2023 Fisker Ocean on 2040-cars

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Hybrid Technologies LLC increases Fisker bid to $55 million

Will more money equal more Karma? In the continuing fight over the assets of extended-range plug-in vehicle maker Fisker Automotive, a Hong Kong-based investor is ready to up the stakes. Hybrid Tech Holdings has announced it will increase its bid for the maker of the Karma to $55 million. A bankruptcy court judge recently ruled that Hybrid Tech couldn't use any more than $25 million of its Fisker debt for an on-credit bid for Fisker. Hybrid Tech bought Fisker's $193 million line of credit from the US Department of Energy for $25 million. "When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum," the company said in a statement. "Hybrid is working to achieve a rapid relaunch of Fisker." AutoblogGreen asked Hybrid spokeswoman Megan Grant for more details, but she said, "The statement distributed ... is the only information I am able to provide at this time." You can read the full statement below. At this point, Hybrid Tech's offer would trump Wanxiang Group's bid of $25.8 million (plus assumed debt) that was issued in late December and then boosted to $35.7 million earlier this month. Fisker favors the Hybrid Tech bid because it believes Wanxiang, which acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, helped speed up Fisker's shut-down by stopping battery deliveries. Fisker filed for bankruptcy in late 2012. The auction for the remains will be held in February. Statement by Hybrid LLC Today, Hybrid Tech Holdings, LLC ("Hybrid"), a Delaware limited liability company, announced that it has modified the terms of its bid for Fisker Automotive Holdings, Inc. ("Fisker"), to reflect a purchase price of US$55 million. Hybrid intends to utilize Fisker's existing plant in Delaware to meet consumer demand and address market conditions. "Hybrid's confidence in Fisker's future is strong and unwavering. The Hybrid group has been an investor in Fisker for many years. When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum, as well as taking on the US$25 million risk of purchasing the Department of Energy loan. We did so for a simple reason; we believe deeply in Fisker's technology and we stand by the talent in the company who can bring the promise of this technology to life," said Hybrid spokeswoman Megan Grant.

A small door ding became a nightmare for a Fisker Ocean owner

Fisker has been floating in the danger zone, teetering on the brink of complete collapse, for months now. That state of limbo looks dramatic from a business standpoint, but the impact on Fisker owners is coming into clearer focus. A recent story from an early Fisker Ocean buyer highlighted the challenges faced by people who bought into the upstart brand, as a simple door ding turned into a nightmare. Someone hit Joy Wanner’s Ocean, causing minor damage to its door. While that would be an annoying but straightforward fix for most cars, FiskerÂ’s state of near-collapse made the process a real headache. A few weeks after the incident, WannerÂ’s insurance company totaled the Ocean, though the damage only amounted to a small surface crease and a broken door hinge, with a total cost of just $910. The insurance adjuster admitted that the total could be much higher, though, as he was completely unfamiliar with the brand and its vehicles. Though she was initially excited to invest in Fisker and its admittedly good-looking EV, the experience soured Wanner on new car companies for good. She told CarScoops, “It was an emotional rollercoaster. One day it would run fine, and the next, a new warning light would blink or ding. It was so frustrating to pay that much money for a car, only to get annoyed every time you used it.” Adding salt to WannerÂ’s wounds, she also experienced many of the issues other Fisker owners reported. She hadnÂ’t received a title from the automaker and said it was impossible to get any answers or help. The insurance company ultimately paid out $53,303 for the Ocean, but that paled in comparison to the price Wanner paid for the hassle of owning the SUV. “We lost over $20,000 investing in this startup EV and I cannot say goodbye fast enough,” she said on Facebook. “The delivery delays, mismanagement of paperwork, reporting issues, and getting case numbers that disappear into thin air, the mysterious warning lights and maddening warning sounds, being trapped inside the vehicle, an unreliable outdated navigation system, one cheaply made barely operational key fobÂ… This vehicle fell very, very short of our expectations and well below my high standards. I hope Henrik Fisker loses every dime he has, and I wish the rest of you the best of luck.”    

Fisker electric SUV named Ocean, and it'll have an app-based lease

Veteran car designer and Fisker chairman and CEO Henrik Fisker has done much teasing of his new electric crossover, and now it has a name: the Fisker Ocean. We like it, if we’re being honest. In the Fisker brandÂ’s previous iteration, during the era of the Karma, it had at one point planned a vehicle called the Atlantic, and we dig the marine theme. WeÂ’ve also got a few clear photos of the Fisker Ocean showing off its front and rear, as well as a look at its solar roof. On the tailgate, we can now see the “Ocean” badge beneath the Fisker logo. Fisker also announced that the Ocean will get an app-based leasing program, which Henrik Fisker himself has promised will be priced “way, way, way lower” than the electric Volvo XC40 under the Care by Volvo program (which starts at $700 a month), with “way, way, way more miles per year” and “no minimum term.” “The future of mobility is about enjoying an electric vehicle without hassle, long-term commitment and the prohibitive high cost of ownership,” Henrik Fisker said in a statement. “Driving the Fisker Ocean will be easy: through a flexible lease via a mobile app. And we take care of all the service and maintenance. Simply put, weÂ’re introducing the future of hassle-free, fun and easy e-mobility.” Reservations of for the Ocean open through the app on November 27. We wonÂ’t see the full reveal of the Fisker Ocean until January 4, 2020, but Fisker has offered a number of details about what it claims is “the worldÂ’s most sustainable vehicle.” The EV will come standard with an 80-kWh battery pack, with Fisker targeting about 250 to 300 miles of driving range on a charge. It features a solar roof, which could provide 1,000 miles of free range per year, with eventual hardware improvements increasing those efficiencies. Fisker has also put a lot of thought into the materials going into the Ocean. In lieu of leather, the crossover will feature a vegan interior. The carpet is made from recycled nylon, sourced from abandoned fishing line pulled from the oceans and other aquatic habitats. Eco-suede materials are recycled from recycled polyester and other recycled plastics. The car will also use rubber repurposed from tire manufacturing waste. Fisker will unveil the working, production-spec prototype during a livestream on January 4, but donÂ’t be surprised if we got more teasers between now and then, especially around the launch of the lease app.