Fisker May Build Atlantic Hybrid Outside of U.S.; Generates $100M in 2012 Karma Sales
May 31, 2012 8:31 PM
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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.
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RE: Says it all
6/4/2012 9:36:22 AM
Yes, it will.
Ever wonder how inflation has been kept in check for the last 30 years? Offshoring labor to make up for all of the dollars we are printing. So the rich get low inflation, corporations get low labor costs, and the working/middle class in America gets screwed.
I think the country would be happy to trade 5% annual inflation for full employment. Tariffs are the only way to change that. It isn't like China and other Asian countries buy a lot from us. When trade deficits are massively against you, tariffs are your friend. The only reason we haven't done so is because one of our major parties likes to keep the poor down, and the other wants to keep them dependent on the government.
"If you look at the last five years, if you look at what major innovations have occurred in computing technology, every single one of them came from AMD. Not a single innovation came from Intel." -- AMD CEO Hector Ruiz in 2007
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