2023 Fisker Ocean One on 2040-cars

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Karma will build engineering, sales offices near Detroit

Karma Automotive, the successor to the Fisker brand of high-end extended-range plug-in vehicles, appears to be looking to plan its rebirth in the heart (or the lion's den, some would say) of the US vehicle industry. The company, which was acquired out of bankruptcy by China-based Wanxiang in 2014, is planning to build its engineering and sales offices in Troy, Michigan, Automotive News says, citing the Michigan Economic Development Corp. The $3.6-million development will house as many as 150 workers. Karma officially changed its name from Fisker last year, as the Fisker moniker is affiliated with the coach-building company run by Henrik Fisker. The automaker is slated to unveil its new vehicle, called the Revero, by the end of the year. That car is expected to be somewhat similar to the original Karma, including its sleek design, the use of a 2.0-liter engine, and 33-mile all-electric range. No price for the new model, which is expected to remain firmly in the luxury sector, has been disclosed. Karma will receive $450,000 from the Michigan Business Development Program in order to help build the facilities in Troy. Karma also has a 556,000-square-foot vehicle-assembly plant in Moreno Valley, CA, about 65 miles east of Los Angeles. The former Fisker Automotive, which had been based in Orange County, CA, was founded in 2007. The company had plans to make a second model called the Atlantic, and once estimated that it could make 100,000 vehicles a year. FisKer Automotive produced its $100,000-plus vehicles until 2012 before going bankrupt. Wanxiang acquired Fisker for $149.2 million, beating out Hong Kong-based Hybrid Tech Holdings in an extensive bidding war. Related Video: Featured Gallery 2012 Fisker Karma: Second Drive View 30 Photos News Source: Automotive News-sub.req. via Crain's Detroit Business Green Fisker Electric Detroit Michigan karma karma automotive revero

Fisker introduces the $37,499 Ocean EV crossover ahead of CES 2020

Fisker unveiled an electric crossover named Ocean during a private event held before the model's official debut at CES 2020. Due out in 2022, the Ocean will compete in the same growing segment of the market as the upcoming Tesla Model Y and the recently-unveiled Ford Mustang Mach-E. The Ocean is the latest brainchild of designer Henrik Fisker, the same man responsible for the Karma (which is now known as the Revero) and the EMotion unveiled at CES 2018. It doesn't look like either of those cars, and it's more SUV-like than its aforementioned rivals. Fisker instructed his team to find ways to make the Ocean stand out in a rising tide of crossovers. Stylists came up with a handful of interesting features, like turn signal repeaters integrated into D-pillars, and solar panels integrated into the roof. Fisker explained motorists who live somewhere with good weather can generate about 1,000 miles of driving range annually by parking in the sun. Naturally, Seattleites need not apply. A thousand miles of range isn't much, but the firm argued it's a start. "We know this thing is improving, and we can then update it because we've already got the hardware," Fisker said during the unveiling.  While safety advocates celebrate the head-up display as a way to keep drivers focused on the road ahead, Fisker found a way to make the feature distracting by adding a karaoke function that presumably shows song lyrics next to the car's speed and navigation directions. We haven't seen the full interior yet, though we know it's made using sustainable materials like discarded fishing nets. There's also a California mode which lowers the six side windows, drops the rear window (like on an old American station wagon), and opens the sunroof at the push of a button to let the breeze in. The Ocean's powertrain consists of a lithium-ion battery pack with a capacity of about 80 kilowatt-hours, and an electric motor mounted over each axle for through-the-road all-wheel drive. Fisker quoted between 250 and 300 miles of driving range depending on driving conditions. Volkswagen-owned Electrify America will open its growing nationwide charging network to Ocean owners. Fisker expects to start Ocean production in late 2021, and deliveries are tentatively scheduled to begin in early 2022. Motorists who want to secure an early build slot still have time to send the company a $250 deposit.

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)."