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Internal documents show Fisker lost $35,000 on each Karma

Filed under: EV/Plug-in, Hybrid, Fisker

Fisker Karma

Anyone looking for a chilling plug-in vehicle warning tale should check out this detailed Reuters article, which digs into the financial history of Fisker Automotive and reveals that the company lost around $35,000 per vehicle.

That number comes from “internal financial statements and interviews with former Fisker executives,” Reuters reports, quoting a former executive saying the luxury plug-in hybrid, “cost far more to produce than we could ever charge for it.” All told, between 2008 and 2012, Reuters estimates Fisker lost $1 billion.

The losses were due, in part, to those many production delays two to three years ago as well as a reduction in the number of cars it was going to make and sell. Remember when the company said it would sell 15,000 units a year? Eventually, the company sold around 2,000 vehicles, total.

There is a lot worth reading in the source article, including how the Karma’s forward-placed exhaust – which hurt the vehicle’s performance and was too loud – was fixed using a metal “pizza box” that cost millions extra. Throw in salaries of around $600,000-$700,000 for co-founders Henrik Fisker and Barny Koehler, even while Fisker was laying people off, and you have a recipe for not succeeding. Here’s a taste of what Reuters has to offer:

In May 2011, the company co-sponsored a pre-race grand prix party aboard a 146-foot yacht moored in the Monte Carlo harbor. Guests drank glasses of champagne served with flecks of gold. Clad in a dark pinstripe suit and open-neck white shirt, Henrik Fisker navigated a crowd that included Prince Albert of Monaco, whom he described as the inspiration for the Karma. … The Monaco weekend, according to several sources familiar with the event, cost Fisker between $80,000 and $100,000. That wasn’t lavish by auto-marketing standards, but by this point every penny mattered. Within weeks, the Energy Department stopped payments on its loan.

You can read the whole thing here.

Internal documents show Fisker lost $35,000 on each Karma originally appeared on Autoblog Green on Mon, 17 Jun 2013 10:44:00 EST. Please see our terms for use of feeds.

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First Drive: 2012 Fisker Karma

Filed under: Hybrid, Sedan, First Drive, Electric, Luxury, MISC

Hollywood, Your Plug-In Hybrid Electric Has Arrived

2012 Fisker Karma

2012 Fisker Karma – Click above for high-res image gallery

Business partners Henrik Fisker and Bernhard Koehler are visibly on edge. While they want to dedicate every ounce of their focus on this all-important launch of their first baby, the 2012 Fisker Karma, their attentions are being constantly pulled away from it by big conference calls regarding the money and logistics of launching the whole Fisker Automotive franchise. Are they really and truly answering a $95,900-$108,900 question with this bold effort that enough people are asking? It’s clear they just want us to fall in love with their lux’d up plug-in extended-range electric sedan.

We’ve been helicoptered into the infield handling circuit at California Speedway in Fontana to have a brisk go at one of Fisker Automotive’s first completed verification prototypes of the Karma, built by Valmet Automotive in Uusikaupunki, Finland. We are already assuming that the build quality and finish of all the pretty parts will be fine, as Valmet has learned a lot about these things while building cars for Porsche to strict Stuttgart standards. We also already know that the car is indeed pretty inside and out, albeit particular to some out there, seeing as Fisker has designed such lovely lady lumps as the Aston Martin DB9 and V8 Vantage, not to mention the BMW Z8 roadster.

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Gallery: 2012 Fisker Karma: First Drive

2012 Fisker Karma

Photos courtesy Fisker Automotive

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First Drive: 2012 Fisker Karma originally appeared on Autoblog on Mon, 21 Feb 2011 11:58:00 EST. Please see our terms for use of feeds.

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Paris 2010: First factory-built Fisker Karma hits the stage

Filed under: Hybrid, Paris Motor Show, Fisker, Electric, Luxury

First Factory-Built Fisker Karma

First Factory-Built Fisker Karma – Click above for high-res image gallery

Staying true to its concept form, the factory-built Fisker Karma plug-in hybrid that hit the stage at the Paris Motor Show retains the concept’s massive 22-inch wheels (Fisker says it’ll be the first production car equipped with standard 22s), sensuous styling, 403-plus horsepower rating and the company’s promise of achieving 100-plus miles per gallon in regular use. So, what’s exactly different about the factory-built version? Well, the most notable exterior modification is the addition of a (blacked-out) B-pillar, which was apparently required to increase the vehicle’s structural rigidity.

Aside from the added pillar, we can’t really pick out any differences between the gorgeous concept that we laid eyes on a few years ago and this production-ready version that hit the stage in Paris. Fisker still lists a base price of $88,000 and anticipates that deliveries will begin early next year, or so it says. We hope to get up close and personal with the Karma at the upcoming LA Auto Show, but for now, hit up that high-res gallery of live shots that just came in from Paris and hop the jump for more info from Fisker.

Gallery: Paris 2010: First Factory-Built Fisker Karma

Paris 2010: First Factory-Built Fisker Karma

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Paris 2010: First factory-built Fisker Karma hits the stage originally appeared on Autoblog on Fri, 01 Oct 2010 15:20:00 EST. Please see our terms for use of feeds.

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Paris Preview: Fisker will show off first “factory-built” Karma plug-in hybrid

Filed under: Hybrid, Sedan, Paris Motor Show, Fisker, Electric

Fisker Karma Plug-in Hybrid – Click above for high-res image gallery

Fisker Automotive is taking it slow, but the upstart automaker hopes that an attractive lady or two will take your mind off of the production delays until the Paris Motor Show starts later this month. Why Paris? Because that’s where the first “factory-built Karma” will be displayed in public for the first time. Also in Paris, Fisker representatives will give details, “about the expansion of its prestigious global importer network” that will help the company reach its target of 100,000 vehicles a year.

CEO Henrik Fisker said in a statement that:

We had a chance to change the premium vehicle segment with a new kind of vehicle and a new brand that appeal to consumers who are passionate about the environment, and who wish to drive a beautiful car that reflects their desire to lead a lifestyle of responsible luxury. We are very excited to be introducing the first factory-built Karma luxury plug-in hybrid in Paris, a city known for inspiring its own passions.

Here’s one more interesting tidbit from the release: “The Fisker Karma … can achieve an annual average economy of 2.4L/100 km (100 mpg) and emissions of just 83g/km.” An annual miles per gallon rating seems like an odd addition, but considering the venue, it might be necessary to stoke the flames of consumer interest.

Gallery: Fisker Karma Plug-in Hybrid

[Source: Fisker]

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Paris Preview: Fisker will show off first “factory-built” Karma plug-in hybrid originally appeared on Autoblog on Wed, 15 Sep 2010 18:33:00 EST. Please see our terms for use of feeds.

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Video: Fisker dealer says Karma test drives and ordering start in November

Filed under: Car Buying, LA Auto Show, Hybrid, Sedan, Videos, Fisker, Luxury

Fisker dealer Mike Sullivan discusses the sales timeline – Click above to watch video after the jump

When Fisker received $189 million in funding, the company gave a production target date for its long-awaited Karma of February of 2011. That release date has been delayed more than once, so Fisker held a second coming-out party at its Santa Monica dealership to stoke the fires, during which dealer principal Mike Sullivan began to color in some details of the run-up to February.

Sullivan said that at the LA Auto Show this November the upstart automaker will have full-sized Karma mockups on the floor to show off color and interior combinations. Immediately after the show, prospective customers can go to the dealer and take the new plug-in sedan on test drives, and with production beginning in Q1 of 2011, the deliveries would begin in March and April. Get all the details in the video after the jump.

Gallery: Fisker Karma

[Source: WebRides]

Continue reading Video: Fisker dealer says Karma test drives and ordering start in November

Video: Fisker dealer says Karma test drives and ordering start in November originally appeared on Autoblog on Thu, 22 Jul 2010 16:58:00 EST. Please see our terms for use of feeds.

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