By Justin Berkowitz

What does Fisker have in common with internet-coupon-purveyor Groupon? Both companies lost millions upon millions of dollars last year. Both have been unable to attract new customers in any meaningful numbers. And as of today, both companies canned their founders-turned-executives. But while Groupon was started by Andrew Mason—not Andrew Groupon—Fisker Automotive has now bounced not only its founder, but its namesake: Henrik Fisker.

In a typically curt statement, the company said it thanked Henrik Fisker for his contributions—and then referred to itself rather optimistically as a “fully-fledged global automotive company.” But the key line came at the end of the announcement:

“Mr. Fisker’s departure is not expected to impact the Company’s pursuit of strategic partnerships and financing to support Fisker Automotive’s continued progress as a pioneer of low-emission hybrid electric powertrain technology.”

Let’s do some back-of-the-napkin math on Fisker’s finances. Since its founding in 2007, Fisker Automotive has raised $1.2 billion in private equity money and borrowed $193 million from the federal government. The company said it sold 1500 of its plug-in electric Karmas from December 2011, when deliveries began, through the end of September 2012. With the Karma priced at $110,000, we’re looking at a maximum gross of of $165 million. That’s it. Sure, much of the $1.3 billion went into research and development, and investors wouldn’t expect Fisker to be recovering anywhere near that sum in the first year or two of business. But it still leaves the company in a nearly impossible position, having to support not-insignificant operating expenses, keep the lights on, and pay staff. Oh, and it’s still trying to design the all-new Atlantic sedan and acquire a factory in which to build it.

This would be hard enough if Fisker had momentum on its side. Were sales racking up, the media positive about the company’s prospects and product, and public awareness high and positive, the situation might be different. But the momentum is, instead, with the pianos that keep falling out of the sky. Consider, if you will, the onslaught of disasters:

• Karma production has been stopped since August.
• Fisker’s biggest partner, its battery supplier A123 systems, went bankrupt last fall. Its sale to a Chinese automotive supplier is almost totally finalized.
• When last we heard—and we have no reason to think this has changed—development of the Atlantic was still totally on computer screens.
• Sixteen Fisker Karmas caught fire while submerged under saltwater, causing a PR nightmare. A123 engineers have told us, on the condition of secrecy, that Fisker didn’t ask for its packs and systems to be designed for full saltwater …read more
  Source: FULL ARTICLE at Car & Driver