backtop


Print 18 comment(s) - last by lagomorpha.. on Mar 25 at 2:42 PM


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



Comments     Threshold


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

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.


"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki