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Fisker hires adviser to prepare for possible bankruptcy filing

Electric vehicle startup Fisker has hired restructuring advisers to assist with a possible bankruptcy filing, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The company has hired financial adviser FTI Consulting and the law firm Davis Polk to work on a potential bankruptcy filing, according to the report. Fisker declined to comment. According to CNN, Fisker's stock price fell more than 40% in after-hours trading after the report was published. Overall, the stock is down more than 80% since the start of 2024. Earlier this month, Fisker flagged going-concern risks, job cuts and a pause in investments into future projects until it secures a partnership with a manufacturer. Nissan was in advanced talks to invest in Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck, Reuters reported earlier this month, citing two people familiar with the negotiations.   Earnings/Financials Green Fisker

Wanxiang wants to restart Fisker Karma production as quickly as possible

It appears that Wanxiang America's $149.2-million acquisition bid was about more than just owning the assets of Fisker Automotive. The Chinese auto parts maker is apparently serious about getting the Karma plug-in hybrid luxury vehicle back on the production line. "We will want to get the Karma back online as quickly as possible." "We will want to get the Karma back online as quickly as possible," Pin Ni, president of Wanxiang America, told The Boston Globe. More details will likely be released by Wanxiang now that US Bankruptcy Judge Kevin Gross has officially approved the purchase. Gross was satisfied that the purchase price includes a 20-percent stake in Fisker for creditors valued at $15 million – something that was not addressed by the original bids from Wanxiang and Hong Kong-based Hybrid Tech Holdings. Wanxiang also owns the maker of the Karma's lithium battery pack, A123 Systems. Creditors were delighted to see Wanxiang's bid, according to attorney William Baldiga, whose law firm represented creditors. "The value is six times what [Fisker] said it was worth when it filed for bankruptcy," Baldiga said, describing the negotiations as "two and a half days of yelling, screaming, bidding." In documents that Wanxiang filed with the federal court in January, Wanxiang mentioned a three-phase plan: building a hatchback version of the Fisker Atlantic (pictured above); restarting production of the Karma at Valmet in Finland, the plant where all the Karmas have so far been built; and then moving production to VL Automotive's manufacturing facility in Michigan. That means Bob Lutz, ex-General Motors vice chairman, could come back into the picture. In the first part of 2013, Lutz and Wanxiang tried to purchase Fisker. Lutz has as ownership stake in VL Automotive and wants to put small-block Corvette V8 engines into Karma bodies, calling the resulting vehicle the Destino. Wanxiang has said VL is the "soul of Fisker," so now that the company has the body, the revival can't be far behind. Featured Gallery Fisker Atlantic: New York 2012 News Source: The Boston Globe Green Plants/Manufacturing Fisker Electric PHEV a123 systems wanxiang karma

Fisker electric pickup truck previewed in rendering

Fisker CEO and car designer Henrik Fisker has posted an illustration of an electric pickup, promising class-leading efficiency and radical design. The rendered truck features muscular flared fenders, a rooftop spoiler that doubles as a center high-mount stop light (CHMSL), and neat taillights that extend onto the bedsides. It's billed as a lifestyle vehicle rather than a workhorse, and does not wear any obvious name on the tailgate. The image was posted to Fisker's personal LinkedIn profile, as discovered by CarBuzz, along with the following caption: "Ok, yes, next vehicle might be a lifestyle pick up truck! But not just any truck! We want to create the lightest, most efficient EV pick up in the world! Making it, the most sustainable! image is just a teaser! Not the final: final will be way more radical!" While Fisker's excitement is conspicuous, and the truck does look cool, we can't help but question whether a production version is actually coming. About a year ago, Fisker tweeted an image of a pickup truck named the Alaska and then quickly deleted it. It had been captioned, "After our Fisker electric SUV, we have already decided on our next 2 EV’s on the same platform!" referring to what turned out to be the Ocean crossover. Perhaps it wasn't meant to be revealed just yet, or perhaps the timing was poor, considering that it came just days after a huge round of layoffs. In fact, Fisker has been bleeding talent, with one whistleblower claiming that the company is putting on a smoke-and-mirrors show to grab more cash from its Chinese investors. Whether or not the truck is vaporware, the projected timeline puts production sometime around 2025. It will be entering a very crowded marketplace, with 10 possible competitors coming to the EV pickup market, some coming from far more established players. As we said when Fisker showed the Ocean last July, it's proven it can talk the talk. Now it has to walk the walk. Related Video: