Fisker fails to raise the $150 million it hoped for

Automaker Fisker has been under fire with its Karma hybrid literally catching fire in some instances. Fisker also saw its Karma get strapped with a disappointing EPA MPG rating thanks in part to the high curb weight of the vehicle. Consumer Reports purchased a Karma to add to its test fleet, which was the most expensive car the review magazine has ever purchased.
Consumer Reports spent over $100,000 on its Karma and the vehicle was unable to complete the check in process before breaking down and having to be towed back to the dealer. After finally getting their expensive extended range electric vehicle back, Consumer Reports put the vehicle through its full battery of tests and ultimately the car failed miserably. 
In fact, the publication says that the Karma ranks as its lowest-rated luxury sedan of all time. Only three vehicles ever reviewed by Consumer Reports scored lower. If you're wondering, those vehicles include the Chrysler 200, Dodge Avenger, and Nissan Versa SV.
Even after Fisker replaced the battery pack under warranty on the Karma, the vehicle continued to have frequent issues with the instruments, windows, and the radio system. The Karma also had recurring warning lights requiring multiple trips back to the dealer.

Fisker Karma
Consumer Reports does point out that the numerous issues with the vehicle did not affect the overall rating. According to the publication, compromises in the cars basic design and execution are what ultimately led to the failing grade. Consumer Reports noted that the vehicle has limited visibility, a cramped interior, awkward access in and out of the seats, and that the dashboard controls are poorly designed.
Other issues cited for the low score include a noisy engine, long battery recharge times, and a tiny back seat and trunk. Consumer Reports did note that the vehicle had high-quality interior materials, but ultimately the car doesn't appear worth the money.
While the Karma was busy failing a Consumer Reports test, Fisker was seeking additional funding to continue development of the car with the second-generation drivetrain. Fisker was trying to raise $150 million and fell short of that amount, raising only $100 million. So far, the company has raised $1.2 billion from private investors since 2007. The $100 million Fisker raised will be used to develop a second-generation powertrain and to expand sales into China and the Middle East. The money will also be used to pay for a new global marketing campaign focusing heavily on social media.
Previously, Fisker was granted a loan from the U.S. Department of Energy, which was subsequently frozen after a one-year delay in launching the Karma.

Sources: Reuters, Consumer Reports

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