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Back in February, we reported on the rumors that Fisker Automotive was planning to change its name to Elux. This past week, Fisker has officially changed its name and it isn't Elux. Meet Karma Automotive. The company says this name has always been a part of the brand - see Karma plug-in hybrid sedan. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," said James Taylor, Karma's Chief Marketing Officer. Rumor has it that production of the Karma sedan will restart sometime next year. We expect a name change along with the production restart. Source: Karma Automotive Press Release is on Page 2 Fisker Automotive Reveals New Name And Logo Karma Automotive - honors iconic design and communicates future direction COSTA MESA, Calif., Sept. 30, 2015 /PRNewswire/ -- Fisker Automotive and Technology Group announced a name change today to Karma Automotive. The company also launched its new website, including a video that reveals its new logo at karmaautomotive.com. "With new ownership, a new management team, and a new production site, all here in California, it was time to communicate change," said James Taylor, Karma's Chief Marketing Officer. "Karma" was chosen because it is relevant to both the old and new brands, while providing an aspirational message which embodies the company's purpose. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," added Taylor. Karma's new executive team has attracted top-tier talent from the automotive and technology industries to bring world-class expertise to its headquarters and new assembly facility in Southern California. Karma Automotive's owner, Wanxiang Group, one of the world's largest automotive component conglomerates, is committed to the alternative energy space, having acquired solar, wind and energy companies. The group provides strong financial backing necessary to build a sustainable, world-class luxury automotive brand. View full article
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Back in February, we reported on the rumors that Fisker Automotive was planning to change its name to Elux. This past week, Fisker has officially changed its name and it isn't Elux. Meet Karma Automotive. The company says this name has always been a part of the brand - see Karma plug-in hybrid sedan. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," said James Taylor, Karma's Chief Marketing Officer. Rumor has it that production of the Karma sedan will restart sometime next year. We expect a name change along with the production restart. Source: Karma Automotive Press Release is on Page 2 Fisker Automotive Reveals New Name And Logo Karma Automotive - honors iconic design and communicates future direction COSTA MESA, Calif., Sept. 30, 2015 /PRNewswire/ -- Fisker Automotive and Technology Group announced a name change today to Karma Automotive. The company also launched its new website, including a video that reveals its new logo at karmaautomotive.com. "With new ownership, a new management team, and a new production site, all here in California, it was time to communicate change," said James Taylor, Karma's Chief Marketing Officer. "Karma" was chosen because it is relevant to both the old and new brands, while providing an aspirational message which embodies the company's purpose. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," added Taylor. Karma's new executive team has attracted top-tier talent from the automotive and technology industries to bring world-class expertise to its headquarters and new assembly facility in Southern California. Karma Automotive's owner, Wanxiang Group, one of the world's largest automotive component conglomerates, is committed to the alternative energy space, having acquired solar, wind and energy companies. The group provides strong financial backing necessary to build a sustainable, world-class luxury automotive brand. -
William Maley Staff Writer - CheersandGears.com October 18, 2013 Last month, we told you about the U.S. Department of Energy putting up for auction Fisker's $124 million loan in a effort to recoup as much money as they can. There were a number of suitors who were ready to take on the loan including; Hong Kong-based investor Richard Li Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive German investment group Fritz Nols AG Today, we might have an answer as to who bought the loan. Reuters is reporting the Richard Li's investment group won the auction and are now in the process with the Department of Energy to finalize details of the sale. Sources say bidders in the auction had to offer at least $30 million for a chance of buying Fisker's loan. It's unknown at this time how much Li's bid was. Previously we reported that Fisker Automotive's founder, Henrik Fisker was a part of Li's group. Now it's being reported the two have gone their separate ways. Sources say the two remain on good terms. So what Li's investment group get with buying Fisker's loan? Well it gives Li's group a stake in the company. It also allows Fisker to starve off bankruptcy for a time. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com October 18, 2013 Last month, we told you about the U.S. Department of Energy putting up for auction Fisker's $124 million loan in a effort to recoup as much money as they can. There were a number of suitors who were ready to take on the loan including; Hong Kong-based investor Richard Li Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive German investment group Fritz Nols AG Today, we might have an answer as to who bought the loan. Reuters is reporting the Richard Li's investment group won the auction and are now in the process with the Department of Energy to finalize details of the sale. Sources say bidders in the auction had to offer at least $30 million for a chance of buying Fisker's loan. It's unknown at this time how much Li's bid was. Previously we reported that Fisker Automotive's founder, Henrik Fisker was a part of Li's group. Now it's being reported the two have gone their separate ways. Sources say the two remain on good terms. So what Li's investment group get with buying Fisker's loan? Well it gives Li's group a stake in the company. It also allows Fisker to starve off bankruptcy for a time. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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William Maley Staff Writer - CheersandGears.com August 23, 2013 A German investment group has put its hat in the ring to buy Fisker Automotive. Fritz Nols AG has put in a bid for $25 million dollars for the company and its assets, a far cry from $173 million debt Fisker owns the U.S. "There was too much focus on design and production. It was forgotten that you have to sell the car as well," said Ingo Voigt, the person heading the buyout for Fritz Nols AG to Autobild. If the group was to get Fisker, Voigt says they would move production from Finland to the U.S. and sell 2,500 Karma sedans per year. The group will also focus on adding more models to Karma lineup with the Surf, a shooting brake model and the the Sunset, a two-door convertible. The smaller Atlantic sedan has been taken off the table due to cost concerns. Nols isn't the only buyer interested in buying up Fisker. Back in May, Henrik Fisker and Hong Kong-based investor Richard Li offered $25 to $30 million to the Department of Energy. There is also Chinese automotive suplier Wanxiang Group and Bob Lutz's VL Automotive teaming up and offering a bid of $20 million. Source: autovisie, Autobild William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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William Maley Staff Writer - CheersandGears.com August 23, 2013 A German investment group has put its hat in the ring to buy Fisker Automotive. Fritz Nols AG has put in a bid for $25 million dollars for the company and its assets, a far cry from $173 million debt Fisker owns the U.S. "There was too much focus on design and production. It was forgotten that you have to sell the car as well," said Ingo Voigt, the person heading the buyout for Fritz Nols AG to Autobild. If the group was to get Fisker, Voigt says they would move production from Finland to the U.S. and sell 2,500 Karma sedans per year. The group will also focus on adding more models to Karma lineup with the Surf, a shooting brake model and the the Sunset, a two-door convertible. The smaller Atlantic sedan has been taken off the table due to cost concerns. Nols isn't the only buyer interested in buying up Fisker. Back in May, Henrik Fisker and Hong Kong-based investor Richard Li offered $25 to $30 million to the Department of Energy. There is also Chinese automotive suplier Wanxiang Group and Bob Lutz's VL Automotive teaming up and offering a bid of $20 million. Source: autovisie, Autobild William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com April 5, 2013 The string of bad news continues for Fisker Automotive. The struggling automaker announced today in a statement that the company let go 75% of its staff (about 160 people) during a meeting this morning. "Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company," the company said in a statement today. Source tells Reuters the reason for the lay offs is a last ditch effort to help conserve cash and stay off a potential bankruptcy filing. Fisker will be retaining about 53 employees, mostly senior managers and executives to help pursue buyers for the company's assets a source says. This news follows on the heels on a story this past week where Fisker was furloughing employees as a way to conserve cash. The company also hired law firm Kirkland & Ellis to advise on a possible bankruptcy filling. Source: Fisker, Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Statement of Fisker Automotive Inc., Friday, April 5, 2013 Over the last several months, Fisker Automotive Inc. has been considering strategic alternatives that would allow the Company work through its current financial challenges. Throughout this process our primary goal has been to maximize the core value of the Fisker technology and the business that we have created. Our efforts to secure a strategic alliance or partnership are continuing in earnest, but unfortunately we have reached a point where a significant reduction in our workforce has become necessary. Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company. Yesterday, we met with a core group of employees in Southern California to express our desire that they remain with the company while we continue to address the challenges before us. We expect that at the end of the day we will have retained approximately 25 percent of our workforce. The Company regrets having to terminate any of its hardworking and talented people. But this was a necessary strategic step in our efforts to maximize the value of Fisker's core assets. -
By William Maley Staff Writer - CheersandGears.com April 5, 2013 The string of bad news continues for Fisker Automotive. The struggling automaker announced today in a statement that the company let go 75% of its staff (about 160 people) during a meeting this morning. "Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company," the company said in a statement today. Source tells Reuters the reason for the lay offs is a last ditch effort to help conserve cash and stay off a potential bankruptcy filing. Fisker will be retaining about 53 employees, mostly senior managers and executives to help pursue buyers for the company's assets a source says. This news follows on the heels on a story this past week where Fisker was furloughing employees as a way to conserve cash. The company also hired law firm Kirkland & Ellis to advise on a possible bankruptcy filling. Source: Fisker, Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Statement of Fisker Automotive Inc., Friday, April 5, 2013 Over the last several months, Fisker Automotive Inc. has been considering strategic alternatives that would allow the Company work through its current financial challenges. Throughout this process our primary goal has been to maximize the core value of the Fisker technology and the business that we have created. Our efforts to secure a strategic alliance or partnership are continuing in earnest, but unfortunately we have reached a point where a significant reduction in our workforce has become necessary. Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company. Yesterday, we met with a core group of employees in Southern California to express our desire that they remain with the company while we continue to address the challenges before us. We expect that at the end of the day we will have retained approximately 25 percent of our workforce. The Company regrets having to terminate any of its hardworking and talented people. But this was a necessary strategic step in our efforts to maximize the value of Fisker's core assets. View full article
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By William Maley Staff Writer - CheersandGears.com March 19, 2013 Last month, we reported that Fisker had two possible bidders for a possible stake in the company. The two bidders in question were Zhejiang Geely Holding Group and Dongfeng Motor Group. At the time, Fisker was leaning towards Geely due to the company's experience of acquiring a foreign automaker (Volvo) and management structure. But Geely has dropped their bid for Fisker. Two sources tell Reuters that the reason Geely dropped their bid was due to Fisker's obligations to the U.S. Government which included obligation to restore capacity and jobs at Fisker's Delaware plant according to a schedule imposed by the government. "Those obligations are too complicated to handle and seem too risky. The plan's footprint was too big. It would take a long, long time to fill up the plant with products and restore employment there," a source said. This leaves Dongfeng Motor Group as the sole bidder for Fisker. The company sent their final bid last week. As for those who think this was why former Fisker chairman and founder Henrik Fisker stepped down, sources explain this is not related. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com March 19, 2013 Last month, we reported that Fisker had two possible bidders for a possible stake in the company. The two bidders in question were Zhejiang Geely Holding Group and Dongfeng Motor Group. At the time, Fisker was leaning towards Geely due to the company's experience of acquiring a foreign automaker (Volvo) and management structure. But Geely has dropped their bid for Fisker. Two sources tell Reuters that the reason Geely dropped their bid was due to Fisker's obligations to the U.S. Government which included obligation to restore capacity and jobs at Fisker's Delaware plant according to a schedule imposed by the government. "Those obligations are too complicated to handle and seem too risky. The plan's footprint was too big. It would take a long, long time to fill up the plant with products and restore employment there," a source said. This leaves Dongfeng Motor Group as the sole bidder for Fisker. The company sent their final bid last week. As for those who think this was why former Fisker chairman and founder Henrik Fisker stepped down, sources explain this is not related. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
