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Henrik Fisker: No 'final conclusion' yet in Foxconn deal

Two years ago, EV startup Fisker seemed to have hooked a giant when it announced a deal with Taiwanese iPhone maker Foxconn to build a sub-$30,000 crossover in the United States. It turns out that deal hasn't been finalized, according to comments Fisker founder and CEO Henrik Fisker made during an interview with TechCrunch. "In the Foxconn deal specifically, we don't yet have a final conclusion to this deal," Fisker told TechCrunch on the sidelines of an event in Huntington Beach, California, to showcase its future EV portfolio. While Henrik Fisker is still confident it will come together, his comments show just how precarious and complex automotive manufacturing deals can be. And considering Foxconn's history of backing out of other factory agreements, there's reason for some caution. The Foxconn-Fisker deal Foxconn and Fisker signed in February 2021 a memorandum of understanding agreement, with the goal of producing 250,000 vehicles annually. While it wasn't clear which vehicle Fisker might build with Foxconn, the automaker had said that it was working on the Personal Automotive Electric Revolution (PEAR) — an EV built for cities and urban environments that would cost less than $30,000. The Fisker-Foxconn deal came together relatively quickly following the announcement of the memorandum, and by May 2021, Foxconn and Fisker had a signed agreement, setting those expectations in writing. A few months later, Foxconn made a separate deal with EV maker Lordstown Motors that included buying its factory in Ohio and helping the struggling company manufacture its Endurance electric pickup truck. Fisker became a beneficiary of the deal when, in May 2022, the company announced it reached an agreement with Foxconn to build its PEAR EV at the Lordstown factory. But cracks soon formed in Foxconn's agreement with Lordstown Motors. Lordstown Motors filed for bankruptcy and has sued Foxconn for "fraudulent conduct," stating that the Taiwanese company had made a litany of "broken promises." Foxconn currently still owns the manufacturing plant in Lordstown, Ohio, and Fisker says that plans to build the PEAR in the Lordstown plant are still on track. Foxconn is no stranger to scuttling done deals. The company withdrew from a $19.5 billion agreement with Indian company Vedanta last month. It also famously received a $3 billion incentives package to build a factory in Wisconsin that was supposed to create 13,000 jobs.

Karma's new China plant will revive Fisker Atlantic

Karma Automotive, the successor to high-end extended-range plug-in vehicle maker Fisker Automotive, is planning a factory in China that will make as many as 50,000 vehicles a year. The company is owned by China-based Wanxiang Group and has also reached agreements for 10 North American dealerships. Most impressively, there appear to be plans to revive the two-door "Atlantic" model that was planned by Fisker but never saw the light of day. Wanxiang Group will invest $375 million to build the factory in Hangzhou, Bloomberg News reports. No completion date has been set by Wanxiang, which Bloomberg said last year was China's biggest corporate investor in US real estate. Wanxiang acquired the former Fisker out of bankruptcy in 2014 for about $149 million, and renamed the company Karma. The four-door vehicle model that was previously known as the Karma will be relaunched as the Revero later this year. Karma Automotive also has a 550,000-square-foot factory in Moreno Valley, California, near Los Angeles. The wrinkle to the new factory, though, is that most of the cars produced there will be the two-door Atlantic. That model was unveiled in 2012, but Fisker never made good on its plans to start selling it to the public, and went bankrupt the following year. Karma said Monday that it reached agreements to relaunch its automobile line with 10 dealerships throughout North America, where it will sell the four-door Revero. The North American markets will be Atlanta, Chicago, Ft. Worth, Miami, Palm Beach, Los Angeles, Philadelphia, Detroit, Montreal, and Toronto. Karma is also planning to build an Orange County Brand Experience Center in Southern California, but it didn't reveal further details about that facility. Related Video: Featured Gallery Fisker Atlantic: New York 2012 News Source: Bloomberg News, Karma Automotive Green Plants/Manufacturing Fisker wanxiang atlantic fisker atlantic extended-range plug-in karma karma automotive

Longtime Tesla rival Henrik Fisker exits Twitter after Musk reaches deal to buy platform

Electric vehicle pioneer and Tesla competitor Henrik Fisker exited Twitter this week after his old rival Elon Musk reached an agreement to buy the social media platform for $44 billion. Fisker, who oversees electric vehicle maker Fisker Inc., wrote on Instagram Tuesday: “I believe 100% in free speech. But I do not want my free speech to be actively managed or controlled by a competitor. And I do not want a competitor to determine how my followers experience Fisker as we grow our company.” FiskerÂ’s Twitter handle no longer exists, though his companyÂ’s Twitter feed remained active as of Tuesday with a post of Henrik Fisker test driving a vehicle. Musk did not appear to directly react to FiskerÂ’s move on Tuesday, tweeting two general messages about free speech. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Fisker and Musk have long been adversaries. Tesla sued Fisker in 2008 alleging his design company stole Tesla technology and used it to develop his own vehicle. An arbitrator ruled in favor of Fisker. Henrik Fisker did design work on the Tesla Model S sedan before the car launched, when the project was known by the codename WhiteStar. In the early 2010s, FiskerÂ’s first carmaker, Fisker Automotive, was a rival to Tesla and, for a while, they were on nearly equal footing as Fisker promised to bring his attractive sedan called the Karma to market followed up by a string of sleek cars and crossovers. The company, however, had issues with its battery packs and was hit with a string of bad luck, including losing a shipment of vehicles due to fires and floods related to Hurricane Sandy in 2012. It went bankrupt in 2013. The EV landscape has changed dramatically since then, with most major automakers investing heavily in the technology and newcomers like Lucid and Rivian joining the fray. Tesla, meanwhile, took off and catapulted Musk to even greater international fame, along with his PayPal and SpaceX ventures. Henrik Fisker regrouped and founded Fisker Inc. in 2016. It went public in 2020 and is planning to launch the Ocean SUV this year. Before founding EV startups, Fisker was known as a noted sports-car designer who counts the 2005 Aston Martin V8 Vantage and 1999 BMW Z8 among his highlights. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Fisker Tesla Electric Elon Musk Twitter Henrik Fisker