Print 8 comment(s) - last by foxalopex.. on Mar 14 at 9:38 AM

Henrik Fisker cited issues with executive management

Fisker Automotive's Henrik Fisker resigned from his position as executive chairman for the company today due to disagreements with other executives.

Fisker, who co-founded Fisker Automotive in 2007, stepped down as executive chairman today citing "several major disagreements" with "Fisker Automotive executive management on the business strategy."

Fisker has released this official statement on the resignation:

Fisker Automotive announced today the resignation of its Executive Chairman, Henrik Fisker. The Company recognizes and thanks Mr. Fisker for his service and many contributions as Fisker Automotive has progressed from start-up to a fully-fledged global automotive company.

Fisker Automotive is proud to have launched the world's first extended-range luxury electric car, the award-winning Karma sedan. The Company has a strong and experienced management team and its strategy has not changed. Mr. Fisker's departure is not expected to impact the Company's pursuit of strategic partnerships and financing to support Fisker Automotive's continued progress as a pioneer of low-emission hybrid electric powertrain technology.

While the specifics concerning the disagreements between Fiskers and executive management are not available, some suspect that recent talks with Chinese automaker Geely Automobile may have something to do with it.

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.

Due to these money issues, Fisker is having a hard time securing funds to make its second car -- the Fisker Atlantic.

That's where Geely Automotive comes in. Fisker has been open to selling a majority stake of the company to Geely in order to fund the development of 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.

Two U.S. senators -- Sens. Chuck Grassley (R-Iowa) and John Thune (R-South Dakota) -- have expressed concern that taxpayer dollars will support a company with foreign ownership if Fisker is acquired by a Chinese company.

Fisker Automotive has had quite a year with executive hiring. In February 2012, Henrik Fisker stepped down as CEO and Tom LaSorda took his place. After only six months of service, LaSorda left the company. Tony Posawatz, who was the former head of Chevrolet Volt production for General Motors, stepped in as Fisker's CEO in August 2012.

Source: Autoblog

Comments     Threshold

This article is over a month old, voting and posting comments is disabled

Fisker is an expensive chevy volt
By Philippine Mango on 3/14/2013 7:02:25 AM , Rating: 2
Fisker Karma= Fancy Chevy Volt with worse gas mileage. This thing could have been executed much better but instead, it's just as bad as the volt. If there is going to be a company that succeeds in all of this, it's Telsa, a company that was started way WAY before all the hype.

By foxalopex on 3/14/2013 9:38:08 AM , Rating: 1
That's a poor comparison. The Fisker has been a disaster from the start, misaligned panels, controls that crash and don't work properly, bad fuel mileage. Check out this poor owners review:

I own a chevy Volt. It is a nice car in comparison. Everything at least works the way it should and it hasn't caught fire on it's own in any normal situation so far.

Telsa is nice but realize that the model S is a full sized sedan and I have doubts that it would work as well as the Volt in the bone crushingly cold Canadian Northern winters. Plus there's no charging network for the S up here limiting it's use to a commuter car only. The cost of the Telsa and the long waiting list also puts it well out of reach of any average person.

"We shipped it on Saturday. Then on Sunday, we rested." -- Steve Jobs on the iPad launch

Most Popular ArticlesFree Windows 10 offer ends July 29th, 2016: 10 Reasons to Upgrade Immediately
July 22, 2016, 9:19 PM
Top 5 Smart Watches
July 21, 2016, 11:48 PM

Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki