2023 Fisker Ocean on 2040-cars

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Fisker's new owner working out Karma's 250 'bugs' before introducing second model

Fisker may be down, but it might not stay down forever. The company behind the Karma luxury hybrid shut down late last year and was purchased by Chinese OEM supplier Wanxiang Group, which intends to restart production. It just can't tell us when. Speaking with Automotive News Europe, Wanxgiang executives indicated they have some work on their hands, sorting out 250 "bugs" it has found in the existing Karma. Once it has those sorted out, it plans to start production again at the Valmet plant in Finland before potentially moving assembly to the plant in Delaware that Fisker had acquired from General Motors. The executives were touring the United States to inspect their battery factory in Michigan, visit the plant in Delaware and meet with government officials in Washington. Wanxiang apparently has even bigger ambitions than that, however. The latest news is that it intends to expand the rebooted Fisker with a second model sometime in 2017. The company has not provided any details as to what that form that model might take, but prior to its bankruptcy, Fisker displayed a smaller concept sedan called the Atlantic at the 2012 New York Auto Show. Fisker had previously revealed the Surf wagon and Sunset convertible concepts based on the Karma as well, but there's no telling at this point if Wanxiang has any intent on putting those into production any time in the near future.

Hybrid Tech just made $65 million from bankrupt Fisker loan

We can now see at least one possible reason for why Hybrid Tech Holdings LLC bought the US Department of Energy's loan to Fisker Automotive last year for $25 million. The purchase is apparently worth $90 million today. The number is part of a settlement agreement that has come out of the company's asset auction which was won by China's Wanxiang Group Corporation in February for $149.2 million. Hybrid Tech said that the secured DOE loan it owned was worth all of that $149.2 million, but the new agreement says that Richard Li's company is due $90 million instead. The rest of the money will be divvied up between the unsecured creditors (who will split $20 million plus $15 million in equity in Wanxiang affiliates) and "priority claim holders" ($8 million). Delaware media has been interested in the case since Fisker bought an old General Motors plant near Newport and now reports that the state does not expect to get a whole lot back from its $20-million investment. Fisker filed for bankruptcy in late 2012. The asset auction is officially known as "In re Fisker Automotive Holdings Inc., 13-bk-13087, U.S. Bankruptcy Court, District of Delaware (Wilmington)."

Karma Revero refresh spied in California

The Karma Revero, the reborn version of the short-lived Fisker Karma, has been on sale for a few months. Very little changed when the car went back on sale. While it may look the business, the platform itself is quickly becoming dated. Plug-in hybrids and luxury cars have moved forward leaps and bounds since the car originally went on sale back in 2012. As these spy shots show, Karma is well into development on the next-gen Revero. Don't expect the new car to stray too far from the Revero's basic formula. Look for a sleek four-door sedan with slightly oversized proportions. In fact, this looks like a heavy refresh rather than an all-new design. The basic cabin doesn't look all that much different than the current car. Hopefully Karma will figure out how to better package the interior. The current car compromised a lot in order to retain the concept car looks. The current Revero is a plug-in hybrid that uses a GM Ecotec turbocharged inline four. Two electric motors send 403 horsepower and 981 pound-feet of torque to the rear wheels. Look for a revised powertrain with improved range and charge time. Expect some sort of active safety features, too. The current model costs $130,000, but don't look for a drop in price. Small-volume cars like this are expensive to build. Related Video: Featured Gallery Karma Revero spy shots View 12 Photos Image Credit: Spied Bilde Green Spy Photos Fisker Green Automakers Hybrid Luxury Sedan karma karma revero