In an interview with Detroit media reported by the Bloomberg news agency, Fisker Automotive’s new Chief Executive Officer, ex-GM Volt project leader Tony Posawatz, said Fisker still plans to build its planned Atlantic model at a former GM plant in Wilmington, Delaware, although he recognised that Fisker had to raise more money before it decides where and when to make the Atlantic. The plan was aborted in February 2012 when the US Department of Energy declined to release the requisite loan finance. A definitive announcement concerning the Atlantic’s production has been promised for December.
Fisker Automotive had been awarded US$529m in loans in 2009 to develop and build its vehicles – US$169m for the development of its first and to date only model, the US$103,000 Karma (built under contract by Valmet in Finland), and US$359m for production of its second, less expensive model in the US. The company said in February it had drawn down US$193m of the DOE loan.
In the last week of September Fisker raised over US$100m from a yet-to-be-closed private equity funding round. Posawatz told Bloomberg the issues that had led US regulators to refuse the release of the outstanding DOE loan amount to Fisker had been resolved, and that the company would “at an appropriate time revisit the discussion with them of the possibility of accessing the remainder of the loan.”
Posawatz also responded to the critical report on the Karma model published in the November issue of Consumer Reports, saying, “We have a little bit of follow-up to do as it relates to a few component replacements, but I would say for the most part that is behind us.” Posawatz declined to say, however, when the results of the Karma improvements would be available to buyers. On 4 October, Quantum Fuel Systems Technologies Worldwide, Inc., powertrain component supplier and early investor in Fisker, announced that it had been awarded a new development contract from Fisker for advanced product development on the Fisker Karma, and will continue to develop advanced features for the Karma vehicle to enable future product upgrades.
Fisker is discussing “all kinds of alliances” with potential partners, Posawatz said, adding that the company is preparing for an eventual initial public offering of stock. Until then, Fisker plans to increase its marketing. Founder Henrik Fisker is to embark on a 10-city tour of its appointed dealers, who have hitherto, Posawatz admitted, been reluctant to commit to inventory pending resolution of Fisker’s financial problems.
