Tag Archives: Henrik Fisker

Opinion: Spyker: It's not just about numbers

By Matt DeLorenzo

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A Compelling Story Counts As Much As Performance

Muller believes there’s room for small, boutique exotics like Spyker.

Following his ill-fated efforts to save Saab, Victor Muller is again back at Spyker Cars as CEO working hard on a comeback for the Dutch-based maker of exotic cars.

You could say he’s a dreamer, like his fellow countryman Henrik Fisker. But having established Spyker as a credible player in the ultra-exclusive exotic car niche and tempered by his experience at Saab, Muller is also a realist about both the capital requirements and the complexities in building automobiles. As volumes grow, the chance increases that even the littlest mistake can derail the whole enterprise.

Muller believes there’s room for small, boutique exotics like Spyker, Pagani and Koenigsegg in a market saturated by supercars from players like Ferrari, Lamborghini, McLaren, VW Group’s Bugatti and even Lexus with its LF-A.


Matt DeLorenzo is the former editor-in-chief of Road & Track and has covered the auto industry for 35 years, including stints at Automotive News and AutoWeek. He has authored books including VW’s New Beetle, Chrysler’s Modern Concept Cars, and Corvette Dynasty.


Continue reading Spyker: It’s not just about numbers

Spyker: It’s not just about numbers originally appeared on Autoblog on Fri, 12 Apr 2013 17:44:00 EST. Please see our terms for use of feeds.

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House Republicans will hold hearing on Fisker, Henrik asks for travel funds

By Danny King

2012 fisker karma

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House Republicans have been critical of the Obama Administration over new-energy loans to companies such as Tesla Motors, and will hold a hearing later this month to discuss struggling California-based Fisker Automotive, the Wall Street Journal says.

Representative Darrell Issa (R-CA), of the Government Reform and Oversight Committee, said he will also accelerate a probe into Fisker’s business, and told Automotive News that Fisker, “is a design company, not a manufacturing company. It was destined to fail from the beginning. The greater concern is, does this affect more viable companies, whether they received loans or not?”

Co-founder Henrik Fisker, CEO Tony Posawatz and COO Bernhard Koehler are among those being asked to testify in the April 24 hearing, the Journal reports. Fisker resigned as the company’s executive chairman in March.

“Fisker is a design company, not a manufacturing company. It was destined to fail from the beginning” – Darrell Issa, R-CA.

Republicans have criticized the Obama Administration for US Energy Department loans to companies such as electric-vehicle maker Tesla, now-bankrupt solar-panel maker Solyndra LLC and Fisker, whose $529-million credit line with the government was frozen after just $192 million was distributed because the automaker missed certain production quotas. Nonetheless, Fisker (the man, not the company) has asked for travel expenses reimbursement, but told the Detroit News, “If they are not going to reimburse me as guided by (a staff member), I am still planning to travel on my own expense to testify as I have nothing to hide.”

Last month, Fisker furloughed its US employees and hired a law firm for a potential bankruptcy proceeding.

House Republicans will hold hearing on Fisker, Henrik asks for travel funds originally appeared on Autoblog Green on Thu, 11 Apr 2013 18:45:00 EST. Please see our terms for use of feeds.

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Another Green-Car Startup Hits the Wall

By John Rosevear, The Motley Fool

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Another green-car dream appears to be biting the dust. Fisker Automotive said this week that it will lay off 75% of its workforce, as the maker of the hybrid Karma luxury sedan appears to be running out of cash.

In recent months, Fisker had been seeking a major automaker to partner with in an effort to fund continued operations. But after talks with a Chinese automaker collapsed in March, it became clear that Fisker was running short of options.

A promising debut, followed by a streak of challenges
Fisker, based in Anaheim, Calif., drew global headlines when it launched the Karma, one of the first “plug-in” hybrids, way back in 2008. The sedan drew raves for its sharp styling, created by company founder Henrik Fisker, who had previously worked as a designer for BMW and Aston Martin.

The Karma also helped launch the idea of a luxury “green” car segment, a market that several global automakers — as well as another California green-car start-up, Tesla Motors — have since entered.

But that was arguably the high point in the company’s history. Years of delays in getting the car certified for U.S. sale — a complex and expensive process that has undone many prior auto start-ups — meant that Fisker didn’t actually start delivering Karmas to customers until late 2011.

Production cars lead to even more troubles for Fisker
But even then, things didn’t go well. A Texas house fire in early 2012 was blamed on a malfunctioning Karma, which fueled concerns about electric-car batteries that had arisen after a crash-tested Chevrolet Volt had caught fire the year before.

The fact that the Volt was eventually declared safe didn’t help Fisker much, especially after 16 more Karmas caught fire in New Jersey after being submerged in the wake of Hurricane Sandy. Nor did the collapse of Fisker’s battery supplier, A123 Systems — a collapse that had a lot to do with Fisker’s struggles — and its subsequent acquisition by a Chinese firm do much to help matters.

By then, it was too late. Fisker had run through much of its capital, including $193 million in loans from the U.S. government. No more loans were likely, as the feds had halted further financing in 2011 after Fisker had failed to meet a series of milestones.

Its only hope was to seek a partner, but after talks with China’s Dongfeng Motor Group collapsed last month, hopes faded.

The upshot: Tesla notwithstanding, sarting a car business is really, really hard
Fisker’s experience points to just how hard it is to launch a new automaker from scratch. While Tesla Motors is on the verge of a profitable quarter, thanks to near-flawless execution on an audacious business plan, Tesla is really the exception that proves the rule.

The last automaker to be started from scratch and become an enduring presence on the global stage before Tesla was tiny supercar maker Lamborghini, way back in …read more

Source: FULL ARTICLE at DailyFinance

Breaking: Fisker PR team and many other employees face layoff this morning

By Chris Paukert

Fisker logo

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The entirety of the public relations team at Fisker is about to be laid off. That’s according to an email Autoblog received this morning from a credible source, stating that the entire PR team, along with a large number of other Fisker employees will be furloughed at 8am PST today.

The luxury plug-in-hybrid car startup launched with a splash with the sexy Karma sedan just a few years ago, but since then it has struggled to collect government financing, it has been battered by natural disasters, supplier issues and the recent departure of its namesake, designer and founder Henrik Fisker. The company has been in talks with possible investors, but thus far that has amounted to nothing, and officials are said to be in discussions with bankruptcy experts.

Fisker PR team and many other employees face layoff this morning originally appeared on Autoblog on Fri, 05 Apr 2013 10:59:00 EST. Please see our terms for use of feeds.

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Fisker furloughs workers for one week, says it's 'common practice' in industry

By Sebastian Blanco

Fisker logo on sheetmetal

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The tea leaves are getting somewhat clearer over at Fisker Automotive with a new report saying the struggling automaker is furloughing its US workers this week, a month before a payment on the company’s $529-million Department of Energy loan is due. Fisker never got the full amount, taking only about $193 million before the funds were frozen.

In a statement to Reuters, Fisker says not to worry: “This [furlough] is a common practice, particularly in the automotive industry, to manage costs and operations based on current activity levels and commercial requirements.” Fisker has 200 workers in the US.

Fisker has not made any of its Karma plug-in hybrids since July and, two weeks ago, namesake Henrik Fisker left the company he co-founded. The chance that a Chinese company will come in and rescue the California-based automaker also appears to be dimming. Early last year, Fisker laid off a small number of workers because of difficulty in getting production of the Atlantic model going.

Fisker furloughs workers for one week, says it’s ‘common practice’ in industry originally appeared on Autoblog Green on Thu, 28 Mar 2013 08:24:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

The Continental: A Huge Price Drop on the Z, Fisker’s Plans, and an Eternal Favorite

By Jens Meiners

The Continental

Each week, our German correspondent slices and dices the latest rumblings, news, and quick-hit driving impressions from the other side of the pond. His byline may say Jens Meiners, but we simply call him . . . the Continental.

The Subaru BRZ/Toyota GT 86 twins—the latter sold as the Scion FR-S in the U.S.—are shaking up the automotive world. The Toyota is selling from €30,450 in Europe, the Subaru begins at €29,500. Now Nissan is reacting by lowering the price of the slightly facelifted 370Z from €38,750 to €32,900. It might not sound like a big deal, but the Z suddenly is well within reach of those customers looking at the new Subaru/Toyota, and now costs less than the last-gen 350Z did at launch. That older Z retailed for €33,850 when it was introduced in Germany in 2003. Some might call the price cut a move of desperation, but Ponz Pandikuthira, Nissan Europe’s general manager for the 370Z, chooses to portray it as an act of altruism: “While other carmakers would likely have used the opportunity to raise prices, Nissan is preserving the character of the 370Z as an affordable sports car and making it available to an even larger circle of customers,” he volunteers.

Volkswagen Cross Caddy

VW’s Crossover Commercial Vehicle

Volkswagen is expanding its lineup of crossovers with a high-riding derivative of the Caddy light commercial vehicle. Called the Cross Caddy, the new crossover comes with a choice of nine engines and available all-wheel drive, which requires either the 110- or 140-hp diesel engine. The Caddy is a nice enough commercial vehicle and a favorite among cost-conscious families. It’s also preferred by traffic police, who use its tinted tailgate windows to hide their radar equipment; this also means it is unloved by professional speeders.

It’s Not the Cars?

Europeans are subjected to constant lectures about the merits of public transportation and how using it is supposedly in the interest of saving the environment. Now the “Deutsche Umwelthilfe,” a questionable, aggressively anti-automobile NGO, is unexpectedly sharing some less-than-rosy truths about public transportation. According to a recent study, 60 percent of communal buses do not have an effective particulate filter and only 14 percent are equipped with a NOX catalyser. The bus operators, often public corporations, cite high costs as reason for the tardiness in upgrading their fleet. Oh, really? Car owners certainly feel their pain.

Fisker Atlantic

What Fisker’s New owners Might Get

I recently spent some time with Fisker co-founder Berthold Koehler and the now departed founder Henrik Fisker. They revealed a few new details regarding the Atlantic mid-size sedan and announced at least two further models down the road. The Atlantic is supposed to command roughly half of the flagship Karma‘s price, amounting to around $50,000–$60,000. Like its big brother, the Atlantic is intended to be an electric car with a range-extending …read more
Source: FULL ARTICLE at Car & Driver

Autoblog Podcast #325

By Dan Roth

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Episode #325 of the Autoblog Podcast is here, and this week, Dan Roth, Zach Bowman and Jeff Ross talk about Cadillac’s new twin-turbo V6, our first look at the 2014 Mercedes-Benz S-Class, the resignation of Henrik Fisker, an Ohio judge ruling speed cameras a scam and our look at the cars of Fast & Furious 6. We wrap with your questions and emails, and Zach seeks the advice of our listenership to help sort out a conundrum with his pickup. For those of you who hung with us live on our UStream channel, thanks for taking the time. Keep reading for our Q&A module for you to scroll through and follow along, too. Thanks for listening!

Autoblog Podcast #325:

Topics:

In the Autoblog Garage:
2013 Cadillac XTS4 Platinum
2013 Buick Enclave
2013 Dodge Dart

Hosts: Dan Roth, Zach Bowman, Jeff Ross

Runtime: 01:42:26


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Continue reading Autoblog Podcast #325

Autoblog Podcast #325 originally appeared on Autoblog on Tue, 19 Mar 2013 16:50:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Fisker fails to draw Geely bid after all

By Sebastian Blanco

Fisker logo on sheetmetal

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Last week, Fisker Automotive lost its namesake and co-founder Henrik Fisker because of “several major disagreements” between the designer-turned-automaker and other executives. After that blow, could there be any more bad news out there? Maybe, if you consider the mooted takeover of the California-based plug-in luxury automaker by the Chinese Zhejiang Geely Holding Group a good thing.

Geely is reportedly no longer interested in buying up a majority stake in Fisker, according to Reuters, which cites “two sources familiar with the matter.” Just a few weeks ago, Geely was considered the favored bidder, with the Chinese state-owned Dongfeng Motor Group Co. the other major contender. Geely purchased Sweden’s Volvo brand from Ford in 2010.

Reuters now reports that Dongfeng’s final offer was submitted last week and that Geely will pass on making an offer at all. This doesn’t necessarily mean that Dongfeng’s bid to take over the stricken automaker will be accepted, but it would seem to have a better shot if it’s the sole serious offer on the table.

As with the sale of A123 (Fisker’s battery supplier) to Chinese company Wanxiang, not everyone is happy about Fisker potentially being sold to a Chinese company. Earlier, US Senator Chuck Grassley (R-IA) said, “Technology developed with American taxpayer subsidies should not be sold off to China.” Fisker was given a $528.7-million loan from the Department of Energy in 2009, but most of that money (all but around $200 million) was frozen because of problems at Fisker. According to an Automotive News report, Geely is walking away from the deal because it doesn’t want the hassle of dealing with the complex nature of the DOE loan’s conditions.

