Fisker Karma

[Soflason]

Great article on this today - claiming Fisker's departure should bode well for clearing the competition (at least one of the more notable players in the space) and help bolster TSLA stock:
Unconventional Auto Stock Could be Your Ticket to 20% Profits in 3-4 Months - Yahoo! Finance

 

[vfx]

So Fisker was fired from Tesla (or left) and now again from his own company. It's everyone else's fault.

 

[Bipo]

Is Fisker the new DeLorean?

 

[Zzzz...]

Is Fisker the new DeLorean?

There is still a chance of him becoming the new Louis Chevrolet....

 

[doug]

After Henrik's departure, it's interesting to look back on this interview he did with Car and Driver back in 2011.

What I'd Do Differently: Henrik Fisker Interviewed - Feature - Car and Driver

Regarding DeLorean:

C/D: Others have tried it. How does it feel to be compared with John DeLorean?

HF: Ha! Well, you’re always going to be compared with other startups because how many times does somebody start a car company? When Barney and I went out to raise money, we did hear the comparison. We actually went to meet DeLorean’s former CFO to work out what went wrong there. And one of the things we understood very quickly is that he spent all his money on the factory versus spending it on the cars. So we told each other that at least there’s one mistake we’re not going to make. We decided early on to outsource the production of our first car, the Karma.

This part is a bit sad:

C/D: What if Fisker is such a success that VW offers you a billion dollars for it?

HF: We’re not going to sell for a billion—that’s way too cheap. There’s huge potential in this brand. We’ve already designed lots of other models we haven’t shown to the public yet. It’s very difficult to discuss hypothetical business deals. ...

Turns out he's right that $1B is cheap. After some $1.2B in private funds, $1B doesn't even reach the break even point. In the grand scheme of things, a sale to VAG (though only hypothetical) wouldn't have been too shabby of an outcome; rubbing shoulders with brands like Audi, Lamborghini, Bugatti, and Bentley. Instead Fisker now entertains offers like $350M from a Chinese company for an 85% stake. Much less money and much less prestige.

 

[Soflason]

Is Fisker the new DeLorean?

DeLorean is trying to reboot to be the new Tesla.

Check out this video, DeLorean is actually trying to relaunch and resurrect itself to be the new Tesla. The planned electric DeLorean still hasn't happened yet, but, it has been rumored for some time. My favorite Stephen Wynne, new CEO of DeLorean, quote (along with the piece's Flock of Seagulls and Miami Vice references) in that ABC news video is that he's: " "Really inspired by the Tesla..." -- would definitely be fun to see this happen, just for 80's nostalgia and a chance (someday) to see the Tesla and E-Delorean cars race one another:
The Electric DeLorean | DeLorean Motor Company

Maybe Fisker should have a conversation with Stephen Wynne. :wink:

 

[Martini]

Inappropriate. Tesla ousted Martin Eberhard during a phase when they struggled to bring their first car into production. Very similar situation with Fisker here IMO.

Martin Eberhard was a good tech guy, but he was unable to execute his business plan and was fired on that basis. Now that you say it, that sounds like Henrik Fisker too.

 

[AnOutsider]

Martin Eberhard was a good tech guy, but he was unable to execute his business plan and was fired on that basis. Now that you say it, that sounds like Henrik Fisker too.

Replace "tech" with "design" and yeah.

 

[dsm363]

Other not so good news for them
Fisker fails to draw Geely bid after all - AutoblogGreen

 

[AnOutsider]

Other not so good news for them
Fisker fails to draw Geely bid after all - AutoblogGreen

If they only have one bid on the table now, they could get forced to accept something even more subpar than the rumored 350M. The original investors have to be kicking themselves.

 

[Mr X]

LOL i knew they wered f*cked from the beginning

 

[dsm363]

Especially since I believe they skipped over Tesla to go to Fisker. Imagine what Tesla could do with $1 billion in private funds.

 

[Zzzz...]

If they only have one bid on the table now, they could get forced to accept something even more subpar than the rumored 350M. The original investors have to be kicking themselves.

What really surprised me, is that Fisker was able to raise $100M just half a year ago...

- - - Updated - - -

http://www.teslamotorsclub.com/showthread.php/870-Fisker-Karma?p=192398&viewfull=1#post192398

I'm still wondering how Fisker Automotive was able to raise those $100M, and what hundred mil investors were thinking of...

 

[Matthew049]

^ i was wondering the same thing. and what were those people thinking??? did they really research tesla and fisker and decide they'd rather invest in fisker???? they must feel so sick about it right now.

"A fool and his money are soon parted." - Thomas Tusser

 

[Lloyd]

^ i was wondering the same thing. and what were those people thinking??? did they really research tesla and fisker and decide they'd rather invest in fisker???? they must feel so sick about it right now.

"A fool and his money are soon parted." - Thomas Tusser

I have a friend who invested in Fisker.... he sunk about 50% of his lifetime savings in the car company and put a deposit on a car. He was enamored with the looks of the car. I advised him to look closer at their technology and execution. He drank the Fisker Cool-Aid!

 

[doug]

Fisker Automotive Sales Talks Fall Apart

Fisker management had proposed to the Chinese that as part of any sale it tap the remaining portion of a $529 million U.S. loan, a move that would commit a new owner to building Fisker cars at a former General Motors Co . auto factory in Delaware, a person familiar with the situation said on Monday. Fisker executives believed a sale to a well-financed buyer would allow the U.S. government to unfreeze its loan, that person said....

I find it very surprising that anyone, including Fisker, would think that they had much of a chance getting access to the rest of that DOE loan, especially after a majority stake sale to a Chinese company.

The earlier Reuters article simply suggested that Geely wanted to use the plant to build Volvos. I'm sure at this point Delaware would be happy to have anything built there, but the $30M Fisker already got for that plant from the AVTM loan program is supposed to be used to manufacture "advanced technology vehicles". So building normal Volvos probably wouldn't cut it.

 

[rolosrevenge]

It's looking more and more like they're dead in the water. I wonder when the Fisker fan boys will show up to tell us how we're crazy and Fisker's going to pull through.

 

[doug]

It's disappointing that Geely didn't work out. I think it would have been cool to have future Fisker vehicles with a high performance version of the Volvo V60 drivetrain. That seems to have been about the best outcome Fisker could realistically hope for.

 

[Nin ja]

If it goes out of business most current karma owners could profit handsomely - look at the muira , great concept car that got 11mpg , 0-60 in 6.7s and only a handful made ? From Lamborghini Miura - Wikipedia, the free encyclopedia

Lamborghini Miura P400 P400S P400SV
Produced: 1966 - 1969
474 built 1968 - 1971
140 built 1971 - 1972
150 built
Engine: 60° 12-cylinder-V engine (four-stroke), mid-mounted
Bore x Stroke: 82 mm (3.2 in) x 62 mm (2.4 in)
Displacement: 3929 cc
Max. Power @ rpm: 350 PS (260 kW; 350 hp) @ 7000 370 PS (270 kW; 360 hp) @ 7700 385 PS (283 kW; 380 hp) @ 7700
Max. Torque @ rpm: 355 N·m (262 lb·ft) @ 5000 388 N·m (286 lb·ft) @ 5500 388 N·m (286 lb·ft) @ 5500
Compression Ratio: 9.5 : 1 10.7 : 1 10.7 : 1
Fuel feed: Four Weber IDL40 3C 3bbl downdraught carburetors
Valvetrain: Two overhead camshafts per cylinder bank, chain driven, bucket tappets
Cooling: liquid
Gearbox: 5-speed-manual & rear wheel drive, ratio 4.083:1
Electrical system: 12 volt
Front suspension: Upper and lower wishbones, coil springs, stabilizing bar
Rear suspension:: Upper and lower wishbones, coil springs, stabilizing bar
Brakes: Girling disc brakes all around, hydraulically operated
Steering: Rack & pinion
Body structure: Monocoque construction
Dry weight: 1,125 kg (2,480 lb) 1,298 kg (2,860 lb) 1,298 kg (2,860 lb)
Track front/
rear: 1,400 mm (55 in) 1,400 mm (55 in) 1,400 mm (55 in) 1,400 mm (55 in) 1,400 mm (55 in) 1,540 mm (61 in)
Wheelbase: 2,500 mm (98 in)
Length: 4,360 mm (172 in)
Width: 1,760 mm (69 in) 1,760 mm (69 in) 1,780 mm (70 in)
Height: 1,060 mm (42 in)
Tyre/Tire sizes: Pirelli Cinturato72 205 VR-15 GR70 VR 15 FR70 HR 15 front, GR70 VR 15 rear
Top speed (measured): 276 km/h (171 mph)
0-60 mph (measured): 6.7 sec
Fuel Consumption (measured): 21 L/100 km (13 mpg-imp; 11 mpg-US)

 

[doug]

New from Reuters:
Rift over funding prompted resignation of Fisker founder : sources - Reuters

Apparently Henrik disagreed with CEO Tony Posawatz on whether or not they should try to tap the rest of the DOE ATVM loan.

While both executives agreed that the company needed a strategic partner after the rocky, delayed introduction of the $100,000 plus Karma plug-in hybrid, they were at odds over whether to rely on federal funds and the extent of the financing needed.

Posawatz, a former General Motors Co engineer who had led the firm since August, sought to work with the U.S. Department of Energy to regain access to a $529 million federal loan, the sources said. The DOE had barred the company from drawing down the remaining $336 million of the loan due to the delays in the launch of the Karma.

But Fisker, a noted designer who also has worked for BMW (BMWG.DE) and Aston Martin, was opposed to relying on additional federal funds. He also favored a smaller operating budget than the one backed by Posawatz. The difference between the two budgets was in the "hundreds of millions", one source said.

I really have to side with Henrik here. For one, the strings attached to the loan are likely too restrictive for what Fisker has to do to move forward. But primarily, I think there is basically no chance Fisker will get the remaining $339M from the DOE loan, especially given that DOE to nix remaining $16.6B in ATVM loan program.