2023 Fisker Ocean Extreme Sport Utility 4d on 2040-cars

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Fisker Magic Works to develop two new luxury EVs in the U.K.

Fisker Automotive is laying the groundwork for its third and fourth acts, to be led by a new division in the U.K. The first act is the Ocean crossover, due in production form at next month's L.A. Auto Show and due to enter production in November 2022. The Fisker Pear, whose model name stands for Personal Electric Automotive Revolution, is expected to arrive at the end of 2023. Following a year after that will be two new projects coming from the company's new Fisker Magic Works, set up earlier this month in the U.K. Former Aston Martin engineer David King, whose resume includes everything from the DB7 V12 to the Q by Aston Martin customization department, was hired as the SVP of engineering to lead development at the Magic Works.   Henrik Fisker said the overseas division "provides us with an opportunity to create sustainable and fantastic vehicles outside the confines of established industry segments," adding that he has already tasked King with shepherding "two exciting projects which will showcase our capability in highly specialized materials and technologies designed especially for the eco-conscious automotive enthusiast." He believes one of the coming electric vehicles will be a fringe member of its segment, but "the other one doesn't exist at all" yet. The new specialty models are planned to enter the market at the luxury end, one costing more than $100,000, one costing less. That's the other side of the buying pool from the Ocean, which will start at about $37,500, and the Pear, said to start at under $30,000. The products King is developing in England will be "serious production vehicles," but built at lower volumes than the Ocean and Pear. Before then, Fisker will be working to get the Ocean running down production lines at Magna's plant in Graz, Austria, and could be working with Foxconn to get Pear assembly going at the Chinese company's new facility in Lordstown, Ohio. Once we can get behind the wheel of the Ocean and drive it, then we'll know how much we can believe of what Fisker says will follow. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.

New Fisker owner Wanxiang is a $23-billion-a-year auto parts company

If you thought early Fisker Karma buyers like celebrities Leonardo DiCaprio and Cee Lo Green had deep pockets, get a load of the company's new owners. China's Wanxiang Group, which earlier this year acquired the extended-range plug-in vehicle maker in a bankruptcy auction, generates more than $23 billion in annual revenue, Automotive News says. Billion with a "b." In fact, the company generates about $3 billion a year from US autoparts sales alone, so it's no stranger to the domestic automotive industry. That said, there's plenty of work to be done to revive the company. Wanxiang US chief Pin Ni said the Karma has "hundreds of issues" that need fixing before the sleek but troubled sedan is manufactured again. One hurdle cleared, though, is the fact that Wanxiang also bought lithium-ion battery maker A123 Systems out of bankruptcy for $257 million. As for Fisker, Wanxiang beat out Hong Kong-based Hybrid Tech Holdings for the right to buy the automaker earlier this year for $126.2 million in cash and $8 million in assumed liabilities. And, while Wanxiang Group Chairman Lu Guanqui has recently been making the rounds with dignitaries such as US Vice President Joe Biden, Michigan Governor Rick Snyder and Delaware Governor Jack Markell, no details have been revealed about when Fisker will start making cars again.