Fisker fails to draw Geely bid after all originally appeared on Autoblog Green on Mon, 18 Mar 2013 10:15:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Opinion: Fisker's Farewell

By Matt DeLorenzo

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Not The First, Nor The Last Dreamer To Fail

Like DeLorean and Preston Tucker before him, Fisker underestimated the amount of capital it takes.

The departure of Henrik Fisker from his self-named car company adds yet another name to the list of dreamers who thought they could be successful automakers.

Whether or not he goes down in history a Gaston Chevrolet or John DeLorean depends on the current managers at Fisker, with whom Henrik cited as having irreconcilable differences over the future of the hybrid luxury car company.

This is not to say that Fisker’s dream is doomed, but the company he founded faces a number of severe challenges to its survival as an independent make.

Like DeLorean and Preston Tucker before him, Fisker underestimated the amount of capital it takes to be in the business. While the business model of having a supplier, in this case, Finland-based Valmet, building a high-priced limited-edition car had merit, in execution Fisker fell short of the mark of meeting expectations. It took far longer than anticipated to bring the Karma to market. Quality problems, issues with battery supplier A123 and the port disaster during Hurricane Sandy that destroyed 300 cars dogged the company.


Matt DeLorenzo is the former editor-in-chief of Road & Track and has covered the auto industry for 35 years, including stints at Automotive News and AutoWeek. He has authored books including VW’s New Beetle, Chrysler’s Modern Concept Cars, and Corvette Dynasty.


Continue reading Fisker’s Farewell

Fisker’s Farewell originally appeared on Autoblog on Fri, 15 Mar 2013 20:04:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Fisker, Like Other EV Makers, Loses Its Founder

By Scott Shepard, Contributor

Henrik Fisker, the co-founder of EV maker Fisker Automotive, has resigned his post as executive chairman.  The move is not uncommon, especially in the plug-in electric vehicle (PEV) industry.  Fisker joins Martin Eberhard of Tesla, Kevin Czinger of CODA, and Shai Agassi of Better Place as founders of next-generation automakers who are no longer part of the company they created.  The departure of the founder is often a necessary function of the company’s growth, as visionary perspectives of the market and the product must eventually give way to more market-driven and realistic outlooks.  Little information concerning the specific differences Henrik Fisker had with management is available; however, the circumstances that led to the split are well documented. …read more
Source: FULL ARTICLE at Forbes Latest

Henrik Fisker Out at Fisker, Paving Way for Sale of Company

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.”

The message is that Fisker the company will still be looking for an investor or group of investors to bail it out. But the unintended literal reading is probably accurate, too: Henrik’s leaving won’t change the reality that Fisker is asking for money and can’t find any takers. Or that it hasn’t built a car since last summer.
Fisker Atlantic concept
No Money, Mo’ Problems

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:

Ford Recall, BMW And Audi Diesels, Ferrari Drivers: Today's Car News

Today at The Car Connection, Ford issued a recall on three 2013 models and Fisker Automotive‘s co-founder Henrik Fisker left the company. Nissan introduced a new marketing direction for the Leaf electric car, and new diesel-powered luxury vehicle options are coming to the U.S. All this and more in today’s car news, right here on The Car… …read more
Source: FULL ARTICLE at The Car Connection

Henrik Fisker resigns due to "major disagreements" with other execs

By Sebastian Blanco

Henrik Fisker with Atlantic concept car

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The last time we talked to Henrik Fisker, he was a non-stop stream of optimism about the company he cofounded to build luxury plug-in hybrid automobiles. This, despite a ton of negative developments for the company in 2012. His outlook has taken a turn, apparently, since Fisker has reportedly resigned from the company that bears his name. No detailed reasons were given, but in a statement sent to Autocar, the official word is:

Effective as of Wednesday 13 March 2013, Henrik Fisker has resigned from Fisker Automotive as executive chairman, and has left the company. The main reasons for his resignation are several major disagreements that Henrik Fisker has with the Fisker Automotive executive management on the business strategy.

The last major executive shakeup at Fisker happened last August, when Tony Posawatz shifted away from the Chevrolet Volt team to become Fisker’s CEO. We have asked Fisker for comment and clarification, but have not yet heard back. What this all means for the future of the company is uncertain. Anyone want to guess what these “major disagreements” are?

Henrik Fisker resigns due to “major disagreements” with other execs originally appeared on Autoblog Green on Wed, 13 Mar 2013 11:15:00 EST. Please see our terms for use of feeds.

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Henrik Fisker Leaves Fisker, 2015 VW Golf, 2016 Audi A5: Car News Headlines

Today at The Car Connection, Henrik Fisker left the automotive company he founded and we learned what it’s like to live with a 2013 Tesla Model S. We spied the 2015 Mercedes-Benz S Class Coupe and Ford issued a recall on some minivans. All this and more in today’s car news, right here on The Car Connection. Word on the street has it that Volvo’s… …read more
Source: FULL ARTICLE at The Car Connection

In deep with Henrik Fisker: Despite floods and fires, "I think we're beating the odds"

By Sebastian Blanco

henrik fisker with karma plug-in hybrid

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Let’s be clear: Fisker Automotive had a pretty bad 2012.

Let’s be clear: Fisker Automotive had a pretty bad 2012. A flood, fires and recalls continued to dog the start-up automaker. Then, one of the men trying to become President of the United States called the company a loser in a very public setting. For the last three months, the company didn’t even make any cars. Still, it takes more than that to rattle a man who lends his own name to a company, especially one who designed the BMW Z8 and the Aston Martin DB9.

So, when we sat down with Henrik Fisker towards the end of 2012, we were surprised at just how relentlessly positive he was. His optimism isn’t totally unfounded. He pointed out that his company has already beaten many odds that plague start-ups, to say nothing of a company trying to introduce a new kind of powertrain into the luxury vehicle market. Given where Fisker is today, he told us, things are looking up. With the company just starting sales in the Middle East and China, could 2013 be the year Fisker’s fortunes turn around? Henrik certainly thinks so, as you can read below.

Continue reading In deep with Henrik Fisker: Despite floods and fires, “I think we’re beating the odds”

In deep with Henrik Fisker: Despite floods and fires, “I think we’re beating the odds” originally appeared on Autoblog Green on Thu, 14 Feb 2013 19:14:00 EST. Please see our terms for use of feeds.

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Official: Mercedes AMG and Cigarette Racing debut 2,220-HP electric motor boat

By Sebastian Blanco

Cigarette AMG Electric Drive Concept

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Take the Mercedes-Benz SLS AMG E-Cell, stretch it and take off the wheels then make it float and you’ve basically got the just-unveiled Cigarette AMG Electric Drive Concept. Powered by an all-electric powertrain that offers 2,200 horsepower and 2,213 pound-feet of torque (and uses “numerous components” taken from the not-quite-as-yellow SLS AMG Coupé Electric Drive), the sleek concept is being called the “world’s most powerful electric drive powerboat.” What that means is a top speed of over 100 miles per hour from four 60-kWh lithium-ion batteries and two banks of six liquid-cooled, permanent-magnet synchronous electric motors. And the 240 kWh of total energy should provide plenty of juice out on the water.

Launched (but not literally) at the Miami International Boat Show today, the Cigarette AMG Electric Drive Concept is the result of a partnership between Mercedes-AMG and Cigarette Racing. The boat is 38 feet long (much longer than the 15-foot SLS) and is plastered with AMG branding on the sides and top of the bow above the matte chrome yellow paint (officially called AMG Electricbeam mango). Two 220-kW chargers can refill the batteries, dockside, in about seven hours.

The idea of a powerful electric boat is nothing new (Henrik Fisker talked about a plug-in hybrid watercraft late last year), but this is the first time we’ve seen Mercedes put its EV technology on the water. Anyone who’s afraid of driving an EV in the rain should take note. Check out the complete press release below.

Continue reading Mercedes AMG and Cigarette Racing debut 2,220-HP electric motor boat

Mercedes AMG and Cigarette Racing debut 2,220-HP electric motor boat originally appeared on Autoblog on Thu, 14 Feb 2013 15:45:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

2014 Mazda CX-5 Driven, 2014 Alfa Romeo 4C Revealed, Efficient AWD Cars: Today's Car News

Today at The Car Connection, we reviewed the 2014 Mazda CX-5 and Henrik Fisker won’t comment on new investors. McLaren showed off the P1 supercar’s interior, and Alfa Romeo revealed the 2014 4C. All this and more in today’s car news, right here on The Car Connection. How much can you truck or SUV actually tow? We reviewed the 2014 Mazda CX-5 and… …read more
Source: FULL ARTICLE at The Car Connection