:31 AM
Debuted at CES 2017 - Corning Gorilla Glass Concept Car
January 7, 2017, 3:02 AM
Happy, healthy and feastive New Year to you and everyone in the world that about to celebrate the Season Holidays
January 1, 2017, 12:01 AM
In 2017, Here are the New Autos of 2018
December 30, 2016, 5:00 AM
What Happens When You Put a Blind Man in a Driverless Car?
December 14, 2016, 5:00 AM
Would You Like to Build Your Own BMW?
December 12, 2016, 5:00 AM
Jaguar I-PACE – Jaguar’s New Electric Concept / New SUV
November 16, 2016, 5:00 AM
Most Popular Articles
Super Hi- Vision Will Amaze the World
January 16, 2017, 9:53 AM
Comparison: Xiaomi Mi Mix Vs. HTC U Ultra
January 14, 2017, 12:10 AM
A Few Technology Trends, Highlight’s of 2017
January 14, 2017, 12:31 AM
Gionee Marathon M5 Plus – China’s Flagship Smartphone
January 15, 2017, 2:02 AM
There is no comparison when it gets to LG TV.
January 13, 2017, 12:01 AM
Latest Blog Posts
Jan 20, 2017, 7:00 AM
News of the World
Jan 19, 2017, 7:00 AM
News of the Day Wednesday 1/18/2017
Jan 18, 2017, 12:01 AM
Jan 17, 2017, 12:16 AM
News of the Day
Jan 16, 2017, 12:10 PM
News and Technology Advancement
Jan 16, 2017, 7:58 AM
Jan 15, 2017, 12:32 AM
Here is Some News
Jan 14, 2017, 12:39 AM
News: Improved and New products
Jan 13, 2017, 12:01 AM
News around the world
Jan 12, 2017, 12:01 AM
Rumors and Announcements
Jan 11, 2017, 12:01 AM
This year CES and ridiculous gadgets
Jan 10, 2017, 12:01 AM
Nokia Android phone spurns the west.
Jan 9, 2017, 12:08 AM
New at CES 2017 - Changhong 8K Super Slim TV 65ZHQ3R
Jan 8, 2017, 1:07 AM
Debuted at CES 2017 - Vuzix Blade 3000 Smart Sunglasses
Jan 8, 2017, 12:39 AM
Some news of Day
Jan 7, 2017, 12:01 AM
News 2017 CES
Jan 6, 2017, 12:01 AM
Here is the Latest News in Tech
Jan 5, 2017, 1:47 AM
AI Beats World’s Best at Chinese board game “Go”
Jan 4, 2017, 11:21 AM
Las Vegas 2017 CES
Jan 3, 2017, 12:01 AM
More Blog Posts
Copyright 2017 DailyTech LLC. -
Terms, Conditions & Privacy Information