2012 Fisker Karma Sport on 2040-cars

Auto blog

Auto startups chasing Tesla race past red flags to go public

Missed out on the Tesla rally but still want to surf the electric vehicle wave? A stream of EV-related startups backed by blank-check firms is lining up to go public so there are plenty of choices. But like Tesla in the early days, few have products ready to sell or any likelihood of generating significant revenue anytime soon. Instead, investors will be relying on rosy production, sales and revenue forecasts for new cars, trucks and batteries, all set to be jostling for a slice of markets that will be far more crowded than when Tesla's cars first hit the road. Take Fisker Inc, for example. It was launched in 2016, just three years after the bankruptcy of its predecessor and early Tesla rival Fisker Automobile. In July, Fisker Inc announced a $2.9 billion reverse merger deal with Spartan Energy Acquisition Corp, a Special Purpose Acquisition Company (SPAC), and is planning to go public later this year. It has no revenue and its Fisker Ocean electric sports-utility vehicle (SUV) is at least two years away from production in a project heavily dependent on nailing down deals with partners who will build the car and provide key components. That's not particularly unique for young companies in the sector looking to use SPACs to go public and bypass the scrutiny of a traditional IPO process, according to company presentations and interviews with executives and investors. That also didn't seem to be an issue earlier this year when U.S. electric truck maker Nikola Motors used a SPAC to go public. Shares in the company that hopes to generate revenue next year almost trebled after listing on the Nasdaq exchange. But they slumped when a short-seller questioned whether founder Trevor Milton had made false claims about Nikola's technology, forcing the 38-year-old entrepreneur to step down as executive chairman — and making some investors more cautious. Nikola and Milton have publicly rejected the accusations and have threatened to take legal action against the short-seller, Hindenberg Research. "Good storytelling is an important component of being a good founder and entrepreneur — but it better not be the only component," says Evangelos Simoudis, managing partner and founder of startup investor Synapse Partners. 'IT'S A FORECAST' Fisker Inc's founder Henrik Fisker is well known in the industry for designing sports cars such as Aston Martin's Vantage, and for his failed EV firm Fisker Automobile that went bust in 2013 after burning through more than $1 billion.

Karma Revero revealed, along with solar roof that powers the car

While we obviously know the general shape of the upcoming Karma Revero - it's based on the old Fisker Karma, after all – the exact details of the Revero are still a bit under wraps. Thankfully, today the Karma Automotive website was updated with some new information about the reborn plug-in hybrid. Say hello to what we know about the Revero. The Fisker's solar roof is still there, but now Karma Automotive says that it, "will create enough energy to power the car." Now there's something we need more details on, but all that Karma is saying for now is that, "No other vehicle sold in the US has ever offered this capability. Our owners consider our solar roof an important element in our brand identity, and we listened." The front and rear Karma badges on each Revero will be are hand-painted. "No other car company has ever done this," Karma says. "Consider it a small but symbolic statement about craftsmanship and individuality." Sure, fine. Lastly, Karma says the infotainment system will be updated and says, "Our new infotainment system represents a departure from the norm. It is simple, intuitive, and beautiful. If you like a 200 page supplement to the owner's manual to describe your infotainment system, look elsewhere." In other words, whew. If this all sounds a bit exclusive, you're right. Jim Taylor, Karma's chief revenue officer, said in a statement that, "Serving a mass market is not, and never will be, our purpose. The Revero is for a discerning group of individuals who desire beautiful, clean vehicles and a memorable ownership experience. We are thrilled to start this journey." Karma said earlier this week that it would sell the Revero through dealerships and company stores in 10 markets in North America. Karma Automotive, which is owned by Wanxiang Group, will officially debut the vehicle at a launch party for the media and owners (that means Fisker Karma owners, since the Revero is not yet available) in Laguna Beach, California on September 8. A pre-order window for the Revero will open up for Fisker owners that same day. While we're there, we'll see if the rumors that the company also plans to bring the Atlantic concept to market are anything more than wishful thinking. Related Gallery Karma Revero News Source: Karma Automotive Green Fisker Green Automakers Electric Hybrid karma karma automotive karma revero revero

Almost $1 billion in claims filed against bankrupt Fisker

You may have scoffed when the US Department of Energy sold the rights to its $168 million outstanding Fisker Automotive loan to Hybrid Tech Holdings last December for just $25 million, or about 15 cents on the dollar. It turns out that might be the going rate for anyone with claims against the bankrupt extended-range plug-in maker, though. That's because Fisker, which declared bankruptcy in November, has generated $985.4 million in claims from 618 not-so-happy parties, Delaware Online says, citing a bankruptcy filing from last week. Fisker stopped making its sporty but troubled Karma in mid-2012. Wanxiang America won an auction for Fisker's assets, including its Delaware factory, for $149.2 million. That leaves $836 million, or about 85 percent of the collective value of the claims against the company. Naturally, Hybrid Tech Holdings, which was beaten out by Wanxiang in the bidding for the assets, has jumped in line to see if it can make good on what was formerly that DOE loan. The state of Delaware, where Fisker had acquired an old General Motors factory, is seeking $20 million stemming from some incentives it provided up front. And Finland's Valmet Automotive wants $8.5 million for its work with the company. Former Fisker employees say the company is on the hook for another $6 million, and none other than General Motors itself is claiming it is owed the same amount. Then there is the lawsuit we first heard about in December that was filed against Fisker and some of its executives who were collecting hefty paychecks while no cars were being produced. Add it all up and you get almost a billion dollars. Good times